Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0005%/8hnext payment +$0.01 per $10,000 · paid last 24h +0.009%

Price spread now: Bullet against QFEX+0.058%50s7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$280.282% of the position

Long on QFEX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.043%+$4 on $10k

Price spread, last 3 days (all we have)+0.051%+$5 · spread now +0.058%, 7d avg +0.015%

Together, before fees+0.094%+$9 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: Bullet is 0.043% dearer against QFEX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.015%. The two prices were read 50 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	QFEX CL-USD	92.000	−0.0022	get 0.0003% / 1h	22m 34s	$2.4M	$2.8M	10x
Short	Bullet WTIOIL-USD	92.054	−0.0017	pay 0.0002% / 1h	22m 34s	$19K	$246K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against QFEX. 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 QFEXbpFee BulletbpOrdersPrice spread, now +0.058%Rate

Funding earned: $0.95
Price spread: +0.058% → +0.015%: $4.32
Slippage, 4 orders: −$10.24
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$22.96
Costs to cover: 0.282%
Break-even: 175.4 days

Slippage from QFEX: live order book, 9 min ago; Bullet: live order book, 10 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 QFEX live order book, 9 min ago	2.17 bp	7.2 bp −$7	7.2 bp −$72	7.2 bp −$717	12.6 bp −$6,303
Sell Bullet live order book, 10 min ago	0.54 bp	6.5 bp −$6	17.7 bp −$177	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	−0.0105%	1h	91.980	−0.022%	$3.5M	$6.3M	20x	as long as short
Binance CLUSDT	−0.0098%	4h	92.030	+0.033%	$245.4M	$1.05B	100x	as long as short
Aster CLUSD1	−0.0096%	4h	92.019	+0.021%	$24.8M	$70.7M	20x	as long as short
Variational Omni CL	−0.0079%	4h	91.945	−0.060%	$13.4M	$16.7M	—	as long as short
Nado WTI-PERP	−0.0079%	1h	92.072	+0.079%	$843K	$752K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0076%	1h	92.090	+0.098%	$96K	$470K	15x	as long as short
Aftermath Perps WTIUSD	−0.0075%	1h	92.050	+0.054%	$2K	$33K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0059%	1h	92.113	+0.122%	$267K	$1.3M	25x	as long as short
Lighter WTI	−0.0040%	1h	92.007	+0.008%	$11.1M	$12.5M	20x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0038% / S +0.0036%	1h	91.802	−0.215%	$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	−0.043%	$58K	$812K	25x	as long as short
QFEX CL-USDlong	−0.0022%	1h	92.000	long leg	$2.4M	$2.8M	10x
tradeXYZ xyz:CL	−0.0018%	1h	92.019	+0.021%	$183.4M	$287.0M	20x	as long as short
Bullet WTIOIL-USDshort	−0.0017%	1h	92.054	+0.058%	$19K	$246K	10x
Gate CL_USDT	−0.0008%	8h	91.950	−0.054%	$21.1M	$61.6M	100x	as long as short
dYdX WTI-USD	0.0000%	1h	92.035	+0.038%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.030	+0.033%	$24.7M	$95.5M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.030	+0.033%	$43.1M	$112.4M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.115	+0.125%	$3.1M	$2.6M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.019	+0.021%	$42.5M	$63.6M	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.120	+0.130%	$395K	$1.1M	15x	as long as short
Paradex CL-USD-PERP	+0.0010%	8h	91.982	−0.020%	$15K	$367	5x	as long as short
Phoenix WTIOIL	+0.0026%	1h	92.020	+0.022%	$33K	$99K	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.040	+0.043%	$1.9M	$29.3M	10x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	92.595	+0.647%	$18K	$14K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.040	+0.043%	$726K	$2.6M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.110	+0.120%	—	$243K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.055	+0.060%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.995	−0.005%	$2.0M	$45K	20x	as long as short
edgeX CLUSDC	+0.0093%	4h	91.977	−0.025%	$529K	$351K	30x	as long as short
Pacifica CL	+0.0100%	1h	92.011	+0.012%	$315K	$542K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.040	+0.043%	$7.5M	$1.2M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.000	0.000%	$55K	$272K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.039	+0.043%	$4K	$49	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0127% / S +0.0033%	1h	92.055	+0.060%	$79K	—	111x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.030	+0.033%	$4.1M	$1.5M	50x	as long as short