CL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0209%/8h= −22.9% APRnext payment −$0.26 per $10,000 · paid last 24h −0.019%

Price spread now: Kraken Futures against Bullet+0.025%7-day average +0.003% · 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−$33as in the Price arb table

costs, in and out, $10k−$350.355% of the position

Long on Bullet Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)−0.057%−$6 · spread now +0.025%, 7d avg +0.003%

Together, before fees−0.044%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.021% dearer against Bullet than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of +0.003%): +$2 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 8 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.012% in total (about 1.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.26 per $10,000. 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	Bullet WTIOIL-USD	93.266	0	get 0.0000% / 1h	7m 53s	$18K	$240K	10x
Short	Kraken Futures PF_WTIOILUSD	93.289	−0.0209	pay 0.0026% / 1h	7m 53s	$277K	$930K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$43.94
Price spread: +0.025% → +0.003%: $2.13
Slippage, 4 orders: −$17.48
Fee Bullet: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$77.3
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Bullet: live order book, 31 min ago; Kraken Futures: live order book, 35 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, 31 min ago	1.50 bp	8.5 bp −$8	17.1 bp −$171	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 35 min ago	2.04 bp	9.4 bp −$9	17.6 bp −$176	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	−0.0393%	1h	93.250	−0.017%	$195K	$397K	15x	as long as short
Aster CLUSD1	−0.0259%	4h	93.315	+0.052%	$24.8M	$62.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0230%	4h	93.059	−0.223%	$77K	$622K	25x	as long as short
Kraken Futures PF_WTIOILUSDshort	−0.0209%	1h	93.289	+0.025%	$277K	$930K	25x
Binance CLUSDT	−0.0143%	4h	93.280	+0.015%	$247.6M	$922.5M	100x	as long as short
Gate CL_USDT	−0.0137%	8h	93.200	−0.071%	$23.2M	$50.6M	100x	as long as short
Variational Omni CL	−0.0136%	4h	93.053	−0.228%	$13.5M	$10.6M	—	as long as short
Nado WTI-PERP	−0.0110%	1h	93.268	+0.002%	$955K	$614K	10x	as long as short
Bitget CLUSDT	−0.0106%	4h	93.268	+0.002%	$42.3M	$41.5M	100x	as long as short
edgeX CLUSDC	−0.0089%	4h	93.053	−0.229%	$523K	$304K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps WTIUSD	−0.0087%	1h	93.096	−0.182%	$1K	$26K	5x	as long as short
OKX CL-USDT-SWAP	−0.0075%	4h	93.280	+0.015%	$42.7M	$103.3M	50x	as long as short
QFEX CL-USD	−0.0038%	1h	93.190	−0.082%	$2.3M	$2.4M	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0016%	1h	93.540	+0.293%	$405K	$810K	15x	as long as short
tradeXYZ xyz:CL	−0.0015%	1h	93.246	−0.022%	$184.5M	$196.4M	20x	as long as short
Lighter WTI	−0.0008%	1h	93.234	−0.035%	$11.2M	$9.2M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0006%	1h	93.170	−0.103%	$3.6M	$5.3M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.288	+0.023%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.298	+0.034%	$27.0M	$79.7M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.263	−0.003%	$3.0M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.950	−0.339%	$37K	$40K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	93.266	long leg	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.814	−0.485%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0009%	8h	93.209	−0.062%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.280	+0.015%	$1.7M	$15.0M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.120	−0.157%	$738K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.220	−0.050%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.257	−0.010%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.275	+0.009%	$2.1M	$62K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.236	−0.033%	$347K	$589K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.269	+0.003%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.120	−0.157%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.247	−0.021%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0162%	4h	93.070	−0.210%	$4.0M	$983K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+9.508%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0260% / S −0.0207%	1h	93.265	−0.001%	$84K	—	111x	as long as short