CL

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0193%/8h= −21.2% APRnext payment −$0.24 per $10,000 · paid last 24h −0.021%

Price spread now: Kraken Futures against Coinbase International−0.335%7-day average +0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 4 days (all we have)+0.359%+$36 · spread now −0.335%, 7d avg +0.121%

Together, before fees+0.231%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Kraken Futures is 0.455% cheaper against Coinbase International than usual: you would sell low and buy high (−$46 if the spread goes back to its 7-day average of +0.121%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.128% in total (about -6.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

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	8m 50s	$405K	$810K	15x
Short	Kraken Futures PF_WTIOILUSD	93.227	−0.0209	pay 0.0026% / 1h	8m 50s	$277K	$930K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.335%Rate

Funding earned: −$40.61
Price spread: −0.335% → +0.121%: −$45.51
Slippage, 4 orders: −$14.35
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$120.47
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Kraken Futures: live order book, 35 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, 5 min ago	1.08 bp	6.6 bp −$7	9.3 bp −$93	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 35 min ago	2.04 bp	9.4 bp −$9	17.6 bp −$176	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	−0.0286%	1h	93.210	−0.353%	$195K	$397K	15x	as long as short
Aster CLUSD1	−0.0263%	4h	93.280	−0.278%	$24.8M	$62.8M	20x	as long as short
GRVT CL_USDT_Perp	−0.0230%	4h	93.059	−0.515%	$77K	$622K	25x	as long as short
Kraken Futures PF_WTIOILUSDshort	−0.0209%	1h	93.227	−0.335%	$277K	$930K	25x
Binance CLUSDT	−0.0145%	4h	93.240	−0.321%	$247.5M	$922.2M	100x	as long as short
Variational Omni CL	−0.0136%	4h	93.053	−0.520%	$13.5M	$10.6M	—	as long as short
Gate CL_USDT	−0.0135%	8h	93.190	−0.374%	$23.2M	$50.6M	100x	as long as short
Nado WTI-PERP	−0.0111%	1h	93.155	−0.411%	$954K	$613K	10x	as long as short
Bitget CLUSDT	−0.0110%	4h	93.255	−0.305%	$42.3M	$41.5M	100x	as long as short
edgeX CLUSDC	−0.0089%	4h	93.053	−0.521%	$523K	$304K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps WTIUSD	−0.0087%	1h	93.070	−0.503%	$1K	$26K	5x	as long as short
OKX CL-USDT-SWAP	−0.0077%	4h	93.230	−0.331%	$42.7M	$103.2M	50x	as long as short
QFEX CL-USD	−0.0038%	1h	93.120	−0.449%	$2.3M	$2.4M	10x	as long as short
tradeXYZ xyz:CL	−0.0016%	1h	93.268	−0.291%	$184.6M	$196.3M	20x	as long as short
Lighter WTI	−0.0016%	1h	93.255	−0.305%	$11.2M	$9.2M	20x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	−0.0016%	1h	93.540	long leg	$405K	$810K	15x
Ondo Perps WTI-USD.P	−0.0006%	1h	93.090	−0.481%	$3.6M	$5.3M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.077	−0.495%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.260	−0.299%	$27.1M	$79.6M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.154	−0.413%	$3.0M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.950	−0.631%	$37K	$40K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.189	−0.376%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.769	−0.824%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0008%	8h	93.104	−0.466%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.280	−0.278%	$1.7M	$15.0M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.120	−0.449%	$738K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.140	−0.428%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.168	−0.398%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.224	−0.338%	$2.1M	$62K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.126	−0.442%	$347K	$589K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.263	−0.296%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.120	−0.449%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.201	−0.362%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0162%	4h	93.070	−0.502%	$4.0M	$983K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+9.188%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0260% / S −0.0206%	1h	93.195	−0.369%	$84K	—	111x	as long as short