Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.001%

Price spread now: OKX against Bullet−0.059%7-day average −0.005% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

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

Long on Bullet Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now −0.059%, 7d avg −0.005%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and OKX is 0.054% cheaper against Bullet than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	92.775	0	get 0.0000% / 1h	34m 42s	$18K	$240K	10x
Short	OKX CL-USDT-SWAP	92.720	−0.0010	pay 0.0005% / 4h	2h 34m	$42.7M	$105.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$2.12
Price spread: −0.059% → −0.005%: −$5.42
Slippage, 4 orders: −$6.16
Fee Bullet: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$31.7
Costs to cover: 0.242%
Break-even: never at this rate

Slippage from Bullet: live order book, 34 min ago; OKX: 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, 34 min ago	0.54 bp	6.3 bp −$6	17.2 bp −$172	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.54 bp	5.5 bp −$6	6.2 bp −$62	12.3 bp −$1,230	99.5 bp −$49.8K

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	−0.0612%	1h	92.700	−0.081%	$198K	$366K	15x	as long as short
Aster CLUSD1	−0.0329%	4h	92.760	−0.016%	$23.9M	$74.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0296%	4h	92.686	−0.096%	$50K	$633K	25x	as long as short
Binance CLUSDT	−0.0271%	4h	92.734	−0.045%	$244.2M	$988.9M	100x	as long as short
Variational Omni CL	−0.0265%	4h	92.761	−0.016%	$13.3M	$11.1M	—	as long as short
Gate CL_USDT	−0.0152%	8h	92.670	−0.113%	$20.9M	$53.1M	100x	as long as short
tradeXYZ xyz:CL	−0.0068%	1h	92.731	−0.048%	$184.9M	$221.7M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0063%	1h	92.690	−0.092%	$3.5M	$5.7M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.030	−0.803%	$399K	$938K	15x	as long as short
Nado WTI-PERP	−0.0039%	1h	92.810	+0.038%	$936K	$676K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.783	+0.009%	$275K	$870K	25x	as long as short
QFEX CL-USD	−0.0033%	1h	92.740	−0.038%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAPshort	−0.0010%	4h	92.720	−0.059%	$42.7M	$105.9M	50x
dYdX WTI-USD	0.0000%	1h	92.754	−0.023%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.740	−0.038%	$26.3M	$82.8M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.724	−0.055%	$41.9M	$45.7M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.820	+0.048%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	92.775	long leg	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.309	−0.502%	$5K	—	150x	as long as short
edgeX CLUSDC	+0.0018%	4h	92.721	−0.058%	$533K	$297K	30x	as long as short
Paradex CL-USD-PERP	+0.0023%	8h	92.714	−0.066%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0024%	1h	92.780	+0.005%	$2.1M	$25.0M	10x	as long as short
Lighter WTI	+0.0032%	1h	92.743	−0.035%	$11.2M	$10.2M	20x	as long as short
Aftermath Perps WTIUSD	+0.0034%	1h	92.757	−0.019%	$2K	$28K	5x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.858	+0.089%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.350	−0.458%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.800	+0.027%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.775	0.000%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.725	−0.054%	$2.1M	$61K	20x	as long as short
KuCoin CLUSDTM	+0.0068%	4h	92.791	+0.017%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.728	−0.051%	$331K	$616K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.840	+0.070%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.717	−0.063%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.755	−0.022%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.83	+9.763%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0228%	4h	92.730	−0.049%	$4.0M	$1.2M	50x	as long as short