Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0253%/8h= −27.7% APRpaid last 24h −0.017%

Price spread now: Binance against Phoenix−0.054%65s7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as 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−$290.289% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 2 days (all we have)−0.039%−$4 · spread now −0.054%, 7d avg −0.022%

Together, before fees−0.220%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Binance is 0.032% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.022%). Swap the legs. The two prices were read 65 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	Phoenix WTIOIL	92.260	0	get 0.0000% / 1h	48m 22s	$37K	$66K	20x
Short	Binance CLUSDT	92.210	−0.0253	pay 0.0126% / 4h	3h 48m	$245.2M	$1.08B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.054%Rate

Funding earned: −$53.04
Price spread: −0.054% → −0.022%: −$3.21
Slippage, 4 orders: −$11.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$85.14
Costs to cover: 0.289%
Break-even: never at this rate

Slippage from Phoenix: live order book, 65 min ago; Binance: live order book, 11 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 Phoenix live order book, 65 min ago	2.17 bp	8.9 bp −$9	17.6 bp −$176	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	0.54 bp	5.5 bp −$6	6.2 bp −$62	9.8 bp −$982	25.8 bp −$12.9K

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
GRVT CL_USDT_Perp	−0.0536%	4h	92.166	−0.102%	$58K	$693K	25x	as long as short
Aster CLUSD1	−0.0323%	4h	92.230	−0.033%	$23.9M	$79.9M	20x	as long as short
Gate CL_USDT	−0.0279%	8h	92.150	−0.119%	$21.3M	$54.4M	100x	as long as short
Binance CLUSDTshort	−0.0253%	4h	92.210	−0.054%	$245.2M	$1.08B	100x
Variational Omni CL	−0.0236%	4h	92.101	−0.173%	$13.2M	$12.7M	—	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0184%	1h	92.230	−0.033%	$96K	$189K	15x	as long as short
Bybit CLUSDT	−0.0125%	8h	92.220	−0.043%	$26.0M	$93.7M	150x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.230	−0.032%	$273K	$1.2M	25x	as long as short
Nado WTI-PERP	−0.0116%	1h	92.230	−0.033%	$923K	$732K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0102%	1h	92.160	−0.108%	$3.5M	$6.2M	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	−0.0060%	1h	92.230	−0.033%	$186.3M	$261.7M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.249%	$399K	$960K	15x	as long as short
QFEX CL-USD	−0.0040%	1h	92.160	−0.108%	$2.4M	$2.2M	10x	as long as short
Paradex CL-USD-PERP	−0.0034%	8h	92.155	−0.113%	$15K	$367	5x	as long as short
Lighter WTI	−0.0032%	1h	92.161	−0.107%	$11.1M	$10.0M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.235	−0.027%	$8K	$3K	5x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.190	−0.076%	$42.9M	$111.2M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.290	+0.032%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.220	−0.043%	$41.9M	$51.4M	100x	as long as short
Phoenix WTIOILlong	0.0000%	1h	92.260	long leg	$37K	$66K	20x
Bullet WTIOIL-USD	0.0000%	1h	92.201	−0.064%	$18K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.792	−0.507%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0032%	1h	92.270	+0.011%	$2.0M	$26.7M	10x	as long as short
edgeX CLUSDC	+0.0036%	4h	92.162	−0.106%	$530K	$306K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.150	−0.119%	$721K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.220	−0.043%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.181	−0.086%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.211	−0.053%	$2.0M	$39K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.167	−0.101%	$353K	$596K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.196	−0.069%	$7.2M	$2.3M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.120	−0.152%	$55K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.195	−0.070%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.215	−0.049%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.38	+9.887%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.180	−0.087%	$4.0M	$1.4M	50x	as long as short
Aftermath Perps WTIUSD	+0.0409%	1h	92.194	−0.072%	$2K	$29K	5x	as long as short