Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.020%

Price spread now: Gate against Coinbase International+0.107%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 4 days (all we have)−0.055%−$5 · spread now +0.107%, 7d avg +0.045%

Together, before fees−0.173%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.062% dearer against Coinbase International than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of +0.045%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International WTIOIL-PERP-INTX	93.500	−0.0008	get 0.0001% / 1h	50m 41s	$404K	$931K	15x
Short	Gate CL_USDT	93.600	−0.0092	pay 0.0092% / 8h	1h 50m	$22.2M	$48.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.107%Rate

Funding earned: −$17.64
Price spread: +0.107% → +0.045%: $6.16
Slippage, 4 orders: −$8.94
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$45.42
Costs to cover: 0.339%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 33 min ago; Gate: 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 Coinbase International live order book, 33 min ago	1.61 bp	8.6 bp −$9	11.0 bp −$110	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.54 bp	8.8 bp −$9	13.3 bp −$133	26.1 bp −$2,615	35.4 bp −$17.7K

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	−0.0284%	1h	93.630	+0.139%	$197K	$380K	15x	as long as short
Aster CLUSD1	−0.0267%	4h	93.710	+0.225%	$24.5M	$64.9M	20x	as long as short
GRVT CL_USDT_Perp	−0.0252%	4h	93.616	+0.124%	$58K	$629K	25x	as long as short
Binance CLUSDT	−0.0151%	4h	93.675	+0.187%	$246.8M	$927.5M	100x	as long as short
Aftermath Perps WTIUSD	−0.0151%	1h	93.589	+0.095%	$2K	$26K	5x	as long as short
Variational Omni CL	−0.0143%	4h	93.640	+0.149%	$13.5M	$10.7M	—	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.649	+0.160%	$286K	$953K	25x	as long as short
Bitget CLUSDT	−0.0108%	4h	93.668	+0.180%	$42.2M	$42.6M	100x	as long as short
Gate CL_USDTshort	−0.0092%	8h	93.600	+0.107%	$22.2M	$48.3M	100x
Ondo Perps WTI-USD.P	−0.0044%	1h	93.630	+0.139%	$3.5M	$5.4M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CL	−0.0034%	1h	93.652	+0.163%	$185.2M	$210.7M	20x	as long as short
Nado WTI-PERP	−0.0026%	1h	93.671	+0.183%	$969K	$627K	10x	as long as short
QFEX CL-USD	−0.0023%	1h	93.660	+0.171%	$2.3M	$2.5M	10x	as long as short
OKX CL-USDT-SWAP	−0.0022%	4h	93.660	+0.171%	$42.8M	$101.9M	50x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	−0.0008%	1h	93.500	long leg	$404K	$931K	15x
edgeX CLUSDC	−0.0001%	4h	93.623	+0.132%	$526K	$305K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	93.620	+0.129%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.700	+0.214%	$27.3M	$79.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.718	+0.233%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.660	+0.171%	$38K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.642	+0.152%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.175	−0.348%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0028%	8h	93.656	+0.167%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	93.666	+0.178%	$11.3M	$9.6M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.700	+0.214%	$2.0M	$16.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.680	+0.193%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.630	+0.139%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.625	+0.134%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.651	+0.161%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.670	+0.182%	$333K	$577K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.680	+0.193%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.690	+0.203%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.621	+0.129%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0214%	4h	93.600	+0.107%	$4.0M	$980K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.74	+9.887%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0244% / S −0.0177%	1h	93.635	+0.144%	$84K	—	111x	as long as short