Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.067%

Price spread now: Bullet against BloFin+0.010%7-day average +0.018% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$330.325% of the position

Long on BloFin Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.224%−$22 on $10k

Price spread, last 4 days (all we have)+0.114%+$11 · spread now +0.010%, 7d avg +0.018%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CL-USDT	89.820	0.0240	pay 0.0120% / 4h	1h 26m	$3.9M	$1.0M	50x
Short	Bullet WTIOIL-USD	89.829	0	get 0.0000% / 1h	26m 57s	$17K	$235K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against BloFin. 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 BloFinbpFee BulletbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$50.4
Price spread: +0.010% → +0.018%: −$0.78
Slippage, 4 orders: −$12.52
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$83.69
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Bullet: live order book, 20 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 BloFin live order book, 4 min ago	3.34 bp	10.4 bp −$10	11.3 bp −$113	17.1 bp −$1,715	43.6 bp −$21.8K
Sell Bullet live order book, 20 min ago	0.56 bp	6.7 bp −$7	18.2 bp −$182	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_WTIOILUSD	−0.0340%	1h	89.807	−0.015%	$313K	$1.8M	25x	as long as short
GRVT CL_USDT_Perp	−0.0098%	4h	89.910	+0.100%	$61K	$643K	25x	as long as short
Aftermath Perps WTIUSD	−0.0096%	1h	89.797	−0.026%	$1K	$26K	5x	as long as short
Aster CLUSD1	−0.0092%	4h	89.870	+0.056%	$24.3M	$72.4M	20x	as long as short
Bitget CLUSDT	−0.0092%	4h	89.783	−0.041%	$40.9M	$55.8M	100x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0084%	1h	89.840	+0.022%	$39K	$651K	15x	as long as short
edgeX CLUSDC	−0.0058%	4h	89.823	+0.003%	$496K	$366K	30x	as long as short
tradeXYZ xyz:CL	−0.0054%	1h	89.779	−0.046%	$166.0M	$242.2M	20x	as long as short
Binance CLUSDT	−0.0052%	4h	89.810	−0.011%	$241.0M	$1.20B	100x	as long as short
Ondo Perps WTI-USD.P	−0.0043%	1h	89.750	−0.078%	$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	−0.189%	$409K	$1.4M	15x	as long as short
Gate CL_USDT	−0.0037%	8h	89.760	−0.067%	$23.1M	$55.1M	100x	as long as short
Variational Omni CL	−0.0034%	4h	89.864	+0.049%	$12.7M	$11.2M	—	as long as short
Nado WTI-PERP	−0.0028%	1h	89.850	+0.034%	$880K	$688K	10x	as long as short
QFEX CL-USD	−0.0025%	1h	89.820	0.000%	$2.2M	$2.6M	10x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.496	−0.361%	$609	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	89.847	+0.031%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	89.801	−0.021%	$27.8M	$109.2M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	89.730	−0.100%	$40.3M	$133.9M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	89.867	+0.052%	$2.8M	$3.1M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	89.850	+0.033%	$33K	$39K	20x	as long as short
Bullet WTIOIL-USDshort	0.0000%	1h	89.829	+0.010%	$17K	$235K	10x
Extended WTI-USD	+0.0024%	1h	89.810	−0.011%	$1.4M	$14.0M	10x	as long as short
Paradex CL-USD-PERP	+0.0024%	8h	89.795	−0.028%	$15K	$458	5x	as long as short
Lighter WTI	+0.0032%	1h	89.804	−0.018%	$10.6M	$10.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	89.830	+0.011%	$693K	$2.7M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.800	−0.022%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.776	−0.049%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.830	+0.011%	$2.0M	$83K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.813	−0.008%	$301K	$739K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.799	−0.023%	$6.9M	$3.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	89.850	+0.033%	$52K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.811	−0.010%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0164% / S +0.0005%	1h	89.835	+0.017%	$75K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	90.137	+0.353%	$16K	$5K	30x	as long as short
BloFin CL-USDTlong	+0.0240%	4h	89.820	long leg	$3.9M	$1.0M	50x