Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0025%/8h= −2.8% APRpaid last 24h −0.003%

Price spread now: OKX against Coinbase International+0.193%7-day average +0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now +0.193%, 7d avg +0.113%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.080% dearer against Coinbase International than usual: you sell high and buy low (spread +0.193% now, against its 7-day average of +0.113%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. Mind the row above: over the last 7 days funding on this pair paid +0.114%, 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	Coinbase International WTIOIL-PERP-INTX	93.160	−0.0040	get 0.0005% / 1h	6m 49s	$403K	$929K	15x
Short	OKX CL-USDT-SWAP	93.340	−0.0065	pay 0.0033% / 4h	3h 06m	$42.7M	$103.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.193%Rate

Funding earned: −$5.32
Price spread: +0.193% → +0.113%: $8.05
Slippage, 4 orders: −$7.15
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$24.42
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 22 min ago; OKX: 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, 22 min ago	1.07 bp	9.0 bp −$9	10.4 bp −$104	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.54 bp	6.5 bp −$7	7.3 bp −$73	14.0 bp −$1,401	113.0 bp −$56.5K

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	−0.0500%	1h	93.320	+0.172%	$198K	$371K	15x	as long as short
GRVT CL_USDT_Perp	−0.0334%	4h	93.324	+0.176%	$58K	$654K	25x	as long as short
Aster CLUSD1	−0.0284%	4h	93.360	+0.215%	$24.3M	$65.9M	20x	as long as short
Binance CLUSDT	−0.0189%	4h	93.340	+0.193%	$246.5M	$940.0M	100x	as long as short
Variational Omni CL	−0.0173%	4h	93.308	+0.159%	$13.3M	$10.9M	—	as long as short
Aftermath Perps WTIUSD	−0.0141%	1h	93.300	+0.151%	$2K	$26K	5x	as long as short
Bitget CLUSDT	−0.0130%	4h	93.320	+0.172%	$42.0M	$43.2M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0129%	1h	93.280	+0.129%	$3.5M	$5.4M	20x	as long as short
Nado WTI-PERP	−0.0110%	1h	93.403	+0.261%	$966K	$629K	10x	as long as short
edgeX CLUSDC	−0.0079%	4h	93.332	+0.184%	$525K	$306K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0069%	8h	93.280	+0.129%	$21.4M	$51.5M	100x	as long as short
OKX CL-USDT-SWAPshort	−0.0065%	4h	93.340	+0.193%	$42.7M	$103.1M	50x
tradeXYZ xyz:CL	−0.0061%	1h	93.335	+0.188%	$184.7M	$217.1M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0061%	1h	93.368	+0.223%	$282K	$961K	25x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	−0.0040%	1h	93.160	long leg	$403K	$929K	15x
QFEX CL-USD	−0.0033%	1h	93.330	+0.182%	$2.3M	$2.0M	10x	as long as short
Paradex CL-USD-PERP	−0.0022%	8h	93.321	+0.173%	$16K	$367	5x	as long as short
Phoenix WTIOIL	−0.0009%	1h	93.370	+0.225%	$37K	$41K	20x	as long as short
Lighter WTI	0.0000%	1h	93.337	+0.190%	$11.2M	$10.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.329	+0.182%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.358	+0.213%	$26.9M	$80.1M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.408	+0.266%	$3.1M	$2.9M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.351	+0.205%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.903	−0.276%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	93.380	+0.236%	$2.0M	$18.3M	10x	as long as short
KuCoin CLUSDTM	+0.0016%	4h	93.372	+0.228%	$7.1M	$2.4M	50x	as long as short
StandX CL-USD	+0.0040%	1h	93.180	+0.021%	$737K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.360	+0.215%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.347	+0.201%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.348	+0.202%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.350	+0.204%	$331K	$579K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.400	+0.258%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.314	+0.166%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0175%	4h	93.350	+0.204%	$4.0M	$990K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.37	+9.887%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0225% / S −0.0152%	1h	93.355	+0.209%	$81K	—	111x	as long as short