Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.070%

Price spread now: Bullet against BloFin+0.094%7-day average +0.018% · 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−$22as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on BloFin Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.215%−$22 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now +0.094%, 7d avg +0.018%

Together, before fees−0.223%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bullet is 0.076% dearer against BloFin than usual: you sell high and buy low (spread +0.094% now, against its 7-day average of +0.018%): +$8 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CL-USDT	93.450	0.0180	pay 0.0090% / 4h	2h 24m	$4.0M	$1.0M	50x
Short	Bullet WTIOIL-USD	93.538	0	get 0.0000% / 1h	24m 47s	$18K	$239K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against BloFin. 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 BloFinbpFee BulletbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$37.75
Price spread: +0.094% → +0.018%: $7.57
Slippage, 4 orders: −$9.33
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$59.51
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Bullet: live order book, 24 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 BloFin live order book, 4 min ago	0.54 bp	6.5 bp −$7	6.5 bp −$65	8.7 bp −$867	25.1 bp −$12.5K
Sell Bullet live order book, 24 min ago	1.55 bp	7.4 bp −$7	18.4 bp −$184	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	+0.054%	$197K	$374K	15x	as long as short
GRVT CL_USDT_Perp	−0.0320%	4h	93.424	−0.028%	$58K	$639K	25x	as long as short
Aster CLUSD1	−0.0300%	4h	93.501	+0.055%	$24.4M	$65.1M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0203%	1h	93.554	+0.111%	$286K	$958K	25x	as long as short
Binance CLUSDT	−0.0189%	4h	93.471	+0.022%	$246.6M	$932.8M	100x	as long as short
Variational Omni CL	−0.0182%	4h	93.450	0.000%	$13.4M	$10.9M	—	as long as short
Aftermath Perps WTIUSD	−0.0149%	1h	93.451	+0.002%	$2K	$26K	5x	as long as short
Nado WTI-PERP	−0.0133%	1h	93.567	+0.125%	$968K	$616K	10x	as long as short
Bitget CLUSDT	−0.0132%	4h	93.444	−0.006%	$42.1M	$42.8M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0112%	1h	93.440	−0.011%	$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	+0.021%	$21.9M	$49.7M	100x	as long as short
edgeX CLUSDC	−0.0074%	4h	93.495	+0.048%	$526K	$305K	30x	as long as short
tradeXYZ xyz:CL	−0.0064%	1h	93.476	+0.028%	$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	−0.310%	$403K	$928K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	93.520	+0.075%	$2.3M	$2.4M	10x	as long as short
dYdX WTI-USD	0.0000%	1h	93.496	+0.049%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.490	+0.043%	$27.1M	$79.5M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.573	+0.131%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.380	−0.075%	$38K	$41K	20x	as long as short
Bullet WTIOIL-USDshort	0.0000%	1h	93.538	+0.094%	$18K	$239K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.076	−0.400%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0008%	8h	93.452	+0.003%	$16K	$367	5x	as long as short
Lighter WTI	+0.0008%	1h	93.483	+0.035%	$11.2M	$9.9M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.550	+0.107%	$2.0M	$17.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.450	0.000%	$740K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.520	+0.075%	—	$313K	10x	as long as short
Pacifica CL	+0.0047%	1h	93.481	+0.033%	$332K	$576K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.522	+0.077%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.530	+0.086%	$2.1M	$60K	20x	as long as short
KuCoin CLUSDTM	+0.0062%	4h	93.519	+0.074%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.410	−0.043%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.504	+0.058%	$4K	—	10x	as long as short
BloFin CL-USDTlong	+0.0180%	4h	93.450	long leg	$4.0M	$1.0M	50x
Injective WTI/USDC PERP	+0.0220%	1h	102.60	+9.795%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0237% / S −0.0169%	1h	93.535	+0.091%	$84K	—	111x	as long as short