Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0098%/8h= −10.8% APRpaid last 24h −0.006%

Price spread now: Variational Omni against Nado−0.100%7-day average −0.011% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.041%+$4 on $10k

Price spread, last 7 days+0.120%+$12 · spread now −0.100%, 7d avg −0.011%

Together, before fees+0.161%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.089% cheaper against Nado than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado WTI-PERP	93.692	−0.0037	get 0.0005% / 1h	41m 52s	$966K	$627K	10x
Short	Variational Omni CL	93.599	−0.0135	pay 0.0068% / 4h	1h 41m	$13.5M	$10.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now −0.100%Rate

Funding earned: −$20.68
Price spread: −0.100% → −0.011%: −$8.88
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$36.56
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 2 min ago; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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 Nado live order book, 2 min ago	0.11 bp	5.2 bp −$5	10.2 bp −$102	32.3 bp −$3,232	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.26 bp	doesn't fit	2.3 bp −$23	5.5 bp −$553	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-PERPETUAL	−0.0498%	1h	93.570	−0.130%	$196K	$381K	15x	as long as short
Aster CLUSD1	−0.0260%	4h	93.635	−0.061%	$24.5M	$65.3M	20x	as long as short
GRVT CL_USDT_Perp	−0.0244%	4h	93.633	−0.063%	$58K	$629K	25x	as long as short
Binance CLUSDT	−0.0145%	4h	93.600	−0.098%	$246.3M	$925.3M	100x	as long as short
Aftermath Perps WTIUSD	−0.0139%	1h	93.649	−0.046%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.617	−0.080%	$286K	$956K	25x	as long as short
Variational Omni CLshort	−0.0135%	4h	93.599	−0.100%	$13.5M	$10.7M	—
Bitget CLUSDT	−0.0100%	4h	93.586	−0.113%	$42.2M	$42.4M	100x	as long as short
Gate CL_USDT	−0.0097%	8h	93.520	−0.184%	$22.3M	$48.7M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0078%	1h	93.590	−0.109%	$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	−0.0058%	1h	93.605	−0.093%	$185.0M	$211.0M	20x	as long as short
edgeX CLUSDC	−0.0055%	4h	93.649	−0.046%	$526K	$307K	30x	as long as short
Nado WTI-PERPlong	−0.0037%	1h	93.692	long leg	$966K	$627K	10x
QFEX CL-USD	−0.0023%	1h	93.630	−0.066%	$2.3M	$2.5M	10x	as long as short
OKX CL-USDT-SWAP	−0.0014%	4h	93.600	−0.098%	$42.6M	$101.9M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.500	−0.205%	$404K	$931K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	93.651	−0.044%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.605	−0.093%	$27.0M	$79.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.690	−0.002%	$3.1M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.640	−0.056%	$37K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.638	−0.058%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.166	−0.562%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0030%	8h	93.638	−0.058%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	93.586	−0.113%	$11.3M	$9.6M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.640	−0.056%	$2.0M	$16.1M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.680	−0.013%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.650	−0.045%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.636	−0.060%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.621	−0.076%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.674	−0.020%	$333K	$576K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.609	−0.089%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.680	−0.013%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.583	−0.117%	$4K	—	10x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.74	+9.661%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0226%	4h	93.640	−0.056%	$4.0M	$978K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0246% / S −0.0179%	1h	93.615	−0.082%	$84K	—	111x	as long as short