Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0403%/8h= −44.2% APRpaid last 24h −0.001%

Price spread now: Deribit against Binance−0.011%7-day average −0.002% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$230.235% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 2 days (all we have)−0.008%−$1 · spread now −0.011%, 7d avg −0.002%

Together, before fees−0.001%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.007% in total (about 0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CLUSDT	91.770	0	get 0.0000% / 4h	1h 47m	$245.1M	$1.13B	100x
Short	Deribit WTIOIL_USDC-PERPETUAL	91.760	−0.0403	pay 0.0050% / 1h	47m 34s	$95K	$260K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$84.72
Price spread: −0.011% → −0.002%: −$0.88
Slippage, 4 orders: −$6.48
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$109.09
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Binance: live order book, 11 min ago; Deribit: live order book, 36 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 Binance live order book, 11 min ago	0.54 bp	5.5 bp −$6	6.5 bp −$65	12.4 bp −$1,245	31.8 bp −$15.9K
Sell Deribit live order book, 36 min ago	0.54 bp	8.3 bp −$8	9.1 bp −$91	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
ApeX Omni CLUSDT	−0.0478%	1h	91.750	−0.022%	$55K	$266K	50x	as long as short
Deribit WTIOIL_USDC-PERPETUALshort	−0.0403%	1h	91.760	−0.011%	$95K	$260K	15x
Lighter WTI	−0.0344%	1h	91.724	−0.050%	$11.0M	$11.1M	20x	as long as short
Nado WTI-PERP	−0.0234%	1h	91.819	+0.053%	$907K	$758K	10x	as long as short
tradeXYZ xyz:CL	−0.0223%	1h	91.799	+0.032%	$184.9M	$285.3M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0220%	1h	91.720	−0.054%	$3.5M	$6.5M	20x	as long as short
Bullet WTIOIL-USD	−0.0186%	1h	91.772	+0.002%	$19K	$240K	10x	as long as short
Aftermath Perps WTIUSD	−0.0121%	1h	91.720	−0.054%	$2K	$30K	5x	as long as short
Paradex CL-USD-PERP	−0.0082%	8h	91.695	−0.081%	$15K	$367	5x	as long as short
Polymarket Perps WTIOIL-USD	−0.0052%	1h	91.771	+0.001%	$1.6M	$1.4M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended WTI-USD	−0.0016%	1h	91.800	+0.033%	$2.0M	$29.2M	10x	as long as short
Aster CLUSD1	0.0000%	4h	91.770	0.000%	$23.9M	$78.6M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	91.787	+0.018%	$8K	$3K	5x	as long as short
Binance CLUSDTlong	0.0000%	4h	91.770	long leg	$245.1M	$1.13B	100x
Bybit CLUSDT	0.0000%	8h	91.770	0.000%	$25.2M	$98.6M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	91.750	−0.022%	$43.0M	$114.5M	50x	as long as short
QFEX CL-USD	0.0000%	1h	91.710	−0.065%	$2.4M	$2.7M	10x	as long as short
Gate CL_USDT	0.0000%	8h	91.680	−0.098%	$21.2M	$58.7M	100x	as long as short
Bitget CLUSDT	0.0000%	4h	91.757	−0.014%	$42.1M	$64.4M	100x	as long as short
Variational Omni CL	0.0000%	4h	91.707	−0.068%	$13.4M	$15.2M	—	as long as short
GRVT CL_USDT_Perp	0.0000%	4h	91.719	−0.055%	$58K	$734K	25x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.337	−0.472%	$86K	—	10x	as long as short
edgeX CLUSDC	+0.0009%	4h	91.726	−0.048%	$527K	$342K	30x	as long as short
Phoenix WTIOIL	+0.0009%	1h	91.800	+0.033%	$33K	$99K	20x	as long as short
StandX CL-USD	+0.0040%	1h	91.720	−0.054%	$721K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	91.860	+0.098%	—	$243K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.745	−0.027%	$2.0M	$39K	20x	as long as short
Pacifica CL	+0.0100%	1h	91.742	−0.030%	$331K	$572K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.735	−0.038%	$7.3M	$2.0M	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.715	−0.060%	$4K	—	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0112%	1h	91.720	−0.054%	$384K	$1.2M	15x	as long as short
Injective WTI/USDC PERP	+0.0172%	1h	101.08	+10.143%	$19K	$18K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0211% / S −0.0127%	1h	91.715	−0.060%	$76K	—	29x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.720	−0.054%	$4.0M	$1.5M	50x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0452%	1h	91.729	−0.045%	$256K	$1.2M	25x	as long as short
RISEx CL/USDC	+0.0977%	1h	91.826	+0.061%	$3.2M	$2.7M	20x	as long as short