Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Bybit against Bullet+0.048%54s7-day average −0.005% · 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—prices read too far apart to compare

costs, in and out, $10k−$280.283% of the position

Long on Bullet Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.055%−$6 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.048%, 7d avg −0.005%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.053% dearer against Bullet than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.005%. The two prices were read 54 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	Bullet WTIOIL-USD	93.375	0	get 0.0000% / 1h	2m 38s	$18K	$240K	10x
Short	Bybit CLUSDT	93.420	0	get 0.0000% / 8h	2h 02m	$27.0M	$79.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bullet. 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 BulletbpFee BybitbpOrdersPrice spread, now +0.048%Rate

Funding earned: $0
Price spread: +0.048% → −0.005%: $5.28
Slippage, 4 orders: −$9.34
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$23.06
Costs to cover: 0.283%
Break-even: never at this rate

Slippage from Bullet: live order book, 46 min ago; Bybit: live order book, 1 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 Bullet live order book, 46 min ago	1.55 bp	8.9 bp −$9	17.6 bp −$176	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.54 bp	6.0 bp −$6	7.4 bp −$74	15.0 bp −$1,496	96.9 bp −$48.4K

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	−0.0392%	1h	93.340	−0.037%	$196K	$377K	15x	as long as short
GRVT CL_USDT_Perp	−0.0274%	4h	93.368	−0.008%	$58K	$629K	25x	as long as short
Aster CLUSD1	−0.0274%	4h	93.421	+0.049%	$24.4M	$64.5M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0204%	1h	93.392	+0.019%	$285K	$959K	25x	as long as short
Binance CLUSDT	−0.0168%	4h	93.400	+0.027%	$246.3M	$930.9M	100x	as long as short
Variational Omni CL	−0.0163%	4h	93.349	−0.028%	$13.4M	$10.9M	—	as long as short
Aftermath Perps WTIUSD	−0.0148%	1h	93.407	+0.034%	$2K	$26K	5x	as long as short
Bitget CLUSDT	−0.0120%	4h	93.364	−0.012%	$42.1M	$42.7M	100x	as long as short
Nado WTI-PERP	−0.0103%	1h	93.449	+0.079%	$971K	$629K	10x	as long as short
Gate CL_USDT	−0.0083%	8h	93.310	−0.070%	$22.1M	$50.5M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CL	−0.0076%	1h	93.375	0.000%	$184.8M	$212.3M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0075%	1h	93.330	−0.048%	$3.5M	$5.4M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.500	+0.134%	$404K	$931K	15x	as long as short
OKX CL-USDT-SWAP	−0.0036%	4h	93.380	+0.005%	$42.6M	$101.8M	50x	as long as short
QFEX CL-USD	−0.0032%	1h	93.400	+0.027%	$2.3M	$2.5M	10x	as long as short
edgeX CLUSDC	−0.0030%	4h	93.344	−0.033%	$525K	$306K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	93.405	+0.032%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	93.420	+0.048%	$27.0M	$79.5M	150x
RISEx CL/USDC	0.0000%	1h	93.452	+0.083%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.410	+0.037%	$38K	$41K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	93.375	long leg	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.910	−0.498%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0022%	8h	93.362	−0.014%	$16K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	93.382	+0.007%	$11.3M	$10.0M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.430	+0.059%	$2.0M	$16.6M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.450	+0.080%	$740K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.380	+0.005%	—	$313K	10x	as long as short
Pacifica CL	+0.0047%	1h	93.383	+0.009%	$332K	$577K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.366	−0.010%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.362	−0.014%	$2.1M	$60K	20x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.402	+0.029%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.440	+0.070%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.347	−0.030%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0203%	4h	93.350	−0.027%	$4.0M	$988K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.64	+9.928%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0241% / S −0.0174%	1h	93.365	−0.011%	$84K	—	111x	as long as short