Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.019%

Price spread now: Gate against Phoenix−0.076%77s7-day average −0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.380% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.411%−$41 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now −0.076%, 7d avg −0.101%

Together, before fees−0.451%−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.025% dearer against Phoenix than usual: you sell high and buy low (spread −0.076% now, against its 7-day average of −0.101%): +$2 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 8 hours. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	92.380	0	get 0.0000% / 1h	40m 10s	$37K	$66K	20x
Short	Gate CL_USDT	92.310	−0.0239	pay 0.0239% / 8h	7h 40m	$21.3M	$54.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.076%Rate

Funding earned: −$50.19
Price spread: −0.076% → −0.101%: $2.49
Slippage, 4 orders: −$16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$85.71
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Phoenix: live order book, 73 min ago; Gate: live order book, 4 min ago.

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 live order book, 73 min ago	2.17 bp	8.9 bp −$9	17.6 bp −$176	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	0.54 bp	10.0 bp −$10	14.0 bp −$140	26.8 bp −$2,681	33.7 bp −$16.8K

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
GRVT CL_USDT_Perp	−0.0378%	4h	92.289	−0.099%	$58K	$693K	25x	as long as short
Aster CLUSD1	−0.0323%	4h	92.403	+0.025%	$23.9M	$81.2M	20x	as long as short
Binance CLUSDT	−0.0258%	4h	92.380	0.000%	$244.9M	$1.08B	100x	as long as short
Variational Omni CL	−0.0247%	4h	92.351	−0.032%	$13.2M	$12.1M	—	as long as short
Gate CL_USDTshort	−0.0239%	8h	92.310	−0.076%	$21.3M	$54.7M	100x
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.418	+0.041%	$274K	$1.1M	25x	as long as short
Nado WTI-PERP	−0.0094%	1h	92.424	+0.047%	$926K	$731K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0075%	1h	92.400	+0.022%	$96K	$189K	15x	as long as short
Ondo Perps WTI-USD.P	−0.0061%	1h	92.380	0.000%	$3.5M	$6.2M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.379%	$399K	$960K	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	92.350	−0.032%	$2.4M	$2.2M	10x	as long as short
tradeXYZ xyz:CL	−0.0031%	1h	92.390	+0.011%	$186.4M	$261.8M	20x	as long as short
Paradex CL-USD-PERP	−0.0023%	8h	92.353	−0.029%	$15K	$367	5x	as long as short
Lighter WTI	0.0000%	1h	92.395	+0.016%	$11.2M	$10.0M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.403	+0.025%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.400	+0.022%	$26.1M	$93.3M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.370	−0.011%	$42.8M	$111.4M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.504	+0.135%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.397	+0.018%	$42.0M	$51.1M	100x	as long as short
Phoenix WTIOILlong	0.0000%	1h	92.380	long leg	$37K	$66K	20x
Bullet WTIOIL-USD	0.0000%	1h	92.387	+0.008%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.955	−0.460%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0032%	1h	92.430	+0.054%	$2.3M	$27.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.350	−0.032%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.410	+0.032%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.388	+0.009%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.385	+0.005%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0070%	4h	92.305	−0.082%	$531K	$298K	30x	as long as short
Pacifica CL	+0.0100%	1h	92.379	−0.001%	$354K	$596K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.396	+0.017%	$7.2M	$2.3M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.300	−0.087%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.351	−0.032%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.385	+0.005%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.38	+9.745%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.330	−0.054%	$4.0M	$1.4M	50x	as long as short
Aftermath Perps WTIUSD	+0.0337%	1h	92.325	−0.060%	$2K	$28K	5x	as long as short