Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0116%/8h= +12.7% APRpaid last 24h +0.002%

Price spread now: Phoenix against Bitget+0.072%99s7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.230%+$23 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 +$3 a day on $10k at the current rate, and Phoenix is 0.072% dearer against Bitget than usual: you sell high and buy low: +$7 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	Bitget CLUSDT	93.023	−0.0116	get 0.0058% / 4h	15m 46s	$41.9M	$43.7M	100x
Short	Phoenix WTIOIL	93.090	0	get 0.0000% / 1h	15m 46s	$37K	$42K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.072%Rate

Funding earned: $24.36
Price spread: +0.072% → 0.000%: $7.2
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $12.56
Costs to cover: 0.190%
Break-even: 3.4 days

Slippage unknown: Bitget: live order book, 3 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 Bitget live order book, 3 min ago	0.16 bp	7.1 bp −$7	9.8 bp −$98	doesn't fit	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	−0.0395%	1h	93.020	−0.003%	$198K	$370K	15x	as long as short
Aster CLUSD1	−0.0263%	4h	93.056	+0.035%	$24.0M	$66.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0240%	4h	93.027	+0.005%	$64K	$648K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0196%	1h	93.080	+0.061%	$274K	$872K	25x	as long as short
Binance CLUSDT	−0.0185%	4h	93.000	−0.025%	$244.5M	$947.6M	100x	as long as short
Variational Omni CL	−0.0176%	4h	93.029	+0.006%	$13.5M	$10.9M	—	as long as short
Bitget CLUSDTlong	−0.0116%	4h	93.023	long leg	$41.9M	$43.7M	100x
tradeXYZ xyz:CL	−0.0108%	1h	93.011	−0.013%	$184.6M	$214.5M	20x	as long as short
Aftermath Perps WTIUSD	−0.0104%	1h	93.033	+0.011%	$2K	$27K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0086%	1h	93.030	+0.008%	$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	−0.0052%	4h	93.010	−0.014%	$42.5M	$102.6M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.293%	$402K	$944K	15x	as long as short
Gate CL_USDT	−0.0046%	8h	92.990	−0.035%	$20.8M	$52.0M	100x	as long as short
QFEX CL-USD	−0.0043%	1h	93.020	−0.003%	$2.4M	$1.7M	10x	as long as short
Nado WTI-PERP	−0.0028%	1h	93.114	+0.098%	$963K	$649K	10x	as long as short
KuCoin CLUSDTM	−0.0022%	4h	93.049	+0.028%	$7.1M	$2.4M	50x	as long as short
edgeX CLUSDC	−0.0012%	4h	93.026	+0.003%	$530K	$301K	30x	as long as short
Lighter WTI	0.0000%	1h	93.001	−0.024%	$11.2M	$10.6M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.113	+0.097%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.010	−0.014%	$26.7M	$80.3M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.113	+0.097%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOILshort	0.0000%	1h	93.090	+0.072%	$37K	$42K	20x
Bullet WTIOIL-USD	0.0000%	1h	93.046	+0.025%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.601	−0.454%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0014%	8h	93.043	+0.022%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.070	+0.051%	$2.0M	$20.5M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.030	+0.008%	$735K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.060	+0.040%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.047	+0.026%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.042	+0.020%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0068%	1h	93.011	−0.013%	$330K	$622K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.040	+0.018%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.027	+0.004%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0185%	4h	93.030	+0.008%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0215% / S −0.0143%	1h	93.045	+0.024%	$81K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.25	+9.920%	$19K	$11K	30x	as long as short