Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.006%

Price spread now: Bybit against OKX+0.029%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.194%−$19 on $10k

Price spread, last 7 days−0.071%−$7 · spread now +0.029%, 7d avg −0.015%

Together, before fees−0.265%−$26 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 0.044% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.015%. Mind the row above: over the last 7 days funding on this pair cost −0.194%, 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	OKX CL-USDT-SWAP	89.270	−0.0024	get 0.0012% / 4h	1h 47m	$39.7M	$132.7M	50x
Short	Bybit CLUSDT	89.296	0	get 0.0000% / 8h	5h 47m	$26.8M	$109.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now +0.029%Rate

Funding earned: $4.96
Price spread: +0.029% → −0.015%: $4.44
Slippage, 4 orders: −$2.98
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$14.58
Costs to cover: 0.240%
Break-even: 27.6 days

Slippage from OKX: live order book, 5 min ago; Bybit: live order book, 5 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 OKX live order book, 5 min ago	0.56 bp	5.6 bp −$6	7.5 bp −$75	15.4 bp −$1,536	doesn't fit
Sell Bybit live order book, 5 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	89.339	+0.078%	$319K	$1.8M	25x	as long as short
Aster CLUSD1	−0.0133%	4h	89.370	+0.112%	$24.3M	$71.7M	20x	as long as short
Bitget CLUSDT	−0.0110%	4h	89.330	+0.067%	$40.6M	$57.0M	100x	as long as short
GRVT CL_USDT_Perp	−0.0106%	4h	89.429	+0.179%	$66K	$632K	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0086%	1h	89.320	+0.056%	$42K	$653K	15x	as long as short
Binance CLUSDT	−0.0085%	4h	89.303	+0.037%	$240.4M	$1.21B	100x	as long as short
Ondo Perps WTI-USD.P	−0.0078%	1h	89.330	+0.067%	$3.4M	$6.2M	20x	as long as short
tradeXYZ xyz:CL	−0.0075%	1h	89.323	+0.059%	$167.0M	$244.4M	20x	as long as short
Variational Omni CL	−0.0066%	4h	89.342	+0.081%	$12.6M	$11.3M	—	as long as short
Extended WTI-USD	−0.0064%	1h	89.340	+0.078%	$1.3M	$14.5M	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps WTIUSD	−0.0062%	1h	89.464	+0.218%	$1K	$26K	5x	as long as short
Gate CL_USDT	−0.0059%	8h	89.260	−0.011%	$23.0M	$53.9M	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	89.320	+0.056%	$408K	$1.5M	15x	as long as short
edgeX CLUSDC	−0.0037%	4h	89.403	+0.148%	$494K	$384K	30x	as long as short
QFEX CL-USD	−0.0025%	1h	89.350	+0.090%	$2.2M	$2.8M	10x	as long as short
OKX CL-USDT-SWAPlong	−0.0024%	4h	89.270	long leg	$39.7M	$132.7M	50x
Nado WTI-PERP	−0.0020%	1h	89.380	+0.123%	$871K	$689K	10x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	88.906	−0.408%	$605	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	89.540	+0.302%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	89.296	+0.029%	$26.8M	$109.2M	150x
RISEx CL/USDC	0.0000%	1h	89.547	+0.310%	$2.8M	$3.1M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	89.380	+0.123%	$32K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	89.336	+0.074%	$17K	$237K	10x	as long as short
Paradex CL-USD-PERP	+0.0015%	8h	89.398	+0.144%	$15K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	89.303	+0.037%	$10.5M	$10.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	89.420	+0.168%	$690K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.360	+0.101%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.354	+0.094%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.322	+0.058%	$2.0M	$84K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.434	+0.184%	$299K	$737K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.326	+0.063%	$6.9M	$3.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	89.320	+0.056%	$52K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.306	+0.041%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S −0.0004%	1h	89.325	+0.062%	$77K	—	111x	as long as short
BloFin CL-USDT	+0.0217%	4h	89.470	+0.224%	$3.9M	$1.1M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	90.137	+0.971%	$16K	$5K	30x	as long as short