Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.020%

Price spread now: Binance against Coinbase International+0.706%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs+$38as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 2 days (all we have)−0.608%−$61 · spread now +0.706%, 7d avg +0.076%

Together, before fees−0.478%−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.630% dearer against Coinbase International than usual: you sell high and buy low (spread +0.706% now, against its 7-day average of +0.076%): +$63 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 8.6 days. Mind the row above: over the last 7 days funding on this pair paid +0.130%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.130% in total (about 6.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International WTIOIL-PERP-INTX	92.030	−0.0040	get 0.0005% / 1h	2m 15s	$399K	$956K	15x
Short	Binance CLUSDT	92.680	−0.0284	pay 0.0142% / 4h	3h 02m	$244.6M	$1.02B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now +0.706%Rate

Funding earned: −$51.17
Price spread: +0.706% → +0.076%: $63
Slippage, 4 orders: −$4.62
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$12.79
Costs to cover: 0.246%
Break-even: from the start

Slippage from Coinbase International: live order book, 46 min ago; Binance: live order book, 12 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 Coinbase International live order book, 46 min ago	1.63 bp	6.9 bp −$7	8.9 bp −$89	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	8.6 bp −$863	22.3 bp −$11.1K

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
GRVT CL_USDT_Perp	−0.0346%	4h	92.649	+0.673%	$58K	$630K	25x	as long as short
Aster CLUSD1	−0.0337%	4h	92.716	+0.746%	$23.9M	$75.0M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0289%	1h	92.660	+0.685%	$123K	$274K	15x	as long as short
Binance CLUSDTshort	−0.0284%	4h	92.680	+0.706%	$244.6M	$1.02B	100x
Variational Omni CL	−0.0273%	4h	92.658	+0.682%	$13.3M	$11.5M	—	as long as short
Gate CL_USDT	−0.0186%	8h	92.600	+0.619%	$21.3M	$55.6M	100x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.709	+0.738%	$275K	$912K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0053%	1h	92.670	+0.695%	$3.5M	$5.9M	20x	as long as short
Nado WTI-PERP	−0.0051%	1h	92.754	+0.787%	$935K	$701K	10x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	−0.0040%	1h	92.030	long leg	$399K	$956K	15x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CL-USD	−0.0040%	1h	92.680	+0.706%	$2.4M	$1.7M	10x	as long as short
tradeXYZ xyz:CL	−0.0032%	1h	92.696	+0.724%	$186.0M	$233.6M	20x	as long as short
OKX CL-USDT-SWAP	−0.0002%	4h	92.670	+0.695%	$42.9M	$108.5M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.742	+0.773%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.681	+0.707%	$26.4M	$88.0M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.823	+0.862%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.668	+0.693%	$42.1M	$47.9M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.680	+0.706%	$37K	$66K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.704	+0.732%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.246	+0.235%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	92.710	+0.739%	$2.3M	$25.6M	10x	as long as short
Paradex CL-USD-PERP	+0.0010%	8h	92.685	+0.711%	$15K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	92.711	+0.740%	$11.2M	$10.3M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.370	+0.369%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.730	+0.761%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.716	+0.745%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.679	+0.705%	$2.1M	$59K	20x	as long as short
edgeX CLUSDC	+0.0067%	4h	92.621	+0.642%	$533K	$299K	30x	as long as short
KuCoin CLUSDTM	+0.0078%	4h	92.712	+0.741%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.706	+0.735%	$354K	$605K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.740	+0.771%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.646	+0.670%	$4K	—	10x	as long as short
Aftermath Perps WTIUSD	+0.0120%	1h	92.700	+0.729%	$2K	$28K	5x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.675	+0.701%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.69	+10.497%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.640	+0.663%	$4.0M	$1.2M	50x	as long as short