Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0174%/8h= +19.0% APRpaid last 24h +0.024%

Price spread now: Phoenix against Variational Omni+0.076%99s7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.076% dearer against Variational Omni than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CL	93.399	−0.0174	get 0.0087% / 4h	2h 19m	$13.4M	$10.9M	—
Short	Phoenix WTIOIL	93.470	0	get 0.0000% / 1h	19m 41s	$38K	$41K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.076%Rate

Funding earned: $36.5
Price spread: +0.076% → 0.000%: $7.64
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $37.14
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phoenix: no order-book sample. 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	2.26 bp	doesn't fit	2.3 bp −$23	3.8 bp −$381	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Deribit WTIOIL_USDC-PERPETUAL	−0.0392%	1h	93.470	+0.076%	$197K	$375K	15x	as long as short
GRVT CL_USDT_Perp	−0.0300%	4h	93.402	+0.004%	$58K	$629K	25x	as long as short
Aster CLUSD1	−0.0295%	4h	93.484	+0.092%	$24.4M	$64.9M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0204%	1h	93.514	+0.124%	$285K	$958K	25x	as long as short
Binance CLUSDT	−0.0185%	4h	93.460	+0.066%	$246.2M	$933.4M	100x	as long as short
Variational Omni CLlong	−0.0174%	4h	93.399	long leg	$13.4M	$10.9M	—
Aftermath Perps WTIUSD	−0.0157%	1h	93.437	+0.041%	$2K	$26K	5x	as long as short
Bitget CLUSDT	−0.0128%	4h	93.438	+0.042%	$42.1M	$42.8M	100x	as long as short
Nado WTI-PERP	−0.0127%	1h	93.541	+0.152%	$968K	$615K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0098%	1h	93.410	+0.012%	$3.5M	$5.4M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CLUSDC	−0.0087%	4h	93.410	+0.012%	$525K	$305K	30x	as long as short
Gate CL_USDT	−0.0077%	8h	93.390	−0.009%	$21.9M	$50.0M	100x	as long as short
tradeXYZ xyz:CL	−0.0069%	1h	93.456	+0.061%	$184.9M	$213.5M	20x	as long as short
OKX CL-USDT-SWAP	−0.0051%	4h	93.460	+0.066%	$42.7M	$103.0M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.500	+0.109%	$404K	$931K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	93.470	+0.076%	$2.3M	$2.4M	10x	as long as short
dYdX WTI-USD	0.0000%	1h	93.495	+0.103%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.475	+0.082%	$27.2M	$79.6M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.501	+0.110%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOILshort	0.0000%	1h	93.470	+0.076%	$38K	$41K	20x
Bullet WTIOIL-USD	0.0000%	1h	93.490	+0.098%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.033	−0.391%	$5K	—	150x	as long as short
Lighter WTI	+0.0008%	1h	93.464	+0.070%	$11.2M	$9.9M	20x	as long as short
Paradex CL-USD-PERP	+0.0011%	8h	93.452	+0.057%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.500	+0.109%	$2.0M	$17.1M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.450	+0.055%	$740K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.480	+0.087%	—	$313K	10x	as long as short
Pacifica CL	+0.0047%	1h	93.460	+0.066%	$332K	$577K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.470	+0.076%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.492	+0.100%	$2.1M	$60K	20x	as long as short
KuCoin CLUSDTM	+0.0074%	4h	93.510	+0.119%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.480	+0.087%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.459	+0.064%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0185%	4h	93.430	+0.034%	$4.0M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.60	+9.855%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0238% / S −0.0170%	1h	93.495	+0.103%	$84K	—	111x	as long as short