Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.004%

Price spread now: Variational Omni against Bullet−0.048%7-day average −0.017% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bullet Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 3 days (all we have)−0.001%$0 · spread now −0.048%, 7d avg −0.017%

Together, before fees−0.021%+ Points / potential airdropVariational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.031% cheaper against Bullet than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	92.038	−0.0078	get 0.0010% / 1h	45m 33s	$19K	$241K	10x
Short	Variational Omni CL	91.994	−0.0096	pay 0.0048% / 4h	45m 33s	$13.4M	$13.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.048%Rate

Funding earned: −$3.82
Price spread: −0.048% → −0.017%: −$3.13
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.95
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 33 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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, 33 min ago	0.54 bp	6.3 bp −$6	16.9 bp −$169	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.27 bp	doesn't fit	2.3 bp −$23	6.7 bp −$665	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
Kraken Futures PF_WTIOILUSD	−0.0450%	1h	92.027	−0.011%	$275K	$1.2M	25x	as long as short
GRVT CL_USDT_Perp	−0.0290%	4h	91.994	−0.048%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0221%	4h	92.050	+0.013%	$23.9M	$77.6M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0184%	1h	92.030	−0.008%	$96K	$189K	15x	as long as short
Nado WTI-PERP	−0.0175%	1h	92.096	+0.063%	$923K	$743K	10x	as long as short
Binance CLUSDT	−0.0140%	4h	92.030	−0.008%	$245.3M	$1.10B	100x	as long as short
Lighter WTI	−0.0136%	1h	92.020	−0.019%	$11.1M	$10.9M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0131%	1h	92.000	−0.041%	$3.5M	$6.4M	20x	as long as short
tradeXYZ xyz:CL	−0.0111%	1h	92.060	+0.024%	$185.7M	$275.8M	20x	as long as short
Paradex CL-USD-PERP	−0.0108%	8h	92.012	−0.028%	$15K	$367	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CLshort	−0.0096%	4h	91.994	−0.048%	$13.4M	$13.0M	—
Bullet WTIOIL-USDlong	−0.0078%	1h	92.038	long leg	$19K	$241K	10x
QFEX CL-USD	−0.0054%	1h	92.030	−0.008%	$2.4M	$2.6M	10x	as long as short
Gate CL_USDT	−0.0022%	8h	91.970	−0.074%	$21.3M	$57.5M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.030	−0.008%	$332K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	+0.076%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.060	+0.024%	$25.6M	$94.8M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.030	−0.008%	$43.1M	$113.0M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.152	+0.124%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.017	−0.023%	$41.9M	$51.8M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.070	+0.035%	$37K	$101K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−0.008%	$399K	$984K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.597	−0.479%	$4K	—	150x	as long as short
Polymarket Perps WTIOIL-USD	+0.0025%	1h	92.032	−0.006%	$1.6M	$1.4M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.100	+0.068%	$2.0M	$27.5M	10x	as long as short
StandX CL-USD	+0.0040%	1h	91.990	−0.052%	$723K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.090	+0.057%	—	$308K	10x	as long as short
Aftermath Perps WTIUSD	+0.0049%	1h	92.027	−0.012%	$2K	$29K	5x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.015	−0.025%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0068%	4h	92.022	−0.017%	$529K	$335K	30x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.021	−0.018%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.050	+0.013%	$55K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.982	−0.061%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	92.005	−0.036%	$76K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.28	+10.036%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.000	−0.041%	$4.0M	$1.4M	50x	as long as short