Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0194%/8h= +21.2% APRpaid last 24h +0.069%

Price spread now: BloFin against Phoenix−0.021%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 BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. BloFin is 0.021% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.021% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 9 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.188% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	93.500	0	get 0.0000% / 1h	12m 50s	$38K	$41K	20x
Short	BloFin CL-USDT	93.480	0.0194	get 0.0097% / 4h	2h 12m	$4.0M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.021%Rate

Funding earned: $40.64
Price spread: −0.021% → 0.000%: −$2.14
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $19.51
Costs to cover: 0.190%
Break-even: 3.6 days

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 6 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 BloFin live order book, 6 min ago	0.54 bp	6.5 bp −$7	7.0 bp −$70	11.4 bp −$1,144	22.9 bp −$11.4K

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 36 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	−0.0391%	1h	93.510	+0.011%	$197K	$377K	15x	as long as short
GRVT CL_USDT_Perp	−0.0288%	4h	93.460	−0.043%	$58K	$629K	25x	as long as short
Aster CLUSD1	−0.0287%	4h	93.550	+0.053%	$24.4M	$64.8M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0203%	1h	93.533	+0.036%	$286K	$959K	25x	as long as short
Binance CLUSDT	−0.0180%	4h	93.540	+0.043%	$246.4M	$933.0M	100x	as long as short
Variational Omni CL	−0.0170%	4h	93.440	−0.065%	$13.4M	$10.9M	—	as long as short
Aftermath Perps WTIUSD	−0.0154%	1h	93.473	−0.029%	$2K	$26K	5x	as long as short
Bitget CLUSDT	−0.0126%	4h	93.511	+0.012%	$42.2M	$42.7M	100x	as long as short
Nado WTI-PERP	−0.0122%	1h	93.566	+0.071%	$968K	$614K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0083%	1h	93.470	−0.032%	$3.5M	$5.4M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0076%	8h	93.470	−0.032%	$22.0M	$50.1M	100x	as long as short
tradeXYZ xyz:CL	−0.0072%	1h	93.515	+0.016%	$185.1M	$213.6M	20x	as long as short
OKX CL-USDT-SWAP	−0.0045%	4h	93.540	+0.043%	$42.7M	$103.0M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.500	0.000%	$404K	$931K	15x	as long as short
edgeX CLUSDC	−0.0040%	4h	93.447	−0.057%	$525K	$307K	30x	as long as short
QFEX CL-USD	−0.0032%	1h	93.500	0.000%	$2.3M	$2.5M	10x	as long as short
dYdX WTI-USD	0.0000%	1h	93.495	−0.005%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.550	+0.053%	$27.3M	$79.9M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.576	+0.081%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOILlong	0.0000%	1h	93.500	long leg	$38K	$41K	20x
Bullet WTIOIL-USD	0.0000%	1h	93.506	+0.006%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.054	−0.477%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0016%	8h	93.492	−0.008%	$16K	$367	5x	as long as short
Lighter WTI	+0.0016%	1h	93.527	+0.029%	$11.2M	$9.9M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.550	+0.053%	$2.0M	$16.9M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.480	−0.021%	$740K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.500	0.000%	—	$313K	10x	as long as short
Pacifica CL	+0.0047%	1h	93.516	+0.017%	$332K	$577K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.502	+0.002%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.522	+0.024%	$2.1M	$60K	20x	as long as short
KuCoin CLUSDTM	+0.0086%	4h	93.545	+0.048%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.460	−0.043%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.505	+0.005%	$4K	—	10x	as long as short
BloFin CL-USDTshort	+0.0194%	4h	93.480	−0.021%	$4.0M	$1.0M	50x
Injective WTI/USDC PERP	+0.0220%	1h	102.64	+9.781%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0239% / S −0.0172%	1h	93.535	+0.037%	$84K	—	111x	as long as short