Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0605%/8h= +66.2% APRpaid last 24h +0.046%

Price spread now: Bybit against Deribit+0.192%7-day average −0.007% · 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−$2as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.136%−$14 · spread now +0.192%, 7d avg −0.007%

Together, before fees−0.170%−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Bybit is 0.200% dearer against Deribit than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.007%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.033% in total (about -3.1% 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	93.520	−0.0605	get 0.0076% / 1h	59m 48s	$196K	$387K	15x
Short	Bybit CLUSDT	93.700	0	get 0.0000% / 8h	59m 48s	$26.9M	$79.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.192%Rate

Funding earned: $126.99
Price spread: +0.192% → −0.007%: $20
Slippage, 4 orders: −$4.25
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $124.73
Costs to cover: 0.223%
Break-even: 0.1 days

Slippage from Deribit: live order book, 44 min ago; Bybit: live order book, 4 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, 44 min ago	0.53 bp	6.2 bp −$6	8.6 bp −$86	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.54 bp	6.0 bp −$6	7.2 bp −$72	16.2 bp −$1,622	102.3 bp −$51.2K

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	−0.0605%	1h	93.520	long leg	$196K	$387K	15x
GRVT CL_USDT_Perp	−0.0306%	4h	93.372	−0.158%	$53K	$607K	25x	as long as short
Aster CLUSD1	−0.0297%	4h	93.700	+0.192%	$24.7M	$65.2M	20x	as long as short
Binance CLUSDT	−0.0171%	4h	93.680	+0.171%	$248.3M	$919.9M	100x	as long as short
Variational Omni CL	−0.0159%	4h	93.419	−0.108%	$13.4M	$10.7M	—	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.559	+0.042%	$276K	$969K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0136%	1h	93.380	−0.150%	$3.5M	$5.3M	20x	as long as short
Aftermath Perps WTIUSD	−0.0134%	1h	93.468	−0.056%	$2K	$26K	5x	as long as short
Bitget CLUSDT	−0.0128%	4h	93.586	+0.071%	$42.4M	$42.1M	100x	as long as short
Gate CL_USDT	−0.0125%	8h	93.520	0.000%	$22.8M	$50.8M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CLUSDC	−0.0091%	4h	93.408	−0.119%	$525K	$305K	30x	as long as short
Nado WTI-PERP	−0.0083%	1h	93.543	+0.025%	$962K	$631K	10x	as long as short
OKX CL-USDT-SWAP	−0.0058%	4h	93.790	+0.289%	$43.0M	$102.8M	50x	as long as short
QFEX CL-USD	−0.0023%	1h	93.460	−0.064%	$2.3M	$2.4M	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.540	+0.021%	$405K	$917K	15x	as long as short
Lighter WTI	0.0000%	1h	93.629	+0.117%	$11.3M	$9.1M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.521	+0.002%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	93.700	+0.192%	$26.9M	$79.4M	150x
RISEx CL/USDC	0.0000%	1h	93.522	+0.002%	$3.0M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.440	−0.086%	$37K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.546	+0.028%	$19K	$240K	10x	as long as short
Paradex CL-USD-PERP	0.0000%	8h	93.468	−0.056%	$16K	$367	5x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.094	−0.456%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0032%	1h	93.620	+0.107%	$2.0M	$14.8M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.470	−0.053%	$741K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.500	−0.021%	—	$313K	10x	as long as short
tradeXYZ xyz:CL	+0.0050%	1h	93.617	+0.104%	$184.9M	$204.2M	20x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.505	−0.016%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.545	+0.027%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.490	−0.032%	$332K	$572K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.582	+0.066%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.460	−0.064%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.513	−0.007%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0179%	4h	93.400	−0.128%	$4.1M	$969K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.82	+9.943%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0251% / S −0.0185%	1h	93.545	+0.027%	$84K	—	111x	as long as short