Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Bullet against Bybit+0.040%7-day average +0.004% · 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−$26as in the Price arb table

costs, in and out, $10k−$290.291% of the position

Long on Bybit Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.055%+$6 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now +0.040%, 7d avg +0.004%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bullet is 0.035% dearer against Bybit than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	93.630	0	get 0.0000% / 8h	1h 25m	$27.0M	$79.0M	150x
Short	Bullet WTIOIL-USD	93.667	0	get 0.0000% / 1h	25m 59s	$19K	$239K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Bybit. 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 BybitbpFee BulletbpOrdersPrice spread, now +0.040%Rate

Funding earned: $0
Price spread: +0.040% → +0.004%: $3.51
Slippage, 4 orders: −$10.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$25.55
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Bullet: live order book, 18 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 Bybit live order book, 3 min ago	0.53 bp	6.0 bp −$6	7.1 bp −$71	13.9 bp −$1,387	75.1 bp −$37.5K
Sell Bullet live order book, 18 min ago	1.55 bp	7.5 bp −$8	18.7 bp −$187	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	−0.0497%	1h	93.610	−0.021%	$196K	$383K	15x	as long as short
Aster CLUSD1	−0.0273%	4h	93.653	+0.024%	$24.6M	$65.2M	20x	as long as short
GRVT CL_USDT_Perp	−0.0256%	4h	93.654	+0.025%	$58K	$618K	25x	as long as short
Binance CLUSDT	−0.0148%	4h	93.621	−0.010%	$247.0M	$916.9M	100x	as long as short
Aftermath Perps WTIUSD	−0.0141%	1h	93.684	+0.058%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.663	+0.035%	$283K	$960K	25x	as long as short
Variational Omni CL	−0.0135%	4h	93.659	+0.031%	$13.5M	$10.6M	—	as long as short
Ondo Perps WTI-USD.P	−0.0116%	1h	93.620	−0.011%	$3.5M	$5.3M	20x	as long as short
Gate CL_USDT	−0.0108%	8h	93.550	−0.085%	$22.5M	$49.4M	100x	as long as short
Bitget CLUSDT	−0.0102%	4h	93.618	−0.013%	$42.3M	$42.1M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CL	−0.0075%	1h	93.641	+0.012%	$185.2M	$207.0M	20x	as long as short
Nado WTI-PERP	−0.0055%	1h	93.711	+0.087%	$966K	$620K	10x	as long as short
edgeX CLUSDC	−0.0042%	4h	93.616	−0.015%	$526K	$305K	30x	as long as short
QFEX CL-USD	−0.0023%	1h	93.650	+0.021%	$2.3M	$2.5M	10x	as long as short
OKX CL-USDT-SWAP	−0.0019%	4h	93.620	−0.011%	$43.0M	$101.8M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.500	−0.139%	$404K	$916K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	93.729	+0.106%	$8K	$3K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	93.630	long leg	$27.0M	$79.0M	150x
RISEx CL/USDC	0.0000%	1h	93.710	+0.086%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.690	+0.064%	$37K	$39K	20x	as long as short
Bullet WTIOIL-USDshort	0.0000%	1h	93.667	+0.040%	$19K	$239K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.189	−0.471%	$5K	—	150x	as long as short
Lighter WTI	+0.0016%	1h	93.632	+0.002%	$11.3M	$9.6M	20x	as long as short
Paradex CL-USD-PERP	+0.0023%	8h	93.641	+0.012%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.680	+0.053%	$2.0M	$15.6M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.680	+0.053%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.670	+0.043%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.654	+0.026%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.629	−0.001%	$2.1M	$61K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.665	+0.037%	$333K	$574K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.684	+0.058%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.660	+0.032%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.620	−0.011%	$4K	—	10x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.97	+9.979%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0224%	4h	93.640	+0.011%	$4.0M	$977K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0246% / S −0.0180%	1h	93.695	+0.069%	$84K	—	111x	as long as short