Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC0.0000%/8hpaid last 24h −0.005%

Price spread now: Coinbase International against OKX+0.065%55s7-day average −0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$280.277% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 3 days (all we have)−0.138%−$14 · spread now +0.065%, 7d avg −0.104%

Together, before fees−0.106%−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Coinbase International is 0.169% dearer against OKX than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.104%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CL-USDT-SWAP	92.060	0	get 0.0000% / 4h	23m 24s	$43.2M	$112.5M	50x
Short	Coinbase International WTIOIL-PERP-INTX	92.120	0	get 0.0000% / 1h	23m 24s	$395K	$1.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.065%Rate

Funding earned: $0
Price spread: +0.065% → −0.104%: $16.91
Slippage, 4 orders: −$7.67
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$10.76
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Coinbase International: live order book, 4 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	0.54 bp	5.9 bp −$6	6.7 bp −$67	11.5 bp −$1,151	doesn't fit
Sell Coinbase International live order book, 4 min ago	1.63 bp	6.6 bp −$7	9.6 bp −$96	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
Ondo Perps WTI-USD.P	−0.0106%	1h	91.980	−0.087%	$3.5M	$6.3M	20x	as long as short
Binance CLUSDT	−0.0097%	4h	92.060	0.000%	$245.4M	$1.05B	100x	as long as short
Aster CLUSD1	−0.0095%	4h	92.040	−0.022%	$24.8M	$70.7M	20x	as long as short
Variational Omni CL	−0.0079%	4h	91.945	−0.125%	$13.4M	$16.7M	—	as long as short
Nado WTI-PERP	−0.0079%	1h	92.072	+0.013%	$843K	$752K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0076%	1h	92.090	+0.033%	$96K	$470K	15x	as long as short
Aftermath Perps WTIUSD	−0.0075%	1h	92.050	−0.011%	$2K	$33K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0059%	1h	92.113	+0.057%	$267K	$1.3M	25x	as long as short
Lighter WTI	−0.0040%	1h	92.012	−0.052%	$11.1M	$12.5M	20x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0038% / S +0.0036%	1h	91.802	−0.280%	$178K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CL_USDT_Perp	−0.0022%	4h	91.960	−0.109%	$58K	$812K	25x	as long as short
QFEX CL-USD	−0.0022%	1h	92.020	−0.043%	$2.4M	$2.8M	10x	as long as short
tradeXYZ xyz:CL	−0.0018%	1h	92.079	+0.021%	$183.5M	$287.0M	20x	as long as short
Bullet WTIOIL-USD	−0.0017%	1h	92.054	−0.007%	$19K	$246K	10x	as long as short
Gate CL_USDT	−0.0007%	8h	92.010	−0.054%	$21.1M	$61.6M	100x	as long as short
dYdX WTI-USD	0.0000%	1h	92.035	−0.028%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.062	+0.002%	$24.7M	$95.5M	150x	as long as short
OKX CL-USDT-SWAPlong	0.0000%	4h	92.060	long leg	$43.2M	$112.5M	50x
RISEx CL/USDC	0.0000%	1h	92.136	+0.083%	$3.1M	$2.6M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.061	+0.001%	$42.5M	$63.7M	100x	as long as short
Coinbase International WTIOIL-PERP-INTXshort	0.0000%	1h	92.120	+0.065%	$395K	$1.1M	15x
Paradex CL-USD-PERP	+0.0010%	8h	91.992	−0.074%	$15K	$367	5x	as long as short
Phoenix WTIOIL	+0.0026%	1h	92.020	−0.043%	$33K	$99K	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.120	+0.065%	$1.9M	$29.3M	10x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	92.595	+0.581%	$18K	$14K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.040	−0.022%	$726K	$2.6M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.130	+0.076%	—	$243K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.074	+0.015%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.955	−0.114%	$2.0M	$45K	20x	as long as short
edgeX CLUSDC	+0.0093%	4h	91.977	−0.090%	$529K	$351K	30x	as long as short
Pacifica CL	+0.0100%	1h	92.030	−0.033%	$315K	$542K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.088	+0.030%	$7.5M	$1.2M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.000	−0.065%	$55K	$272K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.039	−0.023%	$4K	$49	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0127% / S +0.0033%	1h	92.055	−0.005%	$79K	—	111x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.960	−0.109%	$4.1M	$1.5M	50x	as long as short