Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.069%

Price spread now: BloFin against Coinbase International+0.107%58s7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs+$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.293% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.480%+$48 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.107%, 7d avg +0.100%

Together, before fees+0.381%+$38 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.100%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 58 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	Coinbase International WTIOIL-PERP-INTX	93.500	−0.0008	get 0.0001% / 1h	51m 26s	$404K	$931K	15x
Short	BloFin CL-USDT	93.600	0.0212	get 0.0106% / 4h	1h 51m	$4.0M	$980K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.107%Rate

Funding earned: $46.24
Price spread: +0.107% → +0.100%: $0.71
Slippage, 4 orders: −$7.31
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $17.64
Costs to cover: 0.293%
Break-even: 4.3 days

Slippage from Coinbase International: live order book, 32 min ago; BloFin: live order book, 2 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, 32 min ago	1.61 bp	8.6 bp −$9	11.0 bp −$110	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	0.53 bp	6.5 bp −$7	6.5 bp −$65	9.2 bp −$924	28.8 bp −$14.4K

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	−0.0284%	1h	93.630	+0.139%	$197K	$380K	15x	as long as short
Aster CLUSD1	−0.0267%	4h	93.670	+0.182%	$24.5M	$64.8M	20x	as long as short
GRVT CL_USDT_Perp	−0.0252%	4h	93.616	+0.124%	$58K	$629K	25x	as long as short
Binance CLUSDT	−0.0154%	4h	93.646	+0.156%	$246.7M	$928.0M	100x	as long as short
Variational Omni CL	−0.0153%	4h	93.499	−0.001%	$13.4M	$10.8M	—	as long as short
Aftermath Perps WTIUSD	−0.0151%	1h	93.589	+0.095%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.649	+0.160%	$286K	$953K	25x	as long as short
Bitget CLUSDT	−0.0108%	4h	93.636	+0.145%	$42.2M	$42.6M	100x	as long as short
Gate CL_USDT	−0.0091%	8h	93.570	+0.075%	$22.2M	$48.3M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0044%	1h	93.630	+0.139%	$3.5M	$5.4M	20x	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	−0.0031%	1h	93.624	+0.133%	$185.2M	$210.6M	20x	as long as short
Nado WTI-PERP	−0.0026%	1h	93.671	+0.183%	$969K	$627K	10x	as long as short
QFEX CL-USD	−0.0023%	1h	93.620	+0.128%	$2.3M	$2.5M	10x	as long as short
OKX CL-USDT-SWAP	−0.0022%	4h	93.640	+0.150%	$42.7M	$101.9M	50x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	−0.0008%	1h	93.500	long leg	$404K	$931K	15x
edgeX CLUSDC	−0.0001%	4h	93.623	+0.132%	$526K	$305K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	93.620	+0.129%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.667	+0.179%	$27.2M	$79.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.685	+0.198%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.660	+0.171%	$38K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.642	+0.152%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.175	−0.348%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0027%	8h	93.633	+0.142%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	93.648	+0.158%	$11.3M	$9.6M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.650	+0.160%	$2.0M	$16.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.680	+0.193%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.630	+0.139%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.625	+0.134%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.651	+0.161%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.650	+0.161%	$333K	$577K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.662	+0.173%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.690	+0.203%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.621	+0.129%	$4K	—	10x	as long as short
BloFin CL-USDTshort	+0.0212%	4h	93.600	+0.107%	$4.0M	$980K	50x
Injective WTI/USDC PERP	+0.0220%	1h	102.74	+9.887%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0244% / S −0.0177%	1h	93.635	+0.144%	$84K	—	111x	as long as short