Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.011%

Price spread now: Deribit against Bybit+0.003%7-day average +0.010% · 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−$28as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.070%+$7 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now +0.003%, 7d avg +0.010%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.070%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	92.177	0	get 0.0000% / 8h	37m 52s	$25.6M	$94.8M	150x
Short	Deribit WTIOIL_USDC-PERPETUAL	92.180	−0.0075	pay 0.0009% / 1h	37m 52s	$96K	$189K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$15.82
Price spread: +0.003% → +0.010%: −$0.72
Slippage, 4 orders: −$8.89
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$43.44
Costs to cover: 0.269%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Deribit: live order book, 41 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, 1 min ago	0.54 bp	6.9 bp −$7	8.0 bp −$80	17.0 bp −$1,696	110.9 bp −$55.5K
Sell Deribit live order book, 41 min ago	0.54 bp	6.7 bp −$7	7.6 bp −$76	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
Kraken Futures PF_WTIOILUSD	−0.0450%	1h	92.186	+0.009%	$274K	$1.2M	25x	as long as short
GRVT CL_USDT_Perp	−0.0314%	4h	92.040	−0.149%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0237%	4h	92.160	−0.018%	$24.0M	$77.5M	20x	as long as short
Nado WTI-PERP	−0.0166%	1h	92.156	−0.022%	$924K	$740K	10x	as long as short
Binance CLUSDT	−0.0160%	4h	92.160	−0.018%	$245.1M	$1.10B	100x	as long as short
Variational Omni CL	−0.0138%	4h	92.053	−0.134%	$13.4M	$12.4M	—	as long as short
Lighter WTI	−0.0112%	1h	92.146	−0.034%	$11.2M	$10.9M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0102%	1h	92.070	−0.116%	$3.5M	$6.3M	20x	as long as short
Paradex CL-USD-PERP	−0.0098%	8h	92.081	−0.104%	$15K	$367	5x	as long as short
tradeXYZ xyz:CL	−0.0082%	1h	92.167	−0.011%	$187.1M	$274.8M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit WTIOIL_USDC-PERPETUALshort	−0.0075%	1h	92.180	+0.003%	$96K	$189K	15x
QFEX CL-USD	−0.0054%	1h	92.100	−0.084%	$2.4M	$2.6M	10x	as long as short
Bullet WTIOIL-USD	−0.0045%	1h	92.133	−0.047%	$18K	$241K	10x	as long as short
Gate CL_USDT	−0.0028%	8h	92.090	−0.094%	$21.3M	$57.7M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.123	−0.059%	$333K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	−0.075%	$8K	$3K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	92.177	long leg	$25.6M	$94.8M	150x
OKX CL-USDT-SWAP	0.0000%	4h	92.140	−0.040%	$43.0M	$112.9M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.219	+0.046%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.141	−0.039%	$42.0M	$51.7M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.120	−0.062%	$37K	$101K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−0.159%	$399K	$966K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.716	−0.500%	$4K	—	150x	as long as short
Extended WTI-USD	+0.0016%	1h	92.200	+0.025%	$2.0M	$27.5M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.130	−0.051%	$721K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.170	−0.008%	—	$308K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0046%	1h	92.128	−0.053%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.150	−0.029%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0059%	4h	92.084	−0.101%	$529K	$332K	30x	as long as short
Aftermath Perps WTIUSD	+0.0095%	1h	92.093	−0.091%	$2K	$29K	5x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.181	+0.004%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.070	−0.116%	$55K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.119	−0.062%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0205% / S −0.0130%	1h	92.125	−0.056%	$77K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.28	+9.870%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.090	−0.094%	$4.0M	$1.4M	50x	as long as short