Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0214%/8h= −23.4% APRpaid last 24h −0.069%

Price spread now: Coinbase International against BloFin−0.193%7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.482%−$48 on $10k

Price spread, last 4 days (all we have)+0.185%+$18 · spread now −0.193%, 7d avg −0.100%

Together, before fees−0.297%−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Coinbase International is 0.093% cheaper against BloFin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.100%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CL-USDT	93.340	0.0174	pay 0.0087% / 4h	2h 44m	$4.0M	$983K	50x
Short	Coinbase International WTIOIL-PERP-INTX	93.160	−0.0040	pay 0.0005% / 1h	44m 27s	$403K	$929K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.193%Rate

Funding earned: −$44.84
Price spread: −0.193% → −0.100%: −$9.3
Slippage, 4 orders: −$9.89
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$86.03
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Coinbase International: 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 BloFin live order book, 4 min ago	2.14 bp	8.6 bp −$9	9.2 bp −$92	11.8 bp −$1,176	26.0 bp −$13.0K
Sell Coinbase International live order book, 44 min ago	1.07 bp	6.1 bp −$6	7.8 bp −$78	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-PERPETUAL	−0.0606%	1h	93.330	−0.011%	$197K	$372K	15x	as long as short
GRVT CL_USDT_Perp	−0.0344%	4h	93.337	−0.003%	$58K	$649K	25x	as long as short
Aster CLUSD1	−0.0301%	4h	93.392	+0.056%	$24.4M	$66.4M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0204%	1h	93.369	+0.031%	$283K	$961K	25x	as long as short
Binance CLUSDT	−0.0195%	4h	93.369	+0.031%	$246.7M	$934.5M	100x	as long as short
Variational Omni CL	−0.0184%	4h	93.329	−0.012%	$13.3M	$10.9M	—	as long as short
Aftermath Perps WTIUSD	−0.0142%	1h	93.325	−0.016%	$2K	$26K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0137%	1h	93.310	−0.032%	$3.5M	$5.4M	20x	as long as short
Bitget CLUSDT	−0.0134%	4h	93.358	+0.019%	$42.1M	$43.0M	100x	as long as short
Nado WTI-PERP	−0.0127%	1h	93.405	+0.070%	$967K	$619K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0071%	8h	93.310	−0.032%	$21.6M	$49.3M	100x	as long as short
tradeXYZ xyz:CL	−0.0070%	1h	93.345	+0.005%	$184.5M	$215.5M	20x	as long as short
OKX CL-USDT-SWAP	−0.0066%	4h	93.360	+0.021%	$42.6M	$102.6M	50x	as long as short
Coinbase International WTIOIL-PERP-INTXshort	−0.0040%	1h	93.160	−0.193%	$403K	$929K	15x
QFEX CL-USD	−0.0032%	1h	93.350	+0.011%	$2.3M	$2.2M	10x	as long as short
Paradex CL-USD-PERP	−0.0008%	8h	93.340	0.000%	$16K	$367	5x	as long as short
edgeX CLUSDC	−0.0005%	4h	93.349	+0.010%	$525K	$307K	30x	as long as short
Lighter WTI	0.0000%	1h	93.351	+0.012%	$11.2M	$9.9M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.329	−0.011%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.378	+0.041%	$27.1M	$79.8M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.419	+0.084%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.390	+0.054%	$37K	$41K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.359	+0.020%	$18K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.916	−0.454%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0032%	1h	93.400	+0.064%	$2.0M	$17.8M	10x	as long as short
KuCoin CLUSDTM	+0.0040%	4h	93.385	+0.048%	$7.1M	$2.4M	50x	as long as short
StandX CL-USD	+0.0040%	1h	93.340	0.000%	$739K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.370	+0.032%	—	$313K	10x	as long as short
Pacifica CL	+0.0047%	1h	93.353	+0.014%	$332K	$576K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.357	+0.018%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.360	+0.021%	$2.1M	$60K	20x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.360	+0.021%	$54K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.324	−0.017%	$4K	—	10x	as long as short
BloFin CL-USDTlong	+0.0174%	4h	93.340	long leg	$4.0M	$983K	50x
Injective WTI/USDC PERP	+0.0220%	1h	102.57	+9.891%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0233% / S −0.0165%	1h	93.355	+0.016%	$84K	—	111x	as long as short