Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.042%

Price spread now: Injective against Bybit+9.974%98s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 9.974% dearer against Bybit than usual: you sell high and buy low: +$997 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 98 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	92.090	0	get 0.0000% / 8h	41m 41s	$25.5M	$94.9M	150x
Short	Injective WTI/USDC PERP	101.28	0.0220	get 0.0028% / 1h	41m 41s	$19K	$11K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +9.974%Rate

Funding earned: $46.2
Price spread: +9.974% → 0.000%: $997.39
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,032.57
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 min ago; Injective: no order-book sample. 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 Bybit live order book, 2 min ago	0.54 bp	6.0 bp −$6	7.7 bp −$77	16.1 bp −$1,613	103.1 bp −$51.6K
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	92.096	+0.006%	$275K	$1.2M	25x	as long as short
GRVT CL_USDT_Perp	−0.0304%	4h	92.024	−0.072%	$58K	$702K	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0293%	1h	92.080	−0.011%	$96K	$189K	15x	as long as short
Aster CLUSD1	−0.0234%	4h	92.085	−0.006%	$24.0M	$77.6M	20x	as long as short
Nado WTI-PERP	−0.0177%	1h	92.152	+0.067%	$924K	$741K	10x	as long as short
Binance CLUSDT	−0.0156%	4h	92.070	−0.022%	$245.3M	$1.10B	100x	as long as short
Lighter WTI	−0.0128%	1h	92.062	−0.030%	$11.1M	$10.9M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0126%	1h	92.080	−0.011%	$3.5M	$6.4M	20x	as long as short
Variational Omni CL	−0.0123%	4h	91.994	−0.105%	$13.4M	$12.7M	—	as long as short
Paradex CL-USD-PERP	−0.0107%	8h	92.058	−0.034%	$15K	$367	5x	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	−0.0107%	1h	92.089	−0.001%	$185.8M	$275.8M	20x	as long as short
Bullet WTIOIL-USD	−0.0074%	1h	92.073	−0.019%	$18K	$241K	10x	as long as short
QFEX CL-USD	−0.0054%	1h	92.050	−0.043%	$2.4M	$2.6M	10x	as long as short
Gate CL_USDT	−0.0025%	8h	92.010	−0.087%	$21.3M	$57.6M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.083	−0.007%	$332K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	+0.019%	$8K	$3K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	92.090	long leg	$25.5M	$94.9M	150x
OKX CL-USDT-SWAP	0.0000%	4h	92.070	−0.022%	$43.1M	$112.9M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.194	+0.113%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.059	−0.034%	$42.0M	$51.8M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.070	−0.022%	$37K	$101K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−0.065%	$399K	$984K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.649	−0.479%	$4K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	92.125	+0.038%	$2.0M	$27.5M	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0028%	1h	92.074	−0.017%	$1.6M	$1.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.100	+0.011%	$721K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.130	+0.043%	—	$308K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.075	−0.016%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0059%	4h	92.037	−0.057%	$529K	$336K	30x	as long as short
Aftermath Perps WTIUSD	+0.0068%	1h	92.083	−0.007%	$2K	$29K	5x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.075	−0.016%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.150	+0.065%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.058	−0.035%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	92.065	−0.027%	$76K	—	111x	as long as short
Injective WTI/USDC PERPshort	+0.0220%	1h	101.28	+9.974%	$19K	$11K	30x
BloFin CL-USDT	+0.0240%	4h	92.070	−0.022%	$4.0M	$1.4M	50x	as long as short