Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0113%/8h= +12.4% APRpaid last 24h −0.021%

Price spread now: Kraken Futures against OKX+0.008%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$310.305% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.285%−$28 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now +0.008%, 7d avg +0.005%

Together, before fees−0.341%−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.285%, 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	92.910	−0.0008	get 0.0004% / 4h	1h 50m	$42.8M	$102.5M	50x
Short	Kraken Futures PF_WTIOILUSD	92.917	0.0105	get 0.0013% / 1h	50m 23s	$273K	$882K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.008%Rate

Funding earned: $23.7
Price spread: +0.008% → +0.005%: $0.23
Slippage, 4 orders: −$10.53
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$6.6
Costs to cover: 0.305%
Break-even: 8.9 days

Slippage from OKX: live order book, 4 min ago; Kraken Futures: live order book, 18 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, 4 min ago	0.54 bp	5.5 bp −$6	6.4 bp −$64	11.9 bp −$1,194	doesn't fit
Sell Kraken Futures live order book, 18 min ago	3.23 bp	8.8 bp −$9	22.0 bp −$220	doesn't fit	doesn't fit

CL on 35 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	−0.0611%	1h	92.870	−0.043%	$198K	$369K	15x	as long as short
Aster CLUSD1	−0.0237%	4h	92.940	+0.032%	$24.0M	$70.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0208%	4h	92.849	−0.066%	$61K	$633K	25x	as long as short
Binance CLUSDT	−0.0205%	4h	92.910	0.000%	$244.7M	$959.0M	100x	as long as short
Variational Omni CL	−0.0200%	4h	92.927	+0.018%	$13.5M	$11.1M	—	as long as short
Nado WTI-PERP	−0.0120%	1h	92.995	+0.092%	$963K	$668K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0098%	1h	92.910	0.000%	$3.5M	$5.7M	20x	as long as short
Gate CL_USDT	−0.0092%	8h	92.860	−0.054%	$20.9M	$52.2M	100x	as long as short
tradeXYZ xyz:CL	−0.0044%	1h	92.923	+0.014%	$184.8M	$218.5M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.172%	$402K	$944K	15x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CL-USD	−0.0032%	1h	92.920	+0.011%	$2.5M	$1.7M	10x	as long as short
Aftermath Perps WTIUSD	−0.0017%	1h	92.922	+0.013%	$2K	$28K	5x	as long as short
OKX CL-USDT-SWAPlong	−0.0008%	4h	92.910	long leg	$42.8M	$102.5M	50x
edgeX CLUSDC	−0.0008%	4h	92.823	−0.094%	$529K	$302K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	92.998	+0.095%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.950	+0.043%	$26.9M	$81.1M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.907	−0.003%	$41.9M	$43.4M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.880	−0.032%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.925	+0.016%	$18K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.471	−0.473%	$5K	—	150x	as long as short
Lighter WTI	+0.0024%	1h	92.944	+0.037%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.950	+0.043%	$2.1M	$23.4M	10x	as long as short
Paradex CL-USD-PERP	+0.0036%	8h	92.929	+0.020%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	92.470	−0.474%	$727K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.940	+0.032%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.944	+0.037%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.913	+0.003%	$2.1M	$61K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	93.071	+0.174%	$3.3M	$2.7M	20x	as long as short
KuCoin CLUSDTM	+0.0078%	4h	92.945	+0.038%	$7.3M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.947	+0.040%	$332K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.940	+0.032%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.890	−0.022%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSDshort	+0.0105%	1h	92.917	+0.008%	$273K	$882K	25x
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.905	−0.005%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.15	+9.942%	$19K	$11K	30x	as long as short