Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0112%/8h= +12.3% APRpaid last 24h +0.001%

Price spread now: Coinbase International against Bybit−0.054%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$260.261% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.216%+$22 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now −0.054%, 7d avg −0.098%

Together, before fees+0.180%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Coinbase International is 0.044% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	91.970	0	get 0.0000% / 8h	1h 23m	$25.4M	$97.4M	150x
Short	Coinbase International WTIOIL-PERP-INTX	91.920	0.0112	get 0.0014% / 1h	23m 34s	$397K	$1.2M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.054%Rate

Funding earned: $23.52
Price spread: −0.054% → −0.098%: $4.39
Slippage, 4 orders: −$5.14
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $1.77
Costs to cover: 0.261%
Break-even: 6.5 days

Slippage from Bybit: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	0.54 bp	6.0 bp −$6	7.3 bp −$73	17.8 bp −$1,780	doesn't fit
Sell Coinbase International live order book, 5 min ago	1.63 bp	7.3 bp −$7	10.6 bp −$106	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
Lighter WTI	−0.0320%	1h	91.915	−0.060%	$11.0M	$11.2M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0294%	1h	91.910	−0.065%	$95K	$260K	15x	as long as short
Aftermath Perps WTIUSD	−0.0199%	1h	91.959	−0.012%	$2K	$30K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0178%	1h	91.890	−0.087%	$3.5M	$6.4M	20x	as long as short
Nado WTI-PERP	−0.0173%	1h	92.015	+0.049%	$922K	$749K	10x	as long as short
tradeXYZ xyz:CL	−0.0150%	1h	91.957	−0.014%	$184.9M	$279.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0144%	4h	91.880	−0.098%	$58K	$715K	25x	as long as short
Bullet WTIOIL-USD	−0.0133%	1h	91.935	−0.038%	$18K	$240K	10x	as long as short
Paradex CL-USD-PERP	−0.0106%	8h	91.932	−0.041%	$15K	$367	5x	as long as short
Aster CLUSD1	−0.0093%	4h	91.973	+0.003%	$23.9M	$78.4M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps WTIOIL-USD	−0.0012%	1h	91.936	−0.037%	$1.6M	$1.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	91.939	−0.033%	$8K	$3K	5x	as long as short
Extended WTI-USD	0.0000%	1h	92.010	+0.043%	$2.0M	$29.0M	10x	as long as short
Binance CLUSDT	0.0000%	4h	91.940	−0.033%	$245.4M	$1.12B	100x	as long as short
Bybit CLUSDTlong	0.0000%	8h	91.970	long leg	$25.4M	$97.4M	150x
OKX CL-USDT-SWAP	0.0000%	4h	91.940	−0.033%	$43.1M	$113.8M	50x	as long as short
QFEX CL-USD	0.0000%	1h	91.930	−0.043%	$2.4M	$2.6M	10x	as long as short
Gate CL_USDT	0.0000%	8h	91.900	−0.076%	$21.2M	$59.1M	100x	as long as short
Bitget CLUSDT	0.0000%	4h	91.943	−0.029%	$42.0M	$53.8M	100x	as long as short
Variational Omni CL	0.0000%	4h	91.874	−0.105%	$13.4M	$13.5M	—	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.517	−0.493%	$4K	—	150x	as long as short
StandX CL-USD	+0.0006%	1h	91.880	−0.098%	$722K	$3.1M	40x	as long as short
Phoenix WTIOIL	+0.0009%	1h	91.960	−0.011%	$37K	$99K	20x	as long as short
Vest CL-PERP	+0.0046%	1h	92.030	+0.065%	—	$243K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.895	−0.082%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0090%	4h	91.918	−0.057%	$529K	$341K	30x	as long as short
Pacifica CL	+0.0100%	1h	91.954	−0.017%	$332K	$579K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.954	−0.017%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	91.870	−0.109%	$55K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.879	−0.099%	$4K	—	10x	as long as short
Coinbase International WTIOIL-PERP-INTXshort	+0.0112%	1h	91.920	−0.054%	$397K	$1.2M	15x
Injective WTI/USDC PERP	+0.0172%	1h	100.99	+9.811%	$19K	$18K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	91.895	−0.082%	$76K	—	111x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.900	−0.076%	$4.0M	$1.5M	50x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0451%	1h	91.917	−0.057%	$260K	$1.2M	25x	as long as short
RISEx CL/USDC	+0.0977%	1h	92.066	+0.105%	$3.2M	$2.8M	20x	as long as short