Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0232%/8h= −25.4% APRpaid last 24h −0.009%

Price spread now: Variational Omni against QFEX0.000%47s7-day average +0.005% · you buy dearer than you sell

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

Long on QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.014%+$1 on $10k

Price spread, last 7 days+0.001%$0 · spread now 0.000%, 7d avg +0.005%

Together, before fees+0.015%+ Points / potential airdropVariational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.014% in total (about 1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CL-USD	92.610	−0.0040	get 0.0005% / 1h	9m 51s	$2.4M	$1.7M	10x
Short	Variational Omni CL	92.610	−0.0272	pay 0.0136% / 4h	3h 09m	$13.3M	$11.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against QFEX. 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 QFEXbpFee Variational OmnibpOrdersPrice spread, now 0.000%Rate

Funding earned: −$48.8
Price spread: 0.000% → +0.005%: −$0.5
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$59.3
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 2 min ago; Variational Omni: RFQ quote, 4 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 QFEX live order book, 2 min ago	1.62 bp	7.4 bp −$7	7.7 bp −$77	9.7 bp −$974	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.27 bp	doesn't fit	2.5 bp −$25	7.4 bp −$740	doesn't fit

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	−0.0360%	4h	92.630	+0.022%	$58K	$684K	25x	as long as short
Aster CLUSD1	−0.0336%	4h	92.690	+0.086%	$24.1M	$75.2M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0289%	1h	92.630	+0.022%	$123K	$275K	15x	as long as short
Binance CLUSDT	−0.0282%	4h	92.674	+0.070%	$244.6M	$1.03B	100x	as long as short
Variational Omni CLshort	−0.0272%	4h	92.610	0.000%	$13.3M	$11.4M	—
Gate CL_USDT	−0.0209%	8h	92.610	0.000%	$21.3M	$55.5M	100x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.654	+0.047%	$275K	$913K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0053%	1h	92.560	−0.054%	$3.5M	$5.9M	20x	as long as short
Nado WTI-PERP	−0.0051%	1h	92.675	+0.070%	$934K	$707K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.626%	$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-USDlong	−0.0040%	1h	92.610	long leg	$2.4M	$1.7M	10x
tradeXYZ xyz:CL	−0.0032%	1h	92.685	+0.081%	$185.9M	$233.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.666	+0.060%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.700	+0.097%	$26.6M	$89.3M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.680	+0.076%	$43.1M	$108.4M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.756	+0.158%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.673	+0.068%	$42.2M	$48.1M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.710	+0.108%	$37K	$66K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.640	+0.032%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.200	−0.443%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0006%	8h	92.605	−0.005%	$15K	$367	5x	as long as short
Extended WTI-USD	+0.0016%	1h	92.710	+0.108%	$2.3M	$25.8M	10x	as long as short
Lighter WTI	+0.0024%	1h	92.680	+0.076%	$11.2M	$10.2M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.370	−0.259%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.650	+0.043%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.630	+0.022%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.632	+0.024%	$2.0M	$38K	20x	as long as short
KuCoin CLUSDTM	+0.0080%	4h	92.635	+0.027%	$7.2M	$2.3M	50x	as long as short
edgeX CLUSDC	+0.0095%	4h	92.657	+0.051%	$533K	$300K	30x	as long as short
Pacifica CL	+0.0100%	1h	92.625	+0.016%	$357K	$602K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.670	+0.065%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.607	−0.003%	$4K	—	10x	as long as short
Aftermath Perps WTIUSD	+0.0157%	1h	92.628	+0.020%	$2K	$28K	5x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.635	+0.027%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.69	+9.805%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.560	−0.054%	$4.0M	$1.2M	50x	as long as short