Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0163%/8h= −17.8% APRpaid last 24h −0.023%

Price spread now: Variational Omni against Bullet−0.078%7-day average −0.023% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bullet Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now −0.078%, 7d avg −0.023%

Together, before fees−0.009%+ Points / potential airdropVariational Omni: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.055% cheaper against Bullet than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	93.422	0	get 0.0000% / 1h	3m 42s	$18K	$240K	10x
Short	Variational Omni CL	93.349	−0.0163	pay 0.0081% / 4h	2h 03m	$13.4M	$10.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.078%Rate

Funding earned: −$34.15
Price spread: −0.078% → −0.023%: −$5.51
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$47.66
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 45 min ago; Variational Omni: RFQ quote, just now. Net counts fees only.

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, 45 min ago	1.55 bp	8.9 bp −$9	17.6 bp −$176	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	2.26 bp	doesn't fit	2.3 bp −$23	5.7 bp −$572	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	−0.0285%	1h	93.390	−0.034%	$196K	$377K	15x	as long as short
GRVT CL_USDT_Perp	−0.0274%	4h	93.368	−0.058%	$58K	$629K	25x	as long as short
Aster CLUSD1	−0.0274%	4h	93.430	+0.009%	$24.4M	$64.5M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0204%	1h	93.437	+0.016%	$285K	$959K	25x	as long as short
Binance CLUSDT	−0.0168%	4h	93.400	−0.024%	$246.3M	$930.9M	100x	as long as short
Variational Omni CLshort	−0.0163%	4h	93.349	−0.078%	$13.4M	$10.9M	—
Aftermath Perps WTIUSD	−0.0148%	1h	93.406	−0.017%	$2K	$26K	5x	as long as short
Bitget CLUSDT	−0.0120%	4h	93.382	−0.043%	$42.1M	$42.7M	100x	as long as short
Nado WTI-PERP	−0.0105%	1h	93.458	+0.039%	$971K	$630K	10x	as long as short
Gate CL_USDT	−0.0083%	8h	93.320	−0.109%	$22.1M	$50.4M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps WTI-USD.P	−0.0076%	1h	93.370	−0.056%	$3.5M	$5.4M	20x	as long as short
tradeXYZ xyz:CL	−0.0076%	1h	93.390	−0.034%	$184.8M	$212.3M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.500	+0.083%	$404K	$931K	15x	as long as short
OKX CL-USDT-SWAP	−0.0036%	4h	93.400	−0.024%	$42.6M	$101.8M	50x	as long as short
QFEX CL-USD	−0.0032%	1h	93.400	−0.024%	$2.3M	$2.5M	10x	as long as short
edgeX CLUSDC	−0.0001%	4h	93.375	−0.050%	$525K	$306K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	93.405	−0.018%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.420	−0.002%	$27.0M	$79.5M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.425	+0.004%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.540	+0.126%	$38K	$41K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	93.422	long leg	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.961	−0.493%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0021%	8h	93.383	−0.042%	$16K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	93.401	−0.022%	$11.3M	$10.0M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.420	−0.002%	$2.0M	$16.6M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.410	−0.013%	$739K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.400	−0.024%	—	$313K	10x	as long as short
Pacifica CL	+0.0047%	1h	93.405	−0.018%	$332K	$577K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.403	−0.020%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.418	−0.004%	$2.1M	$60K	20x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.417	−0.005%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.460	+0.041%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.384	−0.040%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0202%	4h	93.370	−0.056%	$4.0M	$988K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.64	+9.872%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0241% / S −0.0174%	1h	93.415	−0.007%	$84K	—	111x	as long as short