Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.001%

Price spread now: Paradex against Phoenix−0.130%46s7-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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.130% cheaper against Phoenix than usual: you would sell low and buy high, −$13 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	93.370	0	get 0.0000% / 1h	48m 23s	$37K	$40K	20x
Short	Paradex CL-USD-PERP	93.248	0.0001	get 0.0001% / 8h	48m 23s	$16K	$367	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.130%Rate

Funding earned: $0.25
Price spread: −0.130% → 0.000%: −$13.04
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$23.79
Costs to cover: 0.110%
Break-even: 667.8 days

Slippage unknown: Phoenix: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

Phoenix and Paradex: 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	−0.0715%	1h	93.190	−0.193%	$195K	$390K	15x	as long as short
Aster CLUSD1	−0.0288%	4h	93.327	−0.047%	$24.7M	$64.2M	20x	as long as short
GRVT CL_USDT_Perp	−0.0286%	4h	93.419	+0.053%	$75K	$636K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0209%	1h	93.249	−0.130%	$275K	$942K	25x	as long as short
Binance CLUSDT	−0.0164%	4h	93.304	−0.071%	$247.0M	$916.2M	100x	as long as short
Variational Omni CL	−0.0155%	4h	93.397	+0.029%	$13.4M	$10.6M	—	as long as short
Gate CL_USDT	−0.0128%	8h	93.220	−0.161%	$22.9M	$48.6M	100x	as long as short
Bitget CLUSDT	−0.0124%	4h	93.291	−0.085%	$42.3M	$41.6M	100x	as long as short
Aftermath Perps WTIUSD	−0.0124%	1h	93.425	+0.059%	$2K	$26K	5x	as long as short
Nado WTI-PERP	−0.0078%	1h	93.359	−0.011%	$958K	$624K	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	−0.0062%	4h	93.290	−0.086%	$42.5M	$102.4M	50x	as long as short
QFEX CL-USD	−0.0038%	1h	93.290	−0.086%	$2.3M	$2.5M	10x	as long as short
Lighter WTI	−0.0032%	1h	93.270	−0.107%	$11.2M	$9.1M	20x	as long as short
edgeX CLUSDC	−0.0031%	4h	93.422	+0.055%	$525K	$305K	30x	as long as short
Ondo Perps WTI-USD.P	−0.0022%	1h	93.260	−0.118%	$3.6M	$5.4M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0016%	1h	93.540	+0.182%	$405K	$857K	15x	as long as short
tradeXYZ xyz:CL	−0.0005%	1h	93.306	−0.069%	$184.4M	$202.3M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.275	−0.102%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.300	−0.075%	$26.9M	$79.2M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.321	−0.052%	$3.0M	$2.9M	20x	as long as short
Phoenix WTIOILlong	0.0000%	1h	93.370	long leg	$37K	$40K	20x
Bullet WTIOIL-USD	0.0000%	1h	93.259	−0.119%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.788	−0.623%	$5K	—	150x	as long as short
Paradex CL-USD-PERPshort	+0.0001%	8h	93.248	−0.130%	$16K	$367	5x
Extended WTI-USD	+0.0032%	1h	93.320	−0.054%	$1.7M	$15.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.460	+0.096%	$741K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.310	−0.064%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.294	−0.081%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.239	−0.140%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.285	−0.091%	$348K	$593K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.303	−0.072%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.490	+0.129%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.220	−0.160%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0179%	4h	93.250	−0.129%	$4.0M	$982K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.83	+10.134%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0252% / S −0.0187%	1h	93.245	−0.134%	$83K	—	111x	as long as short