Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h +0.002%

Price spread now: Paradex against Phoenix−0.066%46s7-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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Paradex is 0.066% cheaper against Phoenix than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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	90.950	0.0053	pay 0.0007% / 1h	18m 17s	$36K	$37K	20x
Short	Paradex CL-USD-PERP	90.890	0.0013	get 0.0013% / 8h	6h 18m	$15K	$367	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$8.35
Price spread: −0.066% → 0.000%: −$6.61
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$25.96
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

Phoenix and Paradex: 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 exchanges

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	−0.0520%	1h	90.860	−0.099%	$182K	$429K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0364%	1h	90.898	−0.057%	$304K	$1.3M	25x	as long as short
Aster CLUSD1	−0.0172%	4h	90.915	−0.038%	$24.6M	$65.5M	20x	as long as short
Binance CLUSDT	−0.0113%	4h	90.910	−0.044%	$246.4M	$1.09B	100x	as long as short
Bitget CLUSDT	−0.0110%	4h	90.910	−0.044%	$41.3M	$48.7M	100x	as long as short
Extended WTI-USD	−0.0096%	1h	90.930	−0.022%	$1.4M	$13.8M	10x	as long as short
edgeX CLUSDC	−0.0095%	4h	90.920	−0.032%	$508K	$379K	30x	as long as short
Variational Omni CL	−0.0084%	4h	90.906	−0.048%	$12.9M	$11.1M	—	as long as short
Nado WTI-PERP	−0.0082%	1h	90.963	+0.015%	$914K	$651K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0072%	1h	90.840	−0.121%	$3.4M	$5.7M	20x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0070%	8h	90.860	−0.099%	$23.1M	$53.5M	100x	as long as short
tradeXYZ xyz:CL	−0.0061%	1h	90.912	−0.042%	$176.9M	$209.0M	20x	as long as short
GRVT CL_USDT_Perp	−0.0042%	4h	91.038	+0.096%	$69K	$626K	25x	as long as short
Aftermath Perps WTIUSD	−0.0032%	1h	90.981	+0.035%	$2K	$27K	5x	as long as short
QFEX CL-USD	−0.0023%	1h	90.920	−0.033%	$2.2M	$3.0M	10x	as long as short
OKX CL-USDT-SWAP	−0.0021%	4h	90.910	−0.044%	$40.5M	$117.4M	50x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	90.540	−0.451%	$1K	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.969	+0.021%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	90.922	−0.031%	$26.9M	$95.6M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	90.949	−0.001%	$2.9M	$3.0M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	90.921	−0.031%	$17K	$237K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0008%	1h	90.800	−0.165%	$425K	$1.1M	15x	as long as short
Paradex CL-USD-PERPshort	+0.0013%	8h	90.890	−0.066%	$15K	$367	5x
Lighter WTI	+0.0016%	1h	90.896	−0.059%	$11.1M	$9.5M	20x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	100.27	+10.245%	$19K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.970	+0.022%	$708K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.910	−0.044%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	90.893	−0.063%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	90.908	−0.046%	$2.0M	$81K	20x	as long as short
Phoenix WTIOILlong	+0.0053%	1h	90.950	long leg	$36K	$37K	20x
Pacifica CL	+0.0100%	1h	90.928	−0.024%	$314K	$709K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	90.947	−0.003%	$6.8M	$2.8M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.960	+0.011%	$53K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	90.881	−0.076%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0218%	4h	90.960	+0.011%	$3.9M	$1.0M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0250% / S −0.0172%	1h	90.925	−0.027%	$81K	—	111x	as long as short