Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h +0.011%

Price spread now: Kraken Futures against Binance+0.089%7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$290.295% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)−0.287%−$29 · spread now +0.089%, 7d avg −0.028%

Together, before fees−0.530%−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.117% dearer against Binance than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of −0.028%): +$12 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 27 days. At the pace of the last 7 days (−0.244% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CLUSDT	93.471	−0.0189	get 0.0095% / 4h	2h 24m	$246.6M	$932.8M	100x
Short	Kraken Futures PF_WTIOILUSD	93.554	−0.0203	pay 0.0025% / 1h	24m 40s	$286K	$958K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$3.01
Price spread: +0.089% → −0.028%: $11.72
Slippage, 4 orders: −$9.46
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$20.76
Costs to cover: 0.295%
Break-even: never at this rate

Slippage from Binance: live order book, 4 min ago; Kraken Futures: live order book, 29 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, 4 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	8.1 bp −$807	26.5 bp −$13.2K
Sell Kraken Futures live order book, 29 min ago	1.93 bp	7.2 bp −$7	20.6 bp −$206	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
Deribit WTIOIL_USDC-PERPETUAL	−0.0391%	1h	93.500	+0.032%	$197K	$374K	15x	as long as short
GRVT CL_USDT_Perp	−0.0320%	4h	93.424	−0.050%	$58K	$639K	25x	as long as short
Aster CLUSD1	−0.0300%	4h	93.501	+0.033%	$24.4M	$65.1M	20x	as long as short
Kraken Futures PF_WTIOILUSDshort	−0.0203%	1h	93.554	+0.089%	$286K	$958K	25x
Binance CLUSDTlong	−0.0189%	4h	93.471	long leg	$246.6M	$932.8M	100x
Variational Omni CL	−0.0182%	4h	93.450	−0.022%	$13.4M	$10.9M	—	as long as short
Aftermath Perps WTIUSD	−0.0149%	1h	93.451	−0.020%	$2K	$26K	5x	as long as short
Nado WTI-PERP	−0.0133%	1h	93.567	+0.103%	$968K	$616K	10x	as long as short
Bitget CLUSDT	−0.0132%	4h	93.444	−0.028%	$42.1M	$42.8M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0112%	1h	93.440	−0.033%	$3.5M	$5.4M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0077%	8h	93.470	−0.001%	$21.9M	$49.7M	100x	as long as short
edgeX CLUSDC	−0.0074%	4h	93.495	+0.026%	$526K	$305K	30x	as long as short
tradeXYZ xyz:CL	−0.0064%	1h	93.476	+0.006%	$185.0M	$213.4M	20x	as long as short
OKX CL-USDT-SWAP	−0.0058%	4h	93.460	−0.011%	$42.7M	$102.6M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.160	−0.332%	$403K	$928K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	93.520	+0.053%	$2.3M	$2.4M	10x	as long as short
dYdX WTI-USD	0.0000%	1h	93.496	+0.027%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.490	+0.021%	$27.1M	$79.5M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.573	+0.109%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.380	−0.097%	$38K	$41K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.538	+0.072%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.076	−0.422%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0008%	8h	93.452	−0.019%	$16K	$367	5x	as long as short
Lighter WTI	+0.0008%	1h	93.483	+0.013%	$11.2M	$9.9M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.550	+0.085%	$2.0M	$17.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.450	−0.022%	$740K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.520	+0.053%	—	$313K	10x	as long as short
Pacifica CL	+0.0047%	1h	93.481	+0.011%	$332K	$576K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.522	+0.055%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.530	+0.064%	$2.1M	$60K	20x	as long as short
KuCoin CLUSDTM	+0.0062%	4h	93.519	+0.052%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.410	−0.065%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.504	+0.036%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0180%	4h	93.450	−0.022%	$4.0M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.60	+9.770%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0237% / S −0.0169%	1h	93.535	+0.069%	$84K	—	111x	as long as short