Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.023%

Price spread now: KuCoin against Phoenix−0.070%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.070% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.070% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.3 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.023% in total) that is about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	93.170	0	get 0.0000% / 1h	33m 28s	$37K	$40K	20x
Short	KuCoin CLUSDTM	93.105	0.0100	get 0.0050% / 4h	33m 28s	$7.1M	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.070%Rate

Funding earned: $21
Price spread: −0.070% → 0.000%: −$6.98
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$4.98
Costs to cover: 0.190%
Break-even: 8.7 days

Slippage unknown: Phoenix: no order-book sample; KuCoin: live order book, 4 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 Phoenix no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 4 min ago	1.72 bp	8.5 bp −$8	doesn't fit	doesn't fit	doesn't fit

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0609%	1h	93.020	−0.161%	$194K	$394K	15x	as long as short
Aster CLUSD1	−0.0288%	4h	93.143	−0.029%	$24.7M	$64.6M	20x	as long as short
GRVT CL_USDT_Perp	−0.0262%	4h	93.080	−0.097%	$77K	$622K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0210%	1h	93.058	−0.120%	$274K	$939K	25x	as long as short
Binance CLUSDT	−0.0161%	4h	93.121	−0.053%	$247.3M	$922.4M	100x	as long as short
Variational Omni CL	−0.0143%	4h	93.137	−0.036%	$13.4M	$10.6M	—	as long as short
Gate CL_USDT	−0.0128%	8h	93.040	−0.140%	$22.9M	$49.2M	100x	as long as short
Bitget CLUSDT	−0.0124%	4h	93.110	−0.064%	$42.3M	$41.7M	100x	as long as short
Aftermath Perps WTIUSD	−0.0110%	1h	93.202	+0.034%	$2K	$27K	5x	as long as short
Nado WTI-PERP	−0.0098%	1h	93.156	−0.015%	$955K	$623K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAP	−0.0075%	4h	93.100	−0.075%	$42.7M	$102.9M	50x	as long as short
edgeX CLUSDC	−0.0057%	4h	93.176	+0.007%	$524K	$305K	30x	as long as short
QFEX CL-USD	−0.0038%	1h	93.090	−0.086%	$2.3M	$2.5M	10x	as long as short
tradeXYZ xyz:CL	−0.0037%	1h	93.090	−0.086%	$184.0M	$199.7M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0022%	1h	93.010	−0.172%	$3.6M	$5.3M	20x	as long as short
Lighter WTI	−0.0016%	1h	93.085	−0.091%	$11.2M	$9.2M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0016%	1h	93.540	+0.397%	$405K	$810K	15x	as long as short
Paradex CL-USD-PERP	−0.0005%	8h	93.062	−0.115%	$16K	$367	5x	as long as short
dYdX WTI-USD	0.0000%	1h	93.085	−0.092%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.130	−0.043%	$26.7M	$79.1M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.136	−0.037%	$3.0M	$2.9M	20x	as long as short
Phoenix WTIOILlong	0.0000%	1h	93.170	long leg	$37K	$40K	20x
Bullet WTIOIL-USD	0.0000%	1h	93.058	−0.120%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.615	−0.596%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	93.140	−0.032%	$1.7M	$15.1M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.150	−0.021%	$738K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.120	−0.054%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.111	−0.063%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.073	−0.104%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.090	−0.086%	$347K	$593K	10x	as long as short
KuCoin CLUSDTMshort	+0.0100%	4h	93.105	−0.070%	$7.1M	$2.4M	50x
ApeX Omni CLUSDT	+0.0100%	1h	93.020	−0.161%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.025	−0.156%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0171%	4h	93.100	−0.075%	$4.0M	$982K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.45	+9.960%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0244% / S −0.0169%	1h	93.095	−0.080%	$78K	—	111x	as long as short