Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0241%/8h= −26.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against tradeXYZ−0.041%7-day average 0.000% · you buy dearer than you sell

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.041%, 7d avg 0.000%

Together, before fees+0.005%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Variational Omni is 0.041% cheaper against tradeXYZ than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of 0.000%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.029% in total (about -3.1% 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	tradeXYZ xyz:CL	92.696	−0.0032	get 0.0004% / 1h	2m 35s	$186.0M	$233.6M	20x
Short	Variational Omni CL	92.658	−0.0273	pay 0.0136% / 4h	3h 02m	$13.3M	$11.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now −0.041%Rate

Funding earned: −$50.66
Price spread: −0.041% → 0.000%: −$4.14
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$72.8
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 7 min ago; Variational Omni: RFQ quote, 2 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 tradeXYZ live order book, 7 min ago	0.22 bp	9.3 bp −$9	9.9 bp −$99	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.27 bp	doesn't fit	2.3 bp −$23	6.2 bp −$619	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	−0.0346%	4h	92.649	−0.051%	$58K	$630K	25x	as long as short
Aster CLUSD1	−0.0337%	4h	92.712	+0.017%	$23.9M	$75.0M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0289%	1h	92.690	−0.006%	$123K	$274K	15x	as long as short
Binance CLUSDT	−0.0284%	4h	92.700	+0.004%	$244.6M	$1.02B	100x	as long as short
Variational Omni CLshort	−0.0273%	4h	92.658	−0.041%	$13.3M	$11.5M	—
Gate CL_USDT	−0.0186%	8h	92.640	−0.060%	$21.3M	$55.6M	100x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.715	+0.021%	$275K	$912K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0053%	1h	92.670	−0.028%	$3.5M	$5.9M	20x	as long as short
Nado WTI-PERP	−0.0051%	1h	92.754	+0.063%	$935K	$701K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.718%	$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-USD	−0.0040%	1h	92.680	−0.017%	$2.4M	$1.7M	10x	as long as short
tradeXYZ xyz:CLlong	−0.0032%	1h	92.696	long leg	$186.0M	$233.6M	20x
OKX CL-USDT-SWAP	−0.0002%	4h	92.690	−0.006%	$42.9M	$108.5M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.742	+0.049%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.710	+0.015%	$26.4M	$88.0M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.823	+0.137%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.693	−0.003%	$42.2M	$47.9M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.680	−0.017%	$37K	$66K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.704	+0.009%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.256	−0.475%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	92.740	+0.047%	$2.3M	$25.6M	10x	as long as short
Paradex CL-USD-PERP	+0.0010%	8h	92.685	−0.012%	$15K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	92.711	+0.016%	$11.2M	$10.3M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.370	−0.352%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.730	+0.037%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.716	+0.022%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.695	−0.001%	$2.1M	$59K	20x	as long as short
edgeX CLUSDC	+0.0067%	4h	92.621	−0.081%	$533K	$299K	30x	as long as short
KuCoin CLUSDTM	+0.0078%	4h	92.715	+0.020%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.706	+0.011%	$354K	$605K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.740	+0.047%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.652	−0.047%	$4K	—	10x	as long as short
Aftermath Perps WTIUSD	+0.0125%	1h	92.692	−0.004%	$2K	$28K	5x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.705	+0.010%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.69	+9.703%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.640	−0.060%	$4.0M	$1.2M	50x	as long as short