Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h +0.007%

Price spread now: edgeX against Phoenix+0.022%7-day average −0.040% · you sell dearer than you buy

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

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.307%−$31 on $10k

Price spread, last 3 days (all we have)−0.090%−$9 · spread now +0.022%, 7d avg −0.040%

Together, before fees−0.398%+ Points / potential airdropedgeX: Active · farm board−$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and edgeX is 0.062% dearer against Phoenix than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.040%. Mind the row above: over the last 7 days funding on this pair cost −0.307%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	92.650	0	get 0.0000% / 1h	5m 51s	$37K	$66K	20x
Short	edgeX CLUSDC	92.671	0.0030	get 0.0015% / 4h	3h 05m	$533K	$299K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.022%Rate

Funding earned: $6.32
Price spread: +0.022% → −0.040%: $6.2
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$3.48
Costs to cover: 0.160%
Break-even: 10.9 days

Slippage unknown: Phoenix: no order-book sample; edgeX: live order book, 3 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 edgeX live order book, 3 min ago	10.10 bp	14.6 bp −$15	15.0 bp −$150	22.9 bp −$2,289	doesn't fit

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	−0.0397%	1h	92.670	+0.022%	$123K	$275K	15x	as long as short
GRVT CL_USDT_Perp	−0.0352%	4h	92.655	+0.005%	$58K	$630K	25x	as long as short
Aster CLUSD1	−0.0337%	4h	92.719	+0.075%	$24.0M	$75.1M	20x	as long as short
Binance CLUSDT	−0.0283%	4h	92.710	+0.065%	$244.7M	$1.03B	100x	as long as short
Variational Omni CL	−0.0273%	4h	92.658	+0.008%	$13.3M	$11.5M	—	as long as short
Gate CL_USDT	−0.0196%	8h	92.630	−0.022%	$21.3M	$55.6M	100x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.709	+0.063%	$275K	$912K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0054%	1h	92.630	−0.022%	$3.5M	$5.9M	20x	as long as short
Nado WTI-PERP	−0.0050%	1h	92.740	+0.097%	$935K	$705K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.669%	$399K	$956K	15x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CL-USD	−0.0040%	1h	92.670	+0.022%	$2.4M	$1.7M	10x	as long as short
tradeXYZ xyz:CL	−0.0031%	1h	92.717	+0.072%	$186.0M	$233.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.666	+0.017%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.720	+0.076%	$26.5M	$88.4M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.700	+0.054%	$43.0M	$108.5M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.805	+0.168%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.697	+0.051%	$42.2M	$48.0M	100x	as long as short
Phoenix WTIOILlong	0.0000%	1h	92.650	long leg	$37K	$66K	20x
Bullet WTIOIL-USD	0.0000%	1h	92.688	+0.041%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.243	−0.439%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0009%	8h	92.664	+0.015%	$15K	$367	5x	as long as short
Extended WTI-USD	+0.0016%	1h	92.740	+0.097%	$2.3M	$25.7M	10x	as long as short
Lighter WTI	+0.0024%	1h	92.712	+0.067%	$11.2M	$10.3M	20x	as long as short
edgeX CLUSDCshort	+0.0030%	4h	92.671	+0.022%	$533K	$299K	30x
StandX CL-USD	+0.0040%	1h	92.340	−0.335%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.700	+0.054%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.691	+0.044%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.677	+0.029%	$2.0M	$38K	20x	as long as short
KuCoin CLUSDTM	+0.0078%	4h	92.711	+0.066%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.678	+0.030%	$354K	$605K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.670	+0.022%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.646	−0.005%	$4K	—	10x	as long as short
Aftermath Perps WTIUSD	+0.0137%	1h	92.667	+0.018%	$2K	$28K	5x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.675	+0.027%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.69	+9.757%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.610	−0.043%	$4.0M	$1.2M	50x	as long as short