Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0631%/8h= −69.0% APRpaid last 24h −0.055%

Price spread now: Deribit against KuCoin−0.057%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.101%−$10 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now −0.057%, 7d avg +0.001%

Together, before fees−0.164%−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Deribit is 0.058% cheaper against KuCoin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.101% in total (about -9.5% 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	KuCoin CLUSDTM	93.373	0.0024	pay 0.0012% / 4h	3h 03m	$7.1M	$2.4M	50x
Short	Deribit WTIOIL_USDC-PERPETUAL	93.320	−0.0607	pay 0.0076% / 1h	3m 30s	$198K	$371K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$132.41
Price spread: −0.057% → +0.001%: −$5.77
Slippage, 4 orders: −$9.1
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$166.29
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from KuCoin: live order book, 9 min ago; Deribit: live order book, 50 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 KuCoin live order book, 9 min ago	1.82 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 50 min ago	0.54 bp	5.1 bp −$5	7.4 bp −$74	doesn't fit	doesn't fit

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-PERPETUALshort	−0.0607%	1h	93.320	−0.057%	$198K	$371K	15x
GRVT CL_USDT_Perp	−0.0332%	4h	93.330	−0.046%	$58K	$654K	25x	as long as short
Aster CLUSD1	−0.0286%	4h	93.383	+0.010%	$24.3M	$65.8M	20x	as long as short
Binance CLUSDT	−0.0190%	4h	93.360	−0.014%	$246.5M	$939.3M	100x	as long as short
Variational Omni CL	−0.0175%	4h	93.319	−0.058%	$13.3M	$10.9M	—	as long as short
Aftermath Perps WTIUSD	−0.0146%	1h	93.300	−0.078%	$2K	$26K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0129%	1h	93.280	−0.100%	$3.5M	$5.4M	20x	as long as short
Bitget CLUSDT	−0.0128%	4h	93.345	−0.030%	$42.0M	$43.2M	100x	as long as short
Nado WTI-PERP	−0.0106%	1h	93.392	+0.021%	$966K	$625K	10x	as long as short
Gate CL_USDT	−0.0071%	8h	93.290	−0.089%	$21.4M	$51.6M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAP	−0.0066%	4h	93.370	−0.003%	$42.7M	$103.2M	50x	as long as short
tradeXYZ xyz:CL	−0.0062%	1h	93.356	−0.018%	$184.7M	$217.1M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0061%	1h	93.383	+0.010%	$282K	$961K	25x	as long as short
edgeX CLUSDC	−0.0053%	4h	93.336	−0.040%	$525K	$306K	30x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.160	−0.228%	$403K	$929K	15x	as long as short
QFEX CL-USD	−0.0033%	1h	93.340	−0.035%	$2.3M	$2.0M	10x	as long as short
Paradex CL-USD-PERP	−0.0018%	8h	93.336	−0.040%	$16K	$367	5x	as long as short
Phoenix WTIOIL	−0.0009%	1h	93.370	−0.003%	$37K	$41K	20x	as long as short
Lighter WTI	0.0000%	1h	93.352	−0.022%	$11.2M	$10.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.329	−0.047%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.370	−0.003%	$26.9M	$79.9M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.408	+0.037%	$3.1M	$2.9M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.358	−0.016%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.915	−0.491%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0016%	1h	93.380	+0.007%	$2.0M	$18.2M	10x	as long as short
KuCoin CLUSDTMlong	+0.0024%	4h	93.373	long leg	$7.1M	$2.4M	50x
StandX CL-USD	+0.0040%	1h	93.270	−0.110%	$738K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.370	−0.003%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.356	−0.018%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.357	−0.017%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.349	−0.026%	$331K	$579K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.320	−0.057%	$54K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.328	−0.048%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0175%	4h	93.350	−0.025%	$4.0M	$990K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.37	+9.637%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0225% / S −0.0153%	1h	93.355	−0.019%	$81K	—	111x	as long as short