Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h 0.000%

Price spread now: Bybit against Coinbase International−0.594%7-day average +0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)+0.648%+$65 · spread now −0.594%, 7d avg +0.114%

Together, before fees+0.560%+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.708% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.594% now, against its 7-day average of +0.114%). If the spread goes back, that is −$71 on $10k: about 5 months of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.088%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International WTIOIL-PERP-INTX	93.540	−0.0016	get 0.0002% / 1h	16m 54s	$405K	$810K	15x
Short	Bybit CLUSDT	92.984	0	get 0.0000% / 8h	16m 54s	$26.8M	$79.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.594%Rate

Funding earned: $3.36
Price spread: −0.594% → +0.114%: −$70.85
Slippage, 4 orders: −$6.16
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$94.65
Costs to cover: 0.272%
Break-even: 204.2 days

Slippage from Coinbase International: live order book, 61 min ago; Bybit: live order book, 2 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 Coinbase International live order book, 61 min ago	1.07 bp	9.0 bp −$9	11.0 bp −$110	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.54 bp	6.0 bp −$6	7.3 bp −$73	14.8 bp −$1,478	92.1 bp −$46.0K

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	−0.0503%	1h	92.890	−0.695%	$194K	$396K	15x	as long as short
Aster CLUSD1	−0.0276%	4h	93.004	−0.573%	$24.8M	$63.3M	20x	as long as short
GRVT CL_USDT_Perp	−0.0244%	4h	92.942	−0.639%	$77K	$622K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0210%	1h	92.911	−0.672%	$274K	$930K	25x	as long as short
Binance CLUSDT	−0.0154%	4h	92.970	−0.609%	$246.8M	$922.9M	100x	as long as short
Variational Omni CL	−0.0144%	4h	92.909	−0.675%	$13.5M	$10.7M	—	as long as short
Gate CL_USDT	−0.0135%	8h	92.900	−0.684%	$23.0M	$50.2M	100x	as long as short
Bitget CLUSDT	−0.0120%	4h	92.976	−0.603%	$42.3M	$41.6M	100x	as long as short
Nado WTI-PERP	−0.0110%	1h	92.946	−0.635%	$952K	$618K	10x	as long as short
Aftermath Perps WTIUSD	−0.0098%	1h	92.936	−0.646%	$2K	$27K	5x	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	−0.0081%	4h	92.950	−0.631%	$42.6M	$102.9M	50x	as long as short
QFEX CL-USD	−0.0038%	1h	92.910	−0.674%	$2.3M	$2.4M	10x	as long as short
tradeXYZ xyz:CL	−0.0020%	1h	92.942	−0.639%	$184.0M	$198.0M	20x	as long as short
edgeX CLUSDC	−0.0019%	4h	92.936	−0.646%	$522K	$305K	30x	as long as short
Lighter WTI	−0.0016%	1h	92.910	−0.674%	$11.2M	$9.2M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0016%	1h	92.870	−0.716%	$3.6M	$5.3M	20x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	−0.0016%	1h	93.540	long leg	$405K	$810K	15x
dYdX WTI-USD	0.0000%	1h	92.986	−0.592%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.984	−0.594%	$26.8M	$79.4M	150x
RISEx CL/USDC	0.0000%	1h	92.938	−0.644%	$3.0M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.990	−0.588%	$37K	$40K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.915	−0.668%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.483	−1.130%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0002%	8h	92.867	−0.720%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.000	−0.577%	$1.8M	$15.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.020	−0.556%	$737K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.910	−0.674%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.888	−0.697%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.925	−0.657%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.908	−0.676%	$346K	$591K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.981	−0.598%	$7.0M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.020	−0.556%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.886	−0.699%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0157%	4h	92.890	−0.695%	$4.1M	$981K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0164% / S −0.0012%	1h	92.915	−0.668%	$80K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+9.188%	$19K	$11K	30x	as long as short