Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0510%/8h= +55.8% APRpaid last 24h +0.003%

Price spread now: Binance against Deribit+0.086%55s7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.192% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now +0.086%, 7d avg +0.026%

Together, before fees+0.005%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Binance is 0.060% dearer against Deribit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.026%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.003% in total (about -0.3% a year). A funding rate is set anew for every payment. 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	Deribit WTIOIL_USDC-PERPETUAL	92.770	−0.0719	get 0.0090% / 1h	29m 24s	$198K	$369K	15x
Short	Binance CLUSDT	92.850	−0.0209	pay 0.0105% / 4h	1h 29m	$244.9M	$954.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.086%Rate

Funding earned: $107.09
Price spread: +0.086% → +0.026%: $6.04
Slippage, 4 orders: −$2.16
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $93.98
Costs to cover: 0.192%
Break-even: 0.9 days

Slippage from Deribit: live order book, 34 min ago; Binance: live order book, 15 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 Deribit live order book, 34 min ago	0.54 bp	4.0 bp −$4	6.9 bp −$69	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.54 bp	5.5 bp −$6	5.8 bp −$58	9.3 bp −$932	25.0 bp −$12.5K

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-PERPETUALlong	−0.0719%	1h	92.770	long leg	$198K	$369K	15x
Aster CLUSD1	−0.0250%	4h	92.845	+0.080%	$23.9M	$68.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0234%	4h	92.800	+0.032%	$61K	$625K	25x	as long as short
Binance CLUSDTshort	−0.0209%	4h	92.850	+0.086%	$244.9M	$954.8M	100x
Variational Omni CL	−0.0203%	4h	92.796	+0.028%	$13.5M	$11.1M	—	as long as short
Ondo Perps WTI-USD.P	−0.0168%	1h	92.780	+0.011%	$3.5M	$5.6M	20x	as long as short
Nado WTI-PERP	−0.0152%	1h	92.880	+0.119%	$961K	$663K	10x	as long as short
Gate CL_USDT	−0.0089%	8h	92.800	+0.032%	$20.9M	$52.5M	100x	as long as short
edgeX CLUSDC	−0.0071%	4h	92.795	+0.027%	$528K	$303K	30x	as long as short
tradeXYZ xyz:CL	−0.0066%	1h	92.844	+0.080%	$184.6M	$218.3M	20x	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	−0.0051%	4h	92.830	+0.065%	$42.8M	$102.0M	50x	as long as short
Aftermath Perps WTIUSD	−0.0045%	1h	92.818	+0.051%	$2K	$27K	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.022%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	92.810	+0.043%	$2.5M	$1.7M	10x	as long as short
Extended WTI-USD	−0.0016%	1h	92.870	+0.108%	$2.1M	$22.7M	10x	as long as short
Lighter WTI	0.0000%	1h	92.829	+0.064%	$11.2M	$10.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.862	+0.099%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.852	+0.088%	$26.5M	$81.2M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.837	+0.072%	$41.9M	$43.3M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.790	+0.022%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.844	+0.080%	$18K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.414	−0.384%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0018%	8h	92.814	+0.048%	$16K	$367	5x	as long as short
KuCoin CLUSDTM	+0.0038%	4h	92.838	+0.073%	$7.3M	$2.3M	50x	as long as short
StandX CL-USD	+0.0040%	1h	92.470	−0.323%	$727K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.860	+0.097%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.842	+0.078%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.818	+0.052%	$2.1M	$61K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	92.949	+0.193%	$3.3M	$2.7M	20x	as long as short
Pacifica CL	+0.0100%	1h	92.820	+0.054%	$331K	$619K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.860	+0.097%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.785	+0.016%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0105%	1h	92.842	+0.077%	$273K	$873K	25x	as long as short
BloFin CL-USDT	+0.0194%	4h	92.820	+0.054%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.845	+0.081%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.95	+9.900%	$19K	$11K	30x	as long as short