Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0288%/8h= −31.5% APRpaid last 24h +0.005%

Price spread now: Kraken Futures against Binance+0.063%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.225%−$23 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.063%, 7d avg −0.024%

Together, before fees−0.307%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.088% dearer against Binance than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.024%): +$9 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 7 days (−0.225% in total) that is about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CLUSDT	89.750	−0.0052	get 0.0026% / 4h	1h 26m	$240.8M	$1.20B	100x
Short	Kraken Futures PF_WTIOILUSD	89.807	−0.0340	pay 0.0043% / 1h	26m 46s	$313K	$1.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$60.48
Price spread: +0.063% → −0.024%: $8.75
Slippage, 4 orders: −$14.87
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$86.6
Costs to cover: 0.349%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; Kraken Futures: live order book, 5 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, 10 min ago	0.56 bp	5.6 bp −$6	5.6 bp −$56	10.1 bp −$1,013	25.2 bp −$12.6K
Sell Kraken Futures live order book, 5 min ago	3.56 bp	12.2 bp −$12	29.0 bp −$290	doesn't fit	doesn't fit

CL on 36 exchanges

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
Kraken Futures PF_WTIOILUSDshort	−0.0340%	1h	89.807	+0.063%	$313K	$1.8M	25x
GRVT CL_USDT_Perp	−0.0098%	4h	89.910	+0.178%	$61K	$643K	25x	as long as short
Aftermath Perps WTIUSD	−0.0096%	1h	89.797	+0.052%	$1K	$26K	5x	as long as short
Aster CLUSD1	−0.0092%	4h	89.808	+0.065%	$24.3M	$72.4M	20x	as long as short
Bitget CLUSDT	−0.0092%	4h	89.729	−0.023%	$40.9M	$55.8M	100x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0084%	1h	89.840	+0.100%	$39K	$651K	15x	as long as short
edgeX CLUSDC	−0.0058%	4h	89.823	+0.081%	$496K	$366K	30x	as long as short
tradeXYZ xyz:CL	−0.0053%	1h	89.720	−0.033%	$165.9M	$242.4M	20x	as long as short
Binance CLUSDTlong	−0.0052%	4h	89.750	long leg	$240.8M	$1.20B	100x
Ondo Perps WTI-USD.P	−0.0043%	1h	89.750	0.000%	$3.4M	$6.3M	20x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	89.650	−0.111%	$409K	$1.4M	15x	as long as short
Gate CL_USDT	−0.0037%	8h	89.700	−0.056%	$23.1M	$55.2M	100x	as long as short
Variational Omni CL	−0.0034%	4h	89.864	+0.127%	$12.7M	$11.2M	—	as long as short
Nado WTI-PERP	−0.0028%	1h	89.850	+0.112%	$880K	$688K	10x	as long as short
QFEX CL-USD	−0.0025%	1h	89.820	+0.078%	$2.2M	$2.6M	10x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.496	−0.283%	$609	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	89.847	+0.109%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	89.760	+0.011%	$27.8M	$109.2M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	89.730	−0.022%	$40.3M	$133.9M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	89.867	+0.130%	$2.8M	$3.1M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	89.850	+0.111%	$33K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	89.829	+0.088%	$17K	$235K	10x	as long as short
Extended WTI-USD	+0.0024%	1h	89.810	+0.067%	$1.4M	$14.0M	10x	as long as short
Paradex CL-USD-PERP	+0.0024%	8h	89.795	+0.050%	$15K	$458	5x	as long as short
Lighter WTI	+0.0032%	1h	89.804	+0.060%	$10.6M	$10.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	89.830	+0.089%	$693K	$2.7M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.800	+0.056%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.776	+0.029%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.830	+0.089%	$2.0M	$83K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.813	+0.070%	$301K	$739K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.789	+0.043%	$6.9M	$3.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	89.850	+0.111%	$52K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.811	+0.068%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0164% / S +0.0005%	1h	89.835	+0.095%	$75K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	90.137	+0.431%	$16K	$5K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	89.820	+0.078%	$3.9M	$1.0M	50x	as long as short