Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0810%/8h= +88.7% APRpaid last 24h +0.124%

Price spread now: BloFin against Deribit+0.076%57s7-day average −0.022% · 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−$260.264% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.291%+$29 on $10k

Price spread, last 4 days (all we have)−0.181%−$18 · spread now +0.076%, 7d avg −0.022%

Together, before fees+0.111%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and BloFin is 0.098% dearer against Deribit than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.022%. The two prices were read 57 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 0.291% in total (about 26.4% 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	92.550	−0.0614	get 0.0077% / 1h	21m 21s	$187K	$412K	15x
Short	BloFin CL-USDT	92.620	0.0196	get 0.0098% / 4h	3h 21m	$4.0M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.076%Rate

Funding earned: $170.03
Price spread: +0.076% → −0.022%: $9.76
Slippage, 4 orders: −$7.44
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $153.35
Costs to cover: 0.264%
Break-even: 0.7 days

Slippage from Deribit: live order book, 12 min ago; BloFin: 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 Deribit live order book, 12 min ago	1.08 bp	5.7 bp −$6	8.1 bp −$81	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	1.62 bp	8.6 bp −$9	8.8 bp −$88	14.8 bp −$1,476	37.0 bp −$18.5K

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	−0.0614%	1h	92.550	long leg	$187K	$412K	15x
Kraken Futures PF_WTIOILUSD	−0.0314%	1h	92.567	+0.019%	$269K	$948K	25x	as long as short
Aster CLUSD1	−0.0218%	4h	92.506	−0.048%	$24.9M	$60.0M	20x	as long as short
Binance CLUSDT	−0.0123%	4h	92.490	−0.065%	$245.6M	$931.3M	100x	as long as short
Gate CL_USDT	−0.0119%	8h	92.430	−0.130%	$23.7M	$50.3M	100x	as long as short
Variational Omni CL	−0.0108%	4h	92.657	+0.116%	$13.5M	$10.8M	—	as long as short
Nado WTI-PERP	−0.0100%	1h	92.541	−0.009%	$946K	$596K	10x	as long as short
GRVT CL_USDT_Perp	−0.0080%	4h	92.622	+0.078%	$74K	$611K	25x	as long as short
Bitget CLUSDT	−0.0076%	4h	92.472	−0.084%	$42.0M	$41.9M	100x	as long as short
Aftermath Perps WTIUSD	−0.0066%	1h	92.698	+0.159%	$1K	$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	−0.0045%	4h	92.480	−0.076%	$42.5M	$102.7M	50x	as long as short
edgeX CLUSDC	−0.0031%	4h	92.632	+0.089%	$540K	$342K	30x	as long as short
QFEX CL-USD	−0.0026%	1h	92.480	−0.076%	$2.3M	$2.5M	10x	as long as short
tradeXYZ xyz:CL	−0.0011%	1h	92.478	−0.078%	$183.7M	$190.9M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.579	+0.031%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.510	−0.043%	$27.5M	$82.7M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.555	+0.005%	$3.0M	$2.8M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.475	−0.081%	$19K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.158	−0.424%	$5K	—	150x	as long as short
Phoenix WTIOIL	+0.0009%	1h	92.660	+0.119%	$37K	$39K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0016%	1h	92.590	+0.043%	$427K	$869K	15x	as long as short
Paradex CL-USD-PERP	+0.0017%	8h	92.471	−0.085%	$15K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	92.489	−0.066%	$11.3M	$8.9M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.530	−0.022%	$1.7M	$14.0M	10x	as long as short
Ondo Perps WTI-USD.P	+0.0033%	1h	92.460	−0.097%	$3.6M	$5.2M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.590	+0.043%	$728K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.500	−0.054%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.555	+0.005%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.569	+0.021%	$2.1M	$69K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.500	−0.054%	$344K	$584K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.485	−0.070%	$7.0M	$2.5M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.710	+0.173%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.452	−0.106%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0166% / S −0.0007%	1h	92.665	+0.124%	$80K	—	111x	as long as short
BloFin CL-USDTshort	+0.0196%	4h	92.620	+0.076%	$4.0M	$1.0M	50x
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+10.355%	$19K	$5K	30x	as long as short