Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0231%/8h= −25.2% APRpaid last 24h −0.069%

Price spread now: Coinbase International against BloFin−0.203%58s7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

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 BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.480%−$48 on $10k

Price spread, last 4 days (all we have)+0.198%+$20 · spread now −0.203%, 7d avg −0.098%

Together, before fees−0.282%−$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Coinbase International is 0.104% cheaper against BloFin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.098%). Swap the legs. The two prices were read 58 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	BloFin CL-USDT	93.690	0.0223	pay 0.0111% / 4h	1h 43m	$4.0M	$981K	50x
Short	Coinbase International WTIOIL-PERP-INTX	93.500	−0.0008	pay 0.0001% / 1h	43m 30s	$404K	$931K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.203%Rate

Funding earned: −$48.42
Price spread: −0.203% → −0.098%: −$10.44
Slippage, 4 orders: −$6.25
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$87.12
Costs to cover: 0.282%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Coinbase International: live order book, 40 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, 5 min ago	0.53 bp	6.5 bp −$7	7.3 bp −$73	12.1 bp −$1,215	26.7 bp −$13.4K
Sell Coinbase International live order book, 40 min ago	1.61 bp	6.6 bp −$7	8.4 bp −$84	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	−0.0497%	1h	93.620	−0.075%	$197K	$381K	15x	as long as short
Aster CLUSD1	−0.0260%	4h	93.690	0.000%	$24.5M	$65.3M	20x	as long as short
GRVT CL_USDT_Perp	−0.0244%	4h	93.633	−0.061%	$58K	$629K	25x	as long as short
Binance CLUSDT	−0.0145%	4h	93.648	−0.045%	$246.4M	$925.1M	100x	as long as short
Aftermath Perps WTIUSD	−0.0138%	1h	93.649	−0.044%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.672	−0.019%	$286K	$958K	25x	as long as short
Variational Omni CL	−0.0135%	4h	93.599	−0.098%	$13.5M	$10.7M	—	as long as short
Bitget CLUSDT	−0.0100%	4h	93.624	−0.070%	$42.2M	$42.4M	100x	as long as short
Gate CL_USDT	−0.0096%	8h	93.570	−0.128%	$22.3M	$48.6M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0071%	1h	93.590	−0.107%	$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
edgeX CLUSDC	−0.0055%	4h	93.649	−0.044%	$526K	$307K	30x	as long as short
tradeXYZ xyz:CL	−0.0053%	1h	93.628	−0.066%	$185.0M	$210.9M	20x	as long as short
Nado WTI-PERP	−0.0030%	1h	93.726	+0.039%	$966K	$627K	10x	as long as short
QFEX CL-USD	−0.0023%	1h	93.630	−0.064%	$2.3M	$2.5M	10x	as long as short
OKX CL-USDT-SWAP	−0.0013%	4h	93.650	−0.043%	$42.7M	$102.0M	50x	as long as short
Coinbase International WTIOIL-PERP-INTXshort	−0.0008%	1h	93.500	−0.203%	$404K	$931K	15x
dYdX WTI-USD	0.0000%	1h	93.651	−0.042%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.660	−0.032%	$27.3M	$79.3M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.694	+0.004%	$3.1M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.640	−0.053%	$37K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.656	−0.037%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.185	−0.539%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0030%	8h	93.633	−0.060%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	93.646	−0.047%	$11.3M	$9.6M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.690	0.000%	$2.0M	$16.1M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.680	−0.011%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.650	−0.043%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.638	−0.056%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.648	−0.045%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.653	−0.039%	$333K	$576K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.647	−0.046%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.680	−0.011%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.628	−0.066%	$4K	—	10x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.74	+9.664%	$19K	$11K	30x	as long as short
BloFin CL-USDTlong	+0.0223%	4h	93.690	long leg	$4.0M	$981K	50x
GMX WTIOIL/USD [ETH-USDC]	L +0.0245% / S −0.0179%	1h	93.635	−0.059%	$84K	—	111x	as long as short