Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Bullet against Bybit−0.009%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−$26as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Bybit Short on Bullet

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)+0.124%+$12 · spread now −0.009%, 7d avg +0.005%

Together, before fees+0.179%+$18 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	92.902	0	get 0.0000% / 8h	6h 17m	$26.9M	$82.2M	150x
Short	Bullet WTIOIL-USD	92.894	0	get 0.0000% / 1h	17m 16s	$18K	$240K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Bybit. 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 BybitbpFee BulletbpOrdersPrice spread, now −0.009%Rate

Funding earned: $0
Price spread: −0.009% → +0.005%: −$1.37
Slippage, 4 orders: −$6.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$26.49
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Bullet: live order book, 52 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 Bybit live order book, 2 min ago	0.54 bp	6.3 bp −$6	7.8 bp −$78	17.6 bp −$1,760	95.1 bp −$47.5K
Sell Bullet live order book, 52 min ago	0.54 bp	6.5 bp −$7	17.7 bp −$177	doesn't fit	doesn't fit

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	−0.0503%	1h	92.840	−0.067%	$198K	$365K	15x	as long as short
Aster CLUSD1	−0.0293%	4h	92.927	+0.027%	$24.0M	$72.6M	20x	as long as short
GRVT CL_USDT_Perp	−0.0258%	4h	92.840	−0.067%	$53K	$631K	25x	as long as short
Variational Omni CL	−0.0250%	4h	92.718	−0.198%	$13.3M	$11.0M	—	as long as short
Binance CLUSDT	−0.0250%	4h	92.890	−0.013%	$244.6M	$977.2M	100x	as long as short
Gate CL_USDT	−0.0113%	8h	92.840	−0.067%	$20.9M	$53.8M	100x	as long as short
Nado WTI-PERP	−0.0068%	1h	92.989	+0.093%	$965K	$675K	10x	as long as short
tradeXYZ xyz:CL	−0.0048%	1h	92.883	−0.020%	$184.6M	$220.5M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.164%	$402K	$946K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.938	+0.038%	$274K	$884K	25x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps WTI-USD.P	−0.0038%	1h	92.880	−0.024%	$3.5M	$5.7M	20x	as long as short
QFEX CL-USD	−0.0033%	1h	92.890	−0.013%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAP	−0.0018%	4h	92.890	−0.013%	$42.8M	$105.0M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.911	+0.010%	$8K	$3K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	92.902	long leg	$26.9M	$82.2M	150x
Bitget CLUSDT	0.0000%	4h	92.879	−0.025%	$42.0M	$44.1M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.920	+0.019%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USDshort	0.0000%	1h	92.894	−0.009%	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.417	−0.522%	$5K	—	150x	as long as short
Aftermath Perps WTIUSD	+0.0013%	1h	92.836	−0.071%	$2K	$28K	5x	as long as short
Paradex CL-USD-PERP	+0.0029%	8h	92.929	+0.029%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	92.915	+0.014%	$11.2M	$10.4M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.900	−0.002%	$2.1M	$24.3M	10x	as long as short
RISEx CL/USDC	+0.0037%	1h	93.041	+0.150%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.430	−0.508%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.900	−0.002%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.899	−0.003%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.895	−0.008%	$2.1M	$61K	20x	as long as short
edgeX CLUSDC	+0.0061%	4h	92.816	−0.092%	$528K	$303K	30x	as long as short
KuCoin CLUSDTM	+0.0076%	4h	92.944	+0.045%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.952	+0.054%	$332K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.840	−0.067%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.866	−0.039%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.885	−0.018%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.04	+9.832%	$19K	$11K	30x	as long as short