Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0371%/8h= −40.6% APRpaid last 24h −0.069%

Price spread now: Binance against Injective−9.001%117s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Binance is 9.001% cheaper against Injective than usual: you would sell low and buy high (−$900 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 117 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective WTI/USDC PERP	102.13	0.0220	pay 0.0028% / 1h	13m 22s	$19K	$11K	30x
Short	Binance CLUSDT	92.941	−0.0151	pay 0.0075% / 4h	13m 22s	$246.7M	$921.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now −9.001%Rate

Funding earned: −$77.81
Price spread: −9.001% → 0.000%: −$900.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$987.96
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Binance: live order book, 16 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 16 min ago	0.54 bp	5.5 bp −$6	5.6 bp −$56	8.3 bp −$829	19.8 bp −$9,891

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0610%	1h	92.920	−9.021%	$194K	$397K	15x	as long as short
Aster CLUSD1	−0.0272%	4h	92.969	−8.974%	$24.8M	$62.8M	20x	as long as short
GRVT CL_USDT_Perp	−0.0238%	4h	93.007	−8.936%	$77K	$622K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0210%	1h	92.981	−8.962%	$275K	$929K	25x	as long as short
Binance CLUSDTshort	−0.0151%	4h	92.941	−9.001%	$246.7M	$921.8M	100x
Variational Omni CL	−0.0143%	4h	92.971	−8.972%	$13.5M	$10.7M	—	as long as short
Gate CL_USDT	−0.0135%	8h	92.880	−9.061%	$23.0M	$50.3M	100x	as long as short
Bitget CLUSDT	−0.0116%	4h	92.931	−9.011%	$42.2M	$41.6M	100x	as long as short
Nado WTI-PERP	−0.0111%	1h	92.971	−8.972%	$952K	$616K	10x	as long as short
Aftermath Perps WTIUSD	−0.0100%	1h	92.963	−8.980%	$2K	$26K	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	−0.0080%	4h	92.950	−8.992%	$42.6M	$102.6M	50x	as long as short
QFEX CL-USD	−0.0038%	1h	92.920	−9.021%	$2.3M	$2.4M	10x	as long as short
edgeX CLUSDC	−0.0021%	4h	93.014	−8.929%	$523K	$306K	30x	as long as short
tradeXYZ xyz:CL	−0.0019%	1h	92.951	−8.991%	$184.0M	$198.1M	20x	as long as short
Lighter WTI	−0.0016%	1h	92.924	−9.018%	$11.2M	$9.2M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0016%	1h	93.540	−8.414%	$405K	$810K	15x	as long as short
Ondo Perps WTI-USD.P	−0.0013%	1h	92.960	−8.982%	$3.6M	$5.3M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.993	−8.950%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.971	−8.972%	$26.8M	$79.3M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.953	−8.989%	$3.0M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.950	−8.992%	$37K	$40K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.948	−8.994%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.514	−9.419%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0004%	8h	92.911	−9.030%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	92.950	−8.992%	$1.7M	$15.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.060	−8.884%	$737K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.950	−8.992%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.921	−9.021%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.955	−8.987%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.941	−9.001%	$346K	$591K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.960	−8.982%	$7.0M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.990	−8.953%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.943	−8.999%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0158%	4h	93.020	−8.924%	$4.1M	$982K	50x	as long as short
Injective WTI/USDC PERPlong	+0.0220%	1h	102.13	long leg	$19K	$11K	30x
GMX WTIOIL/USD [ETH-USDC]	L +0.0258% / S −0.0205%	1h	93.005	−8.938%	$83K	—	111x	as long as short