Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.012%

Price spread now: Bitget against Bullet+0.043%7-day average −0.013% · 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−$23as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on Bullet Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.051%−$5 on $10k

Price spread, last 4 days (all we have)−0.124%−$12 · spread now +0.043%, 7d avg −0.013%

Together, before fees−0.175%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.056% dearer against Bullet than usual: you sell high and buy low (spread +0.043% now, against its 7-day average of −0.013%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 4 days (−0.051% in total) that is about 4.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	89.417	0	get 0.0000% / 1h	47m 46s	$17K	$237K	10x
Short	Bitget CLUSDT	89.455	−0.0112	pay 0.0056% / 4h	1h 47m	$40.7M	$57.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$23.52
Price spread: +0.043% → −0.013%: $5.58
Slippage, 4 orders: −$8.1
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$46.04
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Bullet: live order book, 64 min ago; Bitget: live order book, 4 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, 64 min ago	0.55 bp	6.4 bp −$6	17.4 bp −$174	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.50 bp	7.6 bp −$8	9.4 bp −$94	17.5 bp −$1,750	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	−0.0342%	1h	89.448	+0.035%	$319K	$1.8M	25x	as long as short
Aster CLUSD1	−0.0136%	4h	89.480	+0.070%	$24.3M	$71.6M	20x	as long as short
Bitget CLUSDTshort	−0.0112%	4h	89.455	+0.043%	$40.7M	$57.0M	100x
GRVT CL_USDT_Perp	−0.0110%	4h	89.529	+0.126%	$66K	$632K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0090%	1h	89.490	+0.082%	$3.4M	$6.2M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0085%	1h	89.410	−0.008%	$42K	$654K	15x	as long as short
Binance CLUSDT	−0.0085%	4h	89.430	+0.015%	$240.8M	$1.21B	100x	as long as short
tradeXYZ xyz:CL	−0.0077%	1h	89.460	+0.048%	$167.3M	$244.3M	20x	as long as short
Variational Omni CL	−0.0066%	4h	89.342	−0.084%	$12.6M	$11.3M	—	as long as short
Gate CL_USDT	−0.0065%	8h	89.370	−0.053%	$23.1M	$53.8M	100x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps WTIUSD	−0.0063%	1h	89.487	+0.078%	$1K	$26K	5x	as long as short
Extended WTI-USD	−0.0056%	1h	89.460	+0.048%	$1.3M	$14.5M	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	89.320	−0.108%	$408K	$1.5M	15x	as long as short
edgeX CLUSDC	−0.0037%	4h	89.403	−0.016%	$494K	$384K	30x	as long as short
QFEX CL-USD	−0.0025%	1h	89.450	+0.037%	$2.2M	$2.8M	10x	as long as short
Nado WTI-PERP	−0.0024%	1h	89.486	+0.078%	$872K	$689K	10x	as long as short
OKX CL-USDT-SWAP	−0.0023%	4h	89.450	+0.037%	$39.8M	$132.8M	50x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.066	−0.393%	$606	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	89.540	+0.137%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	89.471	+0.060%	$26.9M	$109.1M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	89.547	+0.145%	$2.8M	$3.1M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	89.380	−0.041%	$32K	$39K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	89.417	long leg	$17K	$237K	10x
Paradex CL-USD-PERP	+0.0014%	8h	89.480	+0.071%	$15K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	89.443	+0.029%	$10.5M	$10.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	89.420	+0.003%	$690K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.410	−0.008%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.423	+0.007%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.430	+0.015%	$2.0M	$84K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.494	+0.086%	$300K	$737K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.425	+0.009%	$6.9M	$3.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	89.320	−0.108%	$52K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.405	−0.014%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S −0.0004%	1h	89.405	−0.013%	$77K	—	111x	as long as short
BloFin CL-USDT	+0.0215%	4h	89.410	−0.008%	$3.9M	$1.1M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	90.137	+0.805%	$16K	$5K	30x	as long as short