Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.018%

Price spread now: Binance against Phoenix−0.022%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Binance is 0.022% cheaper against Phoenix than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.181% in total (about -9.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	92.770	0	get 0.0000% / 1h	24m 57s	$37K	$51K	20x
Short	Binance CLUSDT	92.750	−0.0260	pay 0.0130% / 4h	2h 24m	$244.1M	$982.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee BinancebpOrdersPrice spread, now −0.022%Rate

Funding earned: −$54.69
Price spread: −0.022% → 0.000%: −$2.16
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$73.84
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix no order-book sample	—	—	—	—	—
Sell Binance live order book, 4 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	9.1 bp −$911	23.2 bp −$11.6K

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

CL on 35 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit WTIOIL_USDC-PERPETUAL	−0.0612%	1h	92.700	−0.075%	$198K	$365K	15x	as long as short
Aster CLUSD1	−0.0311%	4h	92.767	−0.004%	$23.9M	$73.9M	20x	as long as short
GRVT CL_USDT_Perp	−0.0266%	4h	92.746	−0.026%	$53K	$631K	25x	as long as short
Binance CLUSDTshort	−0.0260%	4h	92.750	−0.022%	$244.1M	$982.1M	100x
Variational Omni CL	−0.0256%	4h	92.710	−0.065%	$13.3M	$11.1M	—	as long as short
Gate CL_USDT	−0.0126%	8h	92.690	−0.086%	$20.8M	$53.5M	100x	as long as short
tradeXYZ xyz:CL	−0.0056%	1h	92.766	−0.004%	$184.3M	$223.0M	20x	as long as short
Nado WTI-PERP	−0.0053%	1h	92.800	+0.033%	$965K	$678K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.022%	$402K	$946K	15x	as long as short
Ondo Perps WTI-USD.P	−0.0043%	1h	92.690	−0.086%	$3.5M	$5.7M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.786	+0.017%	$271K	$874K	25x	as long as short
QFEX CL-USD	−0.0033%	1h	92.730	−0.043%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAP	−0.0016%	4h	92.730	−0.043%	$42.7M	$105.4M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.757	−0.014%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.761	−0.010%	$26.9M	$82.6M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.739	−0.033%	$41.9M	$44.2M	100x	as long as short
Phoenix WTIOILlong	0.0000%	1h	92.770	long leg	$37K	$51K	20x
Bullet WTIOIL-USD	0.0000%	1h	92.749	−0.023%	$17K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.296	−0.511%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0026%	8h	92.740	−0.032%	$16K	$367	5x	as long as short
Aftermath Perps WTIUSD	+0.0029%	1h	92.787	+0.018%	$2K	$27K	5x	as long as short
Lighter WTI	+0.0032%	1h	92.753	−0.018%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.800	+0.032%	$2.1M	$24.7M	10x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.868	+0.106%	$3.3M	$2.7M	20x	as long as short
edgeX CLUSDC	+0.0038%	4h	92.754	−0.017%	$533K	$297K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.340	−0.464%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.770	0.000%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.756	−0.015%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.738	−0.034%	$2.1M	$61K	20x	as long as short
KuCoin CLUSDTM	+0.0074%	4h	92.763	−0.008%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.753	−0.019%	$331K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.770	0.000%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.705	−0.070%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.745	−0.027%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.83	+9.769%	$19K	$11K	30x	as long as short