Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h +0.001%

Price spread now: Coinbase International against Bybit−0.377%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$260.258% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)+0.268%+$27 · spread now −0.377%, 7d avg −0.114%

Together, before fees+0.348%+$35 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 Coinbase International is 0.263% cheaper against Bybit than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.114%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.080%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	93.101	0	get 0.0000% / 8h	4h 38m	$26.7M	$80.8M	150x
Short	Coinbase International WTIOIL-PERP-INTX	92.750	−0.0048	pay 0.0006% / 1h	38m 58s	$402K	$944K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.377%Rate

Funding earned: −$10.08
Price spread: −0.377% → −0.114%: −$26.27
Slippage, 4 orders: −$4.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$62.13
Costs to cover: 0.258%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Coinbase International: live order book, 59 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, 5 min ago	0.54 bp	6.1 bp −$6	7.5 bp −$75	15.3 bp −$1,534	81.8 bp −$40.9K
Sell Coinbase International live order book, 59 min ago	1.62 bp	6.6 bp −$7	8.8 bp −$88	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	−0.0609%	1h	93.020	−0.087%	$199K	$370K	15x	as long as short
Aster CLUSD1	−0.0248%	4h	93.080	−0.023%	$24.0M	$67.6M	20x	as long as short
GRVT CL_USDT_Perp	−0.0242%	4h	93.158	+0.061%	$64K	$648K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0196%	1h	93.078	−0.025%	$274K	$872K	25x	as long as short
Binance CLUSDT	−0.0192%	4h	93.087	−0.015%	$244.7M	$951.7M	100x	as long as short
Variational Omni CL	−0.0183%	4h	93.158	+0.061%	$13.5M	$11.0M	—	as long as short
Ondo Perps WTI-USD.P	−0.0115%	1h	93.070	−0.033%	$3.5M	$5.6M	20x	as long as short
tradeXYZ xyz:CL	−0.0110%	1h	93.062	−0.042%	$184.7M	$215.5M	20x	as long as short
Aftermath Perps WTIUSD	−0.0093%	1h	93.167	+0.071%	$2K	$27K	5x	as long as short
Bitget CLUSDT	−0.0084%	4h	93.081	−0.021%	$42.0M	$43.9M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAP	−0.0069%	4h	93.090	−0.012%	$42.6M	$102.8M	50x	as long as short
Gate CL_USDT	−0.0056%	8h	93.030	−0.076%	$20.9M	$51.5M	100x	as long as short
Coinbase International WTIOIL-PERP-INTXshort	−0.0048%	1h	92.750	−0.377%	$402K	$944K	15x
QFEX CL-USD	−0.0043%	1h	93.070	−0.033%	$2.5M	$1.7M	10x	as long as short
edgeX CLUSDC	−0.0041%	4h	93.173	+0.078%	$530K	$299K	30x	as long as short
Nado WTI-PERP	−0.0029%	1h	93.173	+0.077%	$963K	$653K	10x	as long as short
Lighter WTI	−0.0016%	1h	93.060	−0.044%	$11.2M	$10.5M	20x	as long as short
KuCoin CLUSDTM	−0.0008%	4h	93.129	+0.030%	$7.1M	$2.4M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	93.188	+0.094%	$8K	$3K	5x	as long as short
Extended WTI-USD	0.0000%	1h	93.100	−0.001%	$2.0M	$21.2M	10x	as long as short
Bybit CLUSDTlong	0.0000%	8h	93.101	long leg	$26.7M	$80.8M	150x
RISEx CL/USDC	0.0000%	1h	93.160	+0.064%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.210	+0.117%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.085	−0.017%	$18K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.620	−0.517%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0015%	8h	93.071	−0.032%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	93.140	+0.042%	$735K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.130	+0.031%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.102	+0.001%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.057	−0.047%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0068%	1h	93.107	+0.006%	$329K	$621K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.170	+0.074%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.029	−0.077%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0172%	4h	93.130	+0.031%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0210% / S −0.0134%	1h	93.055	−0.049%	$79K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.31	+9.894%	$19K	$11K	30x	as long as short