Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.005%

Price spread now: Bullet against Variational Omni−0.081%7-day average +0.017% · you buy dearer than you sell

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

Long on Variational Omni Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.021%+$2 on $10k

Price spread, last 3 days (all we have)+0.139%+$14 · spread now −0.081%, 7d avg +0.017%

Together, before fees+0.160%+ Points / potential airdropVariational Omni: Active · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.098% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of +0.017%). If the spread goes back, that is −$10 on $10k: about 18 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CL	92.001	0	get 0.0000% / 4h	2h 25m	$13.6M	$16.2M	—
Short	Bullet WTIOIL-USD	91.926	0.0018	get 0.0002% / 1h	25m 29s	$18K	$241K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Variational Omni. 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 Variational OmnibpFee BulletbpOrdersPrice spread, now −0.081%Rate

Funding earned: $3.82
Price spread: −0.081% → +0.017%: −$9.82
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$14
Costs to cover: 0.080%
Break-even: 32.7 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Bullet: live order book, 63 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 Variational Omni RFQ quote, 4 min ago	2.27 bp	doesn't fit	4.0 bp −$40	12.3 bp −$1,234	doesn't fit
Sell Bullet live order book, 63 min ago	1.52 bp	9.3 bp −$9	18.2 bp −$182	doesn't fit	doesn't fit

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
QFEX CL-USD	−0.0019%	1h	91.990	−0.012%	$2.4M	$2.8M	10x	as long as short
Aster CLUSD1	0.0000%	4h	92.016	+0.017%	$24.6M	$77.0M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	91.992	−0.009%	$8K	$3K	5x	as long as short
Binance CLUSDT	0.0000%	4h	91.985	−0.017%	$247.0M	$1.14B	100x	as long as short
Bybit CLUSDT	0.0000%	8h	91.958	−0.047%	$25.4M	$100.3M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	91.900	−0.110%	$43.0M	$117.1M	50x	as long as short
Gate CL_USDT	0.0000%	8h	91.860	−0.153%	$21.2M	$63.1M	100x	as long as short
Bitget CLUSDT	0.0000%	4h	91.964	−0.040%	$42.2M	$69.3M	100x	as long as short
Variational Omni CLlong	0.0000%	4h	92.001	long leg	$13.6M	$16.2M	—
GRVT CL_USDT_Perp	0.0000%	4h	91.989	−0.013%	$58K	$782K	25x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	92.010	+0.010%	$95K	$291K	15x	as long as short
Aftermath Perps WTIUSD	+0.0001%	1h	91.968	−0.035%	$2K	$31K	5x	as long as short
Phoenix WTIOIL	+0.0009%	1h	92.000	−0.001%	$33K	$99K	20x	as long as short
Bullet WTIOIL-USDshort	+0.0018%	1h	91.926	−0.081%	$18K	$241K	10x
Lighter WTI	+0.0032%	1h	91.960	−0.044%	$11.0M	$12.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.020	+0.021%	$1.9M	$29.7M	10x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	92.044	+0.047%	$17K	$18K	30x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0040%	1h	92.011	+0.011%	$258K	$1.3M	25x	as long as short
StandX CL-USD	+0.0040%	1h	92.000	−0.001%	$725K	$3.0M	40x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0040%	1h	92.080	+0.086%	$393K	$1.3M	15x	as long as short
edgeX CLUSDC	+0.0042%	4h	91.987	−0.015%	$529K	$341K	30x	as long as short
Vest CL-PERP	+0.0046%	1h	92.020	+0.021%	—	$243K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	91.979	−0.024%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.992	−0.010%	$2.0M	$42K	20x	as long as short
Ondo Perps WTI-USD.P	+0.0050%	1h	91.920	−0.088%	$3.5M	$6.5M	20x	as long as short
tradeXYZ xyz:CL	+0.0082%	1h	91.976	−0.027%	$182.4M	$296.5M	20x	as long as short
Paradex CL-USD-PERP	+0.0100%	8h	91.985	−0.017%	$15K	$367	5x	as long as short
Pacifica CL	+0.0100%	1h	91.970	−0.034%	$332K	$573K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.958	−0.047%	$7.4M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.080	+0.086%	$55K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.977	−0.025%	$4K	$49	10x	as long as short
Nado WTI-PERP	+0.0183%	1h	91.932	−0.075%	$879K	$789K	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0212% / S −0.0127%	1h	91.915	−0.093%	$76K	—	29x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.000	−0.001%	$4.0M	$1.5M	50x	as long as short
RISEx CL/USDC	+0.0266%	1h	92.047	+0.050%	$3.2M	$2.7M	20x	as long as short