Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0271%/8h= +29.7% APRpaid last 24h +0.015%

Price spread now: Bybit against Variational Omni+0.064%7-day average +0.006% · you sell dearer than you buy

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$3 on $10k

Price spread, last 7 days−0.049%−$5 · spread now +0.064%, 7d avg +0.006%

Together, before fees−0.075%+ Points / potential airdropVariational Omni: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Bybit is 0.059% dearer against Variational Omni than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.006%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.025% in total (about -2.8% 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	Variational Omni CL	92.631	−0.0271	get 0.0136% / 4h	3h 16m	$13.3M	$11.4M	—
Short	Bybit CLUSDT	92.690	0	get 0.0000% / 8h	7h 16m	$26.6M	$89.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.064%Rate

Funding earned: $56.99
Price spread: +0.064% → +0.006%: $5.86
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $51.85
Costs to cover: 0.110%
Break-even: 0.6 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Bybit: live order book, 3 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, 3 min ago	2.26 bp	doesn't fit	2.3 bp −$23	6.9 bp −$688	doesn't fit
Sell Bybit live order book, 3 min ago	0.54 bp	6.2 bp −$6	7.8 bp −$78	16.9 bp −$1,695	106.2 bp −$53.1K

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	−0.0354%	4h	92.580	−0.055%	$58K	$693K	25x	as long as short
Aster CLUSD1	−0.0335%	4h	92.690	+0.064%	$24.0M	$76.2M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0289%	1h	92.630	−0.001%	$123K	$275K	15x	as long as short
Binance CLUSDT	−0.0279%	4h	92.660	+0.032%	$244.9M	$1.03B	100x	as long as short
Variational Omni CLlong	−0.0271%	4h	92.631	long leg	$13.3M	$11.4M	—
Gate CL_USDT	−0.0218%	8h	92.610	−0.022%	$21.3M	$55.4M	100x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.680	+0.054%	$275K	$915K	25x	as long as short
Nado WTI-PERP	−0.0055%	1h	92.693	+0.068%	$934K	$711K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0050%	1h	92.600	−0.033%	$3.6M	$5.9M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.648%	$399K	$957K	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	92.630	−0.001%	$2.4M	$1.7M	10x	as long as short
tradeXYZ xyz:CL	−0.0030%	1h	92.670	+0.042%	$186.5M	$236.8M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.666	+0.038%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.690	+0.064%	$26.6M	$89.9M	150x
OKX CL-USDT-SWAP	0.0000%	4h	92.660	+0.032%	$43.0M	$108.7M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.763	+0.143%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.667	+0.039%	$42.2M	$48.8M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.650	+0.021%	$37K	$66K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.644	+0.014%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.199	−0.466%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0001%	8h	92.613	−0.019%	$15K	$367	5x	as long as short
Lighter WTI	+0.0016%	1h	92.670	+0.042%	$11.2M	$10.2M	20x	as long as short
Extended WTI-USD	+0.0024%	1h	92.700	+0.075%	$2.3M	$26.1M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.390	−0.260%	$723K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.660	+0.032%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.646	+0.017%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.651	+0.022%	$2.0M	$38K	20x	as long as short
edgeX CLUSDC	+0.0067%	4h	92.638	+0.008%	$533K	$299K	30x	as long as short
KuCoin CLUSDTM	+0.0088%	4h	92.666	+0.038%	$7.2M	$2.4M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.635	+0.004%	$357K	$602K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.590	−0.044%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.610	−0.022%	$4K	—	10x	as long as short
Aftermath Perps WTIUSD	+0.0181%	1h	92.619	−0.013%	$2K	$28K	5x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.645	+0.015%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.69	+9.780%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.610	−0.022%	$4.0M	$1.2M	50x	as long as short