Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0840%/8h= −92.0% APRpaid last 24h −0.085%

Price spread now: Deribit against BloFin−0.032%537s7-day average +0.025% · 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—prices read too far apart to compare

costs, in and out, $10k−$280.281% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.226%−$23 on $10k

Price spread, last 3 days (all we have)+0.036%+$4 · spread now −0.032%, 7d avg +0.025%

Together, before fees−0.191%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Deribit is 0.057% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.025%). Swap the legs. The two prices were read 537 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.226% in total (about -22.2% 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	BloFin CL-USDT	92.730	0.0228	pay 0.0114% / 4h	2h 39m	$4.0M	$1.2M	50x
Short	Deribit WTIOIL_USDC-PERPETUAL	92.700	−0.0612	pay 0.0077% / 1h	39m 50s	$198K	$366K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$176.46
Price spread: −0.032% → +0.025%: −$5.69
Slippage, 4 orders: −$9.07
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$210.22
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from BloFin: live order book, 9 min ago; Deribit: 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 BloFin live order book, 9 min ago	1.08 bp	9.2 bp −$9	9.2 bp −$92	11.8 bp −$1,183	21.6 bp −$10.8K
Sell Deribit live order book, 29 min ago	0.54 bp	4.0 bp −$4	5.6 bp −$56	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-PERPETUALshort	−0.0612%	1h	92.700	−0.032%	$198K	$366K	15x
Aster CLUSD1	−0.0333%	4h	92.746	+0.017%	$23.9M	$74.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0310%	4h	92.743	+0.014%	$50K	$632K	25x	as long as short
Binance CLUSDT	−0.0274%	4h	92.728	−0.002%	$244.5M	$994.4M	100x	as long as short
Variational Omni CL	−0.0266%	4h	92.741	+0.011%	$13.3M	$11.1M	—	as long as short
Gate CL_USDT	−0.0162%	8h	92.680	−0.054%	$20.9M	$53.0M	100x	as long as short
tradeXYZ xyz:CL	−0.0069%	1h	92.729	−0.001%	$185.2M	$225.1M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0067%	1h	92.760	+0.032%	$3.5M	$5.8M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.030	−0.755%	$399K	$939K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.778	+0.052%	$275K	$870K	25x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado WTI-PERP	−0.0037%	1h	92.793	+0.068%	$935K	$678K	10x	as long as short
QFEX CL-USD	−0.0033%	1h	92.730	0.000%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAP	−0.0011%	4h	92.740	+0.011%	$42.8M	$106.3M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.754	+0.026%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.743	+0.014%	$26.3M	$83.1M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.717	−0.014%	$41.9M	$45.9M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.790	+0.065%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.745	+0.016%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.307	−0.456%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	92.760	+0.032%	$2.1M	$25.1M	10x	as long as short
Paradex CL-USD-PERP	+0.0023%	8h	92.736	+0.007%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	92.745	+0.016%	$11.2M	$10.1M	20x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.870	+0.151%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.350	−0.410%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.770	+0.043%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.756	+0.028%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.735	+0.005%	$2.1M	$61K	20x	as long as short
Aftermath Perps WTIUSD	+0.0053%	1h	92.758	+0.030%	$2K	$28K	5x	as long as short
edgeX CLUSDC	+0.0069%	4h	92.761	+0.034%	$533K	$297K	30x	as long as short
KuCoin CLUSDTM	+0.0070%	4h	92.758	+0.030%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.754	+0.026%	$331K	$616K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.800	+0.075%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.724	−0.007%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.735	+0.005%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.93	+9.925%	$19K	$11K	30x	as long as short
BloFin CL-USDTlong	+0.0228%	4h	92.730	long leg	$4.0M	$1.2M	50x