Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Bybit against SoDEX+0.008%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$510.507% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.102%−$10 on $10k

Price spread, last 3 days (all we have)+0.063%+$6 · spread now +0.008%, 7d avg +0.014%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX CL-USD	92.823	0.0050	pay 0.0006% / 1h	2m 13s	$2.1M	$61K	20x
Short	Bybit CLUSDT	92.830	0	get 0.0000% / 8h	6h 02m	$26.8M	$81.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$10.5
Price spread: +0.008% → +0.014%: −$0.68
Slippage, 4 orders: −$31.68
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$61.86
Costs to cover: 0.507%
Break-even: never at this rate

Slippage from SoDEX: live order book, 2 min ago; Bybit: live order book, 2 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 SoDEX live order book, 2 min ago	0.54 bp	19.7 bp −$20	85.0 bp −$850	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.54 bp	6.1 bp −$6	7.5 bp −$75	16.4 bp −$1,640	104.4 bp −$52.2K

CL on 35 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	−0.0504%	1h	92.790	−0.036%	$198K	$365K	15x	as long as short
Aster CLUSD1	−0.0254%	4h	92.843	+0.021%	$24.0M	$71.2M	20x	as long as short
GRVT CL_USDT_Perp	−0.0222%	4h	92.836	+0.015%	$53K	$623K	25x	as long as short
Binance CLUSDT	−0.0220%	4h	92.818	−0.006%	$244.4M	$964.2M	100x	as long as short
Variational Omni CL	−0.0219%	4h	92.809	−0.015%	$13.4M	$11.1M	—	as long as short
Gate CL_USDT	−0.0096%	8h	92.760	−0.068%	$20.9M	$54.2M	100x	as long as short
Nado WTI-PERP	−0.0075%	1h	92.882	+0.063%	$963K	$668K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.079%	$402K	$946K	15x	as long as short
tradeXYZ xyz:CL	−0.0044%	1h	92.804	−0.020%	$184.4M	$219.3M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.856	+0.036%	$273K	$883K	25x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CL-USD	−0.0033%	1h	92.830	+0.008%	$2.5M	$1.7M	10x	as long as short
Ondo Perps WTI-USD.P	−0.0017%	1h	92.820	−0.003%	$3.5M	$5.6M	20x	as long as short
Aftermath Perps WTIUSD	−0.0006%	1h	92.848	+0.027%	$2K	$28K	5x	as long as short
OKX CL-USDT-SWAP	−0.0006%	4h	92.820	−0.003%	$42.8M	$102.7M	50x	as long as short
edgeX CLUSDC	−0.0002%	4h	92.863	+0.043%	$529K	$302K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	92.829	+0.006%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.830	+0.008%	$26.8M	$81.6M	150x
Bitget CLUSDT	0.0000%	4h	92.816	−0.008%	$41.9M	$43.6M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.870	+0.051%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.845	+0.023%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.373	−0.485%	$5K	—	150x	as long as short
Lighter WTI	+0.0032%	1h	92.814	−0.010%	$11.2M	$10.5M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.860	+0.040%	$2.1M	$23.8M	10x	as long as short
Paradex CL-USD-PERP	+0.0034%	8h	92.824	+0.001%	$16K	$367	5x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.967	+0.155%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.370	−0.488%	$726K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.850	+0.029%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.848	+0.027%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USDlong	+0.0050%	1h	92.823	long leg	$2.1M	$61K	20x
KuCoin CLUSDTM	+0.0084%	4h	92.842	+0.020%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.837	+0.015%	$331K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.810	−0.014%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.792	−0.033%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.825	+0.002%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.04	+9.925%	$19K	$11K	30x	as long as short