Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h +0.013%

Price spread now: Phoenix against Bitget+0.126%7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.239%+$24 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.126% dearer against Bitget than usual: you sell high and buy low: +$13 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CLUSDT	92.733	−0.0078	get 0.0039% / 4h	3h 32m	$42.2M	$41.7M	100x
Short	Phoenix WTIOIL	92.850	0.0009	get 0.0001% / 1h	32m 42s	$37K	$39K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.126%Rate

Funding earned: $18.18
Price spread: +0.126% → 0.000%: $12.62
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $11.8
Costs to cover: 0.190%
Break-even: 2.5 days

Slippage unknown: Bitget: live order book, 1 min ago; Phoenix: 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 Bitget live order book, 1 min ago	0.43 bp	7.5 bp −$8	10.5 bp −$105	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	−0.0396%	1h	92.780	+0.051%	$187K	$410K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0314%	1h	92.804	+0.076%	$271K	$934K	25x	as long as short
Aster CLUSD1	−0.0228%	4h	92.760	+0.029%	$24.8M	$60.6M	20x	as long as short
Gate CL_USDT	−0.0157%	8h	92.690	−0.046%	$23.4M	$49.6M	100x	as long as short
Binance CLUSDT	−0.0126%	4h	92.740	+0.008%	$245.5M	$930.4M	100x	as long as short
Variational Omni CL	−0.0113%	4h	92.780	+0.050%	$13.5M	$10.7M	—	as long as short
Nado WTI-PERP	−0.0099%	1h	92.853	+0.129%	$950K	$600K	10x	as long as short
GRVT CL_USDT_Perp	−0.0094%	4h	92.734	+0.001%	$75K	$624K	25x	as long as short
Bitget CLUSDTlong	−0.0078%	4h	92.733	long leg	$42.2M	$41.7M	100x
Aftermath Perps WTIUSD	−0.0072%	1h	92.810	+0.083%	$2K	$26K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CLUSDC	−0.0063%	4h	92.758	+0.027%	$541K	$342K	30x	as long as short
OKX CL-USDT-SWAP	−0.0050%	4h	92.720	−0.014%	$42.5M	$102.6M	50x	as long as short
QFEX CL-USD	−0.0026%	1h	92.770	+0.040%	$2.3M	$2.4M	10x	as long as short
tradeXYZ xyz:CL	−0.0017%	1h	92.761	+0.030%	$184.1M	$192.2M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.833	+0.108%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.763	+0.032%	$27.4M	$81.6M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.824	+0.098%	$3.0M	$2.8M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.818	+0.091%	$19K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.335	−0.429%	$5K	—	150x	as long as short
Phoenix WTIOILshort	+0.0009%	1h	92.850	+0.126%	$37K	$39K	20x
Paradex CL-USD-PERP	+0.0015%	8h	92.799	+0.071%	$16K	$367	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0016%	1h	92.610	−0.133%	$412K	$831K	15x	as long as short
Lighter WTI	+0.0032%	1h	92.737	+0.004%	$11.3M	$8.8M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.790	+0.061%	$1.7M	$14.3M	10x	as long as short
Ondo Perps WTI-USD.P	+0.0034%	1h	92.750	+0.018%	$3.6M	$5.2M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.750	+0.018%	$730K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.790	+0.061%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.825	+0.099%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.795	+0.067%	$2.1M	$69K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.800	+0.073%	$346K	$589K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.778	+0.049%	$7.1M	$2.5M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.860	+0.137%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.786	+0.058%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0166% / S −0.0007%	1h	92.805	+0.078%	$80K	—	111x	as long as short
BloFin CL-USDT	+0.0189%	4h	92.780	+0.051%	$4.0M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+10.138%	$19K	$5K	30x	as long as short