Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0425%/8h= −46.5% APRpaid last 24h −0.010%

Price spread now: Deribit against Binance−0.043%7-day average −0.026% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.043%, 7d avg −0.026%

Together, before fees+0.007%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.005% in total (about -0.4% 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	Binance CLUSDT	92.910	−0.0186	get 0.0093% / 4h	14m 21s	$244.3M	$948.7M	100x
Short	Deribit WTIOIL_USDC-PERPETUAL	92.870	−0.0611	pay 0.0076% / 1h	14m 21s	$198K	$370K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$89.19
Price spread: −0.043% → −0.026%: −$1.72
Slippage, 4 orders: −$4.28
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$112.18
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; Deribit: live order book, 44 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 Binance live order book, 15 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	8.2 bp −$817	19.7 bp −$9,866
Sell Deribit live order book, 44 min ago	0.54 bp	6.2 bp −$6	7.5 bp −$75	doesn't fit	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
Deribit WTIOIL_USDC-PERPETUALshort	−0.0611%	1h	92.870	−0.043%	$198K	$370K	15x
Aster CLUSD1	−0.0265%	4h	92.920	+0.011%	$24.0M	$66.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0240%	4h	93.010	+0.107%	$64K	$648K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0196%	1h	92.902	−0.009%	$273K	$874K	25x	as long as short
Binance CLUSDTlong	−0.0186%	4h	92.910	long leg	$244.3M	$948.7M	100x
Variational Omni CL	−0.0176%	4h	93.029	+0.128%	$13.5M	$10.9M	—	as long as short
Bitget CLUSDT	−0.0120%	4h	92.888	−0.024%	$42.0M	$43.7M	100x	as long as short
tradeXYZ xyz:CL	−0.0110%	1h	92.908	−0.002%	$188.0M	$217.5M	20x	as long as short
Aftermath Perps WTIUSD	−0.0104%	1h	92.989	+0.085%	$2K	$26K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0089%	1h	92.850	−0.065%	$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
OKX CL-USDT-SWAP	−0.0053%	4h	92.900	−0.011%	$42.5M	$102.7M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.172%	$402K	$944K	15x	as long as short
Gate CL_USDT	−0.0047%	8h	92.860	−0.054%	$20.8M	$52.0M	100x	as long as short
QFEX CL-USD	−0.0043%	1h	92.900	−0.011%	$2.4M	$1.7M	10x	as long as short
edgeX CLUSDC	−0.0034%	4h	93.009	+0.107%	$530K	$301K	30x	as long as short
Nado WTI-PERP	−0.0027%	1h	92.988	+0.083%	$964K	$650K	10x	as long as short
KuCoin CLUSDTM	−0.0024%	4h	92.901	−0.010%	$7.1M	$2.4M	50x	as long as short
Lighter WTI	0.0000%	1h	92.914	+0.004%	$11.2M	$10.6M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.027	+0.126%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.903	−0.008%	$26.6M	$80.5M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.965	+0.059%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.070	+0.172%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.914	+0.004%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.480	−0.463%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0013%	8h	92.899	−0.012%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	92.950	+0.043%	$2.0M	$20.4M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.040	+0.140%	$735K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.960	+0.054%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.913	+0.003%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.900	−0.011%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0068%	1h	92.907	−0.003%	$330K	$622K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.080	+0.183%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.882	−0.031%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0186%	4h	93.040	+0.140%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0216% / S −0.0143%	1h	92.915	+0.005%	$81K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.25	+10.054%	$19K	$11K	30x	as long as short