Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0187%/8h= −20.4% APRpaid last 24h −0.017%

Price spread now: Binance against Bullet+0.005%7-day average +0.032% · 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−$27as in the Price arb table

costs, in and out, $10k−$240.242% of the position

Long on Bullet Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.026%−$3 on $10k

Price spread, last 4 days (all we have)−0.059%−$6 · spread now +0.005%, 7d avg +0.032%

Together, before fees−0.086%−$9 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 Binance is 0.028% cheaper against Bullet than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.032%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.026% in total (about -2.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	92.906	0	get 0.0000% / 1h	12m 04s	$18K	$241K	10x
Short	Binance CLUSDT	92.910	−0.0187	pay 0.0093% / 4h	12m 04s	$244.3M	$948.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bullet. 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 BulletbpFee BinancebpOrdersPrice spread, now +0.005%Rate

Funding earned: −$39.2
Price spread: +0.005% → +0.032%: −$2.78
Slippage, 4 orders: −$6.16
Fee Bullet: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$66.14
Costs to cover: 0.242%
Break-even: never at this rate

Slippage from Bullet: live order book, 47 min ago; Binance: live order book, 2 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 Bullet live order book, 47 min ago	0.54 bp	6.4 bp −$6	17.2 bp −$172	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	9.4 bp −$937	26.6 bp −$13.3K

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	−0.0611%	1h	92.860	−0.049%	$198K	$370K	15x	as long as short
Aster CLUSD1	−0.0269%	4h	92.920	+0.015%	$24.0M	$66.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0242%	4h	93.000	+0.102%	$64K	$648K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0196%	1h	92.905	0.000%	$273K	$874K	25x	as long as short
Binance CLUSDTshort	−0.0187%	4h	92.910	+0.005%	$244.3M	$948.7M	100x
Variational Omni CL	−0.0176%	4h	93.029	+0.132%	$13.5M	$10.9M	—	as long as short
Bitget CLUSDT	−0.0122%	4h	92.897	−0.009%	$42.0M	$43.7M	100x	as long as short
tradeXYZ xyz:CL	−0.0112%	1h	92.906	0.000%	$187.8M	$217.6M	20x	as long as short
Aftermath Perps WTIUSD	−0.0103%	1h	92.988	+0.089%	$2K	$26K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0091%	1h	92.870	−0.038%	$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
edgeX CLUSDC	−0.0076%	4h	93.007	+0.109%	$530K	$301K	30x	as long as short
OKX CL-USDT-SWAP	−0.0054%	4h	92.890	−0.017%	$42.4M	$102.7M	50x	as long as short
Gate CL_USDT	−0.0048%	8h	92.840	−0.071%	$20.8M	$52.1M	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.168%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0043%	1h	92.910	+0.005%	$2.3M	$1.8M	10x	as long as short
Nado WTI-PERP	−0.0028%	1h	92.963	+0.061%	$963K	$650K	10x	as long as short
KuCoin CLUSDTM	−0.0024%	4h	92.903	−0.003%	$7.1M	$2.4M	50x	as long as short
Lighter WTI	0.0000%	1h	92.905	−0.001%	$11.2M	$10.6M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.937	+0.033%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.896	−0.010%	$26.6M	$80.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.974	+0.074%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.070	+0.177%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	92.906	long leg	$18K	$241K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.468	−0.471%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0010%	8h	92.887	−0.020%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	92.960	+0.058%	$2.0M	$20.3M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.890	−0.017%	$734K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.930	+0.026%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.901	−0.005%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.903	−0.003%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0068%	1h	92.908	+0.003%	$330K	$622K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.030	+0.134%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.875	−0.033%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0187%	4h	92.940	+0.037%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0216% / S −0.0143%	1h	92.905	−0.001%	$81K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.25	+10.059%	$19K	$11K	30x	as long as short