Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0193%/8h= +21.1% APRpaid last 24h +0.018%

Price spread now: Phoenix against Binance+0.150%65s7-day average — · you sell dearer than you buy

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.150% dearer against Binance than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 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	Binance CLUSDT	93.070	−0.0193	get 0.0096% / 4h	38m 25s	$244.6M	$951.8M	100x
Short	Phoenix WTIOIL	93.210	0	get 0.0000% / 1h	38m 25s	$37K	$42K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.150%Rate

Funding earned: $40.48
Price spread: +0.150% → 0.000%: $15.04
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $38.52
Costs to cover: 0.170%
Break-even: 0.3 days

Slippage unknown: Binance: live order book, 6 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 Binance live order book, 6 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	9.6 bp −$956	19.7 bp −$9,850
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	−0.0609%	1h	93.030	−0.043%	$199K	$370K	15x	as long as short
Aster CLUSD1	−0.0250%	4h	93.099	+0.031%	$24.0M	$67.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0242%	4h	93.158	+0.094%	$64K	$648K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0196%	1h	93.094	+0.025%	$274K	$872K	25x	as long as short
Binance CLUSDTlong	−0.0193%	4h	93.070	long leg	$244.6M	$951.8M	100x
Variational Omni CL	−0.0183%	4h	93.158	+0.094%	$13.5M	$11.0M	—	as long as short
Ondo Perps WTI-USD.P	−0.0118%	1h	93.070	0.000%	$3.5M	$5.6M	20x	as long as short
tradeXYZ xyz:CL	−0.0110%	1h	93.072	+0.002%	$184.8M	$215.6M	20x	as long as short
Aftermath Perps WTIUSD	−0.0093%	1h	93.141	+0.076%	$2K	$27K	5x	as long as short
Bitget CLUSDT	−0.0088%	4h	93.056	−0.015%	$41.9M	$43.9M	100x	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	−0.0069%	4h	93.080	+0.011%	$42.6M	$102.8M	50x	as long as short
Gate CL_USDT	−0.0056%	8h	93.020	−0.054%	$20.9M	$51.5M	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.344%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0043%	1h	93.060	−0.011%	$2.5M	$1.7M	10x	as long as short
edgeX CLUSDC	−0.0041%	4h	93.173	+0.111%	$530K	$299K	30x	as long as short
Nado WTI-PERP	−0.0031%	1h	93.160	+0.096%	$963K	$653K	10x	as long as short
Lighter WTI	−0.0016%	1h	93.105	+0.038%	$11.2M	$10.5M	20x	as long as short
KuCoin CLUSDTM	−0.0010%	4h	93.139	+0.074%	$7.1M	$2.4M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	93.113	+0.046%	$8K	$3K	5x	as long as short
Extended WTI-USD	0.0000%	1h	93.120	+0.054%	$2.0M	$21.2M	10x	as long as short
Bybit CLUSDT	0.0000%	8h	93.078	+0.009%	$26.7M	$80.8M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.156	+0.092%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOILshort	0.0000%	1h	93.210	+0.150%	$37K	$42K	20x
Bullet WTIOIL-USD	0.0000%	1h	93.068	−0.002%	$19K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.640	−0.462%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0014%	8h	93.079	+0.010%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	93.140	+0.075%	$735K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.110	+0.043%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.083	+0.014%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.062	−0.009%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0068%	1h	93.091	+0.023%	$329K	$621K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.170	+0.107%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.053	−0.018%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0172%	4h	93.130	+0.064%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0213% / S −0.0140%	1h	93.065	−0.005%	$81K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.31	+9.930%	$19K	$11K	30x	as long as short