Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0256%/8h= +28.0% APRpaid last 24h −0.005%

Price spread now: Binance against Deribit+0.085%55s7-day average 0.000% · 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—prices read too far apart to compare

costs, in and out, $10k−$230.228% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.011%−$1 on $10k

Price spread, last 2 days (all we have)−0.071%−$7 · spread now +0.085%, 7d avg 0.000%

Together, before fees−0.082%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Binance is 0.085% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of 0.000%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.011% in total (about -1.1% 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	Deribit WTIOIL_USDC-PERPETUAL	92.840	−0.0503	get 0.0063% / 1h	16m 29s	$198K	$365K	15x
Short	Binance CLUSDT	92.919	−0.0247	pay 0.0124% / 4h	2h 16m	$245.0M	$976.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.085%Rate

Funding earned: $53.77
Price spread: +0.085% → 0.000%: $8.49
Slippage, 4 orders: −$5.85
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $39.41
Costs to cover: 0.228%
Break-even: 1.9 days

Slippage from Deribit: live order book, 52 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 Deribit live order book, 52 min ago	0.54 bp	7.7 bp −$8	9.4 bp −$94	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	9.1 bp −$911	23.2 bp −$11.6K

CL on 35 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-PERPETUALlong	−0.0503%	1h	92.840	long leg	$198K	$365K	15x
Aster CLUSD1	−0.0289%	4h	92.930	+0.097%	$24.0M	$72.6M	20x	as long as short
GRVT CL_USDT_Perp	−0.0258%	4h	92.840	0.000%	$53K	$631K	25x	as long as short
Variational Omni CL	−0.0250%	4h	92.718	−0.132%	$13.3M	$11.0M	—	as long as short
Binance CLUSDTshort	−0.0247%	4h	92.919	+0.085%	$245.0M	$976.7M	100x
Gate CL_USDT	−0.0113%	8h	92.870	+0.032%	$20.9M	$53.9M	100x	as long as short
Nado WTI-PERP	−0.0068%	1h	92.973	+0.143%	$965K	$675K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.097%	$402K	$946K	15x	as long as short
tradeXYZ xyz:CL	−0.0047%	1h	92.919	+0.085%	$184.6M	$220.5M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.938	+0.105%	$274K	$884K	25x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps WTI-USD.P	−0.0034%	1h	92.880	+0.043%	$3.5M	$5.7M	20x	as long as short
QFEX CL-USD	−0.0033%	1h	92.900	+0.065%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAP	−0.0017%	4h	92.920	+0.086%	$42.9M	$105.0M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.911	+0.077%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.941	+0.109%	$26.9M	$82.1M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.909	+0.074%	$42.0M	$44.0M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.920	+0.086%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.915	+0.081%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.458	−0.411%	$5K	—	150x	as long as short
Aftermath Perps WTIUSD	+0.0011%	1h	92.855	+0.016%	$2K	$28K	5x	as long as short
Paradex CL-USD-PERP	+0.0029%	8h	92.916	+0.082%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	92.934	+0.101%	$11.2M	$10.4M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.960	+0.129%	$2.1M	$24.3M	10x	as long as short
RISEx CL/USDC	+0.0037%	1h	93.038	+0.213%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.340	−0.539%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.920	+0.086%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.932	+0.099%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.895	+0.059%	$2.1M	$61K	20x	as long as short
edgeX CLUSDC	+0.0061%	4h	92.816	−0.026%	$528K	$303K	30x	as long as short
KuCoin CLUSDTM	+0.0078%	4h	92.969	+0.139%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.949	+0.117%	$332K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.840	0.000%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.866	+0.028%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.885	+0.048%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.04	+9.905%	$19K	$11K	30x	as long as short