Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h 0.000%

Price spread now: Bybit against Coinbase International+0.213%7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now +0.213%, 7d avg +0.110%

Together, before fees−0.216%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.102% dearer against Coinbase International than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.110%. Mind the row above: over the last 7 days funding on this pair cost −0.094%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International WTIOIL-PERP-INTX	89.320	−0.0040	get 0.0005% / 1h	48m 37s	$408K	$1.5M	15x
Short	Bybit CLUSDT	89.510	0	get 0.0000% / 8h	5h 48m	$26.8M	$109.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.213%Rate

Funding earned: $8.4
Price spread: +0.213% → +0.110%: $10.25
Slippage, 4 orders: −$6.56
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$8.91
Costs to cover: 0.276%
Break-even: 14.4 days

Slippage from Coinbase International: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	2.24 bp	7.2 bp −$7	9.3 bp −$93	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.56 bp	6.5 bp −$7	8.2 bp −$82	20.1 bp −$2,011	74.6 bp −$37.3K

CL on 36 exchanges

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	−0.0342%	1h	89.452	+0.147%	$319K	$1.8M	25x	as long as short
Aster CLUSD1	−0.0136%	4h	89.542	+0.249%	$24.3M	$71.4M	20x	as long as short
Bitget CLUSDT	−0.0112%	4h	89.499	+0.200%	$40.7M	$56.9M	100x	as long as short
GRVT CL_USDT_Perp	−0.0110%	4h	89.529	+0.234%	$66K	$632K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0090%	1h	89.490	+0.190%	$3.4M	$6.2M	20x	as long as short
Binance CLUSDT	−0.0086%	4h	89.510	+0.213%	$241.0M	$1.21B	100x	as long as short
tradeXYZ xyz:CL	−0.0078%	1h	89.483	+0.182%	$167.4M	$244.0M	20x	as long as short
Variational Omni CL	−0.0066%	4h	89.342	+0.025%	$12.6M	$11.3M	—	as long as short
Gate CL_USDT	−0.0063%	8h	89.480	+0.179%	$23.1M	$53.8M	100x	as long as short
Aftermath Perps WTIUSD	−0.0061%	1h	89.487	+0.187%	$1K	$26K	5x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended WTI-USD	−0.0056%	1h	89.500	+0.202%	$1.3M	$14.5M	10x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	−0.0040%	1h	89.320	long leg	$408K	$1.5M	15x
edgeX CLUSDC	−0.0037%	4h	89.403	+0.092%	$494K	$384K	30x	as long as short
QFEX CL-USD	−0.0025%	1h	89.440	+0.134%	$2.2M	$2.8M	10x	as long as short
OKX CL-USDT-SWAP	−0.0024%	4h	89.480	+0.179%	$39.9M	$132.8M	50x	as long as short
Nado WTI-PERP	−0.0024%	1h	89.459	+0.156%	$872K	$685K	10x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.229	−0.102%	$607	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	89.540	+0.246%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	89.510	+0.213%	$26.8M	$109.1M	150x
RISEx CL/USDC	0.0000%	1h	89.547	+0.254%	$2.8M	$3.1M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	89.380	+0.067%	$32K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	89.454	+0.150%	$17K	$238K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	89.450	+0.146%	$42K	$654K	15x	as long as short
Paradex CL-USD-PERP	+0.0014%	8h	89.480	+0.179%	$15K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	89.491	+0.191%	$10.5M	$10.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	89.380	+0.067%	$690K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.400	+0.090%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.394	+0.083%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.451	+0.147%	$2.0M	$84K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.494	+0.195%	$300K	$737K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.520	+0.224%	$6.9M	$3.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	89.320	0.000%	$52K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.422	+0.115%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S −0.0005%	1h	89.465	+0.162%	$77K	—	111x	as long as short
BloFin CL-USDT	+0.0215%	4h	89.410	+0.101%	$3.9M	$1.1M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	90.137	+0.915%	$16K	$5K	30x	as long as short