Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0056%/8h= −6.2% APRpaid last 24h −0.006%

Price spread now: OKX against Phoenix−0.099%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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.185%−$19 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 −$2 a day on $10k at the current rate, and OKX is 0.099% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	90.590	0.0009	pay 0.0001% / 1h	1m 02s	$36K	$39K	20x
Short	OKX CL-USDT-SWAP	90.500	−0.0048	pay 0.0024% / 4h	3h 01m	$41.2M	$110.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$11.81
Price spread: −0.099% → 0.000%: −$9.93
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$38.74
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; OKX: 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 OKX live order book, 3 min ago	0.55 bp	5.6 bp −$6	6.4 bp −$64	14.2 bp −$1,420	97.7 bp −$48.9K

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
Kraken Futures PF_WTIOILUSD	−0.0322%	1h	90.484	−0.117%	$266K	$1.0M	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0303%	1h	90.420	−0.188%	$181K	$415K	15x	as long as short
Aster CLUSD1	−0.0206%	4h	90.530	−0.066%	$24.6M	$60.8M	20x	as long as short
Binance CLUSDT	−0.0125%	4h	90.510	−0.088%	$245.7M	$1.02B	100x	as long as short
Bitget CLUSDT	−0.0104%	4h	90.489	−0.111%	$40.7M	$45.5M	100x	as long as short
Gate CL_USDT	−0.0103%	8h	90.440	−0.166%	$22.9M	$53.2M	100x	as long as short
Variational Omni CL	−0.0102%	4h	90.380	−0.232%	$13.1M	$10.9M	—	as long as short
GRVT CL_USDT_Perp	−0.0092%	4h	90.248	−0.378%	$70K	$616K	25x	as long as short
Nado WTI-PERP	−0.0091%	1h	90.472	−0.130%	$937K	$613K	10x	as long as short
edgeX CLUSDC	−0.0071%	4h	90.283	−0.339%	$527K	$342K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAPshort	−0.0048%	4h	90.500	−0.099%	$41.2M	$110.3M	50x
Aftermath Perps WTIUSD	−0.0040%	1h	90.669	+0.087%	$1K	$27K	5x	as long as short
QFEX CL-USD	−0.0026%	1h	90.350	−0.265%	$2.2M	$2.9M	10x	as long as short
tradeXYZ xyz:CL	−0.0023%	1h	90.466	−0.137%	$176.8M	$205.2M	20x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.925	−0.734%	$1K	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.381	−0.231%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	90.500	−0.099%	$26.0M	$90.2M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	90.625	+0.038%	$2.9M	$2.9M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	90.486	−0.115%	$18K	$238K	10x	as long as short
Phoenix WTIOILlong	+0.0009%	1h	90.590	long leg	$36K	$39K	20x
Paradex CL-USD-PERP	+0.0015%	8h	90.224	−0.404%	$15K	$367	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0016%	1h	90.460	−0.144%	$407K	$1.0M	15x	as long as short
Lighter WTI	+0.0024%	1h	90.464	−0.139%	$11.0M	$9.5M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	90.500	−0.099%	$1.6M	$13.6M	10x	as long as short
Ondo Perps WTI-USD.P	+0.0032%	1h	90.310	−0.309%	$3.5M	$5.1M	20x	as long as short
StandX CL-USD	+0.0040%	1h	90.350	−0.265%	$703K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.430	−0.177%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	90.447	−0.158%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	90.450	−0.155%	$2.0M	$79K	20x	as long as short
Pacifica CL	+0.0100%	1h	90.277	−0.345%	$334K	$573K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	90.512	−0.086%	$6.9M	$2.8M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.430	−0.177%	$53K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	90.433	−0.173%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0188%	4h	90.430	−0.177%	$4.0M	$997K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+12.743%	$19K	$5K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0254% / S −0.0184%	1h	90.485	−0.116%	$84K	—	111x	as long as short