Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0008%/8h= −0.8% APRpaid last 24h +0.001%

Price spread now: OKX against Bullet−0.017%7-day average −0.005% · 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−$25as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Bullet Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now −0.017%, 7d avg −0.005%

Together, before fees−0.126%−$13 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	92.966	0	get 0.0000% / 1h	51m 20s	$18K	$241K	10x
Short	OKX CL-USDT-SWAP	92.950	−0.0008	pay 0.0004% / 4h	1h 51m	$42.8M	$102.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$1.58
Price spread: −0.017% → −0.005%: −$1.18
Slippage, 4 orders: −$5.88
Fee Bullet: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$26.65
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from Bullet: live order book, 13 min ago; OKX: live order book, 3 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, 13 min ago	0.54 bp	6.4 bp −$6	17.3 bp −$173	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.54 bp	5.5 bp −$6	6.5 bp −$65	13.0 bp −$1,302	108.0 bp −$54.0K

CL on 35 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	−0.0610%	1h	92.920	−0.049%	$198K	$369K	15x	as long as short
Aster CLUSD1	−0.0240%	4h	92.972	+0.007%	$24.0M	$70.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0208%	4h	92.849	−0.126%	$61K	$633K	25x	as long as short
Binance CLUSDT	−0.0205%	4h	92.952	−0.015%	$244.8M	$959.3M	100x	as long as short
Variational Omni CL	−0.0203%	4h	92.860	−0.114%	$13.5M	$11.1M	—	as long as short
Nado WTI-PERP	−0.0119%	1h	93.022	+0.060%	$963K	$668K	10x	as long as short
Gate CL_USDT	−0.0091%	8h	92.910	−0.060%	$20.9M	$52.2M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0088%	1h	92.910	−0.060%	$3.5M	$5.7M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.232%	$402K	$944K	15x	as long as short
tradeXYZ xyz:CL	−0.0038%	1h	92.966	0.000%	$184.9M	$218.5M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CL-USD	−0.0032%	1h	92.940	−0.028%	$2.5M	$1.7M	10x	as long as short
Aftermath Perps WTIUSD	−0.0017%	1h	92.910	−0.060%	$2K	$28K	5x	as long as short
OKX CL-USDT-SWAPshort	−0.0008%	4h	92.950	−0.017%	$42.8M	$102.5M	50x
edgeX CLUSDC	−0.0008%	4h	92.823	−0.154%	$529K	$302K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	92.998	+0.035%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.981	+0.016%	$27.0M	$81.1M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.957	−0.010%	$41.9M	$43.4M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.880	−0.092%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	92.966	long leg	$18K	$241K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.515	−0.485%	$5K	—	150x	as long as short
Lighter WTI	+0.0024%	1h	92.965	−0.001%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.990	+0.026%	$2.1M	$23.4M	10x	as long as short
Paradex CL-USD-PERP	+0.0036%	8h	92.946	−0.021%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	92.340	−0.673%	$726K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.970	+0.004%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.968	+0.002%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.927	−0.042%	$2.1M	$61K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	93.082	+0.125%	$3.3M	$2.7M	20x	as long as short
KuCoin CLUSDTM	+0.0080%	4h	92.969	+0.003%	$7.3M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.973	+0.008%	$332K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.940	−0.028%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.929	−0.040%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0105%	1h	92.963	−0.003%	$274K	$882K	25x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.945	−0.022%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.15	+9.876%	$19K	$11K	30x	as long as short