Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0497%/8h= +54.4% APRpaid last 24h +0.046%

Price spread now: Bybit against Deribit0.000%7-day average −0.007% · 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−$22as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now 0.000%, 7d avg −0.007%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.033% in total (about -3.1% 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	93.670	−0.0497	get 0.0062% / 1h	27m 01s	$197K	$383K	15x
Short	Bybit CLUSDT	93.670	0	get 0.0000% / 8h	1h 27m	$27.0M	$79.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: $104.32
Price spread: 0.000% → −0.007%: $0.75
Slippage, 4 orders: −$5.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $82
Costs to cover: 0.231%
Break-even: 1.5 days

Slippage from Deribit: live order book, 17 min ago; Bybit: 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 Deribit live order book, 17 min ago	0.53 bp	6.2 bp −$6	8.6 bp −$86	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.53 bp	6.9 bp −$7	7.7 bp −$77	17.2 bp −$1,723	110.1 bp −$55.0K

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-PERPETUALlong	−0.0497%	1h	93.670	long leg	$197K	$383K	15x
Aster CLUSD1	−0.0273%	4h	93.697	+0.029%	$24.6M	$65.2M	20x	as long as short
GRVT CL_USDT_Perp	−0.0256%	4h	93.654	−0.017%	$58K	$618K	25x	as long as short
Binance CLUSDT	−0.0147%	4h	93.670	0.000%	$247.2M	$916.9M	100x	as long as short
Aftermath Perps WTIUSD	−0.0143%	1h	93.649	−0.023%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.705	+0.037%	$283K	$960K	25x	as long as short
Variational Omni CL	−0.0135%	4h	93.659	−0.012%	$13.5M	$10.6M	—	as long as short
Ondo Perps WTI-USD.P	−0.0114%	1h	93.600	−0.075%	$3.5M	$5.4M	20x	as long as short
Gate CL_USDT	−0.0106%	8h	93.600	−0.075%	$22.5M	$49.3M	100x	as long as short
Bitget CLUSDT	−0.0102%	4h	93.649	−0.022%	$42.3M	$42.0M	100x	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	−0.0074%	1h	93.676	+0.006%	$185.2M	$207.0M	20x	as long as short
Nado WTI-PERP	−0.0055%	1h	93.717	+0.050%	$966K	$621K	10x	as long as short
edgeX CLUSDC	−0.0042%	4h	93.616	−0.057%	$526K	$305K	30x	as long as short
QFEX CL-USD	−0.0023%	1h	93.670	0.000%	$2.3M	$2.5M	10x	as long as short
OKX CL-USDT-SWAP	−0.0018%	4h	93.650	−0.021%	$43.0M	$101.9M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.500	−0.181%	$404K	$916K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	93.640	−0.032%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	93.670	0.000%	$27.0M	$79.0M	150x
RISEx CL/USDC	0.0000%	1h	93.728	+0.061%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.690	+0.021%	$37K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.688	+0.019%	$19K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.182	−0.521%	$5K	—	150x	as long as short
Lighter WTI	+0.0016%	1h	93.670	0.000%	$11.3M	$9.6M	20x	as long as short
Paradex CL-USD-PERP	+0.0023%	8h	93.629	−0.044%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.710	+0.043%	$2.0M	$15.6M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.680	+0.011%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.670	0.000%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.654	−0.017%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.690	+0.021%	$2.1M	$61K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.646	−0.026%	$333K	$574K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.685	+0.016%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.660	−0.011%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.666	−0.005%	$4K	—	10x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.97	+9.932%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0224%	4h	93.640	−0.032%	$4.0M	$977K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0246% / S −0.0180%	1h	93.695	+0.027%	$84K	—	111x	as long as short