Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.055%

Price spread now: Bitget against Injective−0.884%51s7-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 Bitget

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 −$10 a day on $10k at the current rate, and Bitget is 0.884% cheaper against Injective than usual: you would sell low and buy high (−$88 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 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	90.137	0.0220	pay 0.0028% / 1h	54m 35s	$16K	$5K	30x
Short	Bitget CLUSDT	89.340	−0.0120	pay 0.0060% / 4h	1h 54m	$40.6M	$56.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.884%Rate

Funding earned: −$71.4
Price spread: −0.884% → 0.000%: −$88.42
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$171.84
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 2 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 Bitget live order book, 2 min ago	0.62 bp	7.4 bp −$7	9.5 bp −$95	doesn't fit	doesn't fit

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 exchanges

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
Kraken Futures PF_WTIOILUSD	−0.0342%	1h	89.375	−0.845%	$318K	$1.8M	25x	as long as short
Ondo Perps WTI-USD.P	−0.0160%	1h	89.260	−0.973%	$3.4M	$6.1M	20x	as long as short
Aster CLUSD1	−0.0148%	4h	89.410	−0.807%	$24.4M	$71.1M	20x	as long as short
Bitget CLUSDTshort	−0.0120%	4h	89.340	−0.884%	$40.6M	$56.0M	100x
tradeXYZ xyz:CL	−0.0115%	1h	89.369	−0.852%	$169.8M	$240.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0108%	4h	89.526	−0.678%	$73K	$632K	25x	as long as short
Binance CLUSDT	−0.0100%	4h	89.344	−0.879%	$240.3M	$1.20B	100x	as long as short
Extended WTI-USD	−0.0088%	1h	89.330	−0.895%	$1.2M	$14.7M	10x	as long as short
edgeX CLUSDC	−0.0080%	4h	89.515	−0.690%	$495K	$383K	30x	as long as short
Variational Omni CL	−0.0080%	4h	89.432	−0.782%	$12.6M	$11.3M	—	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0080%	8h	89.270	−0.962%	$22.9M	$53.2M	100x	as long as short
Aftermath Perps WTIUSD	−0.0048%	1h	89.779	−0.397%	$1K	$27K	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	89.640	−0.551%	$409K	$1.5M	15x	as long as short
Nado WTI-PERP	−0.0033%	1h	89.335	−0.890%	$869K	$682K	10x	as long as short
OKX CL-USDT-SWAP	−0.0030%	4h	89.360	−0.862%	$39.9M	$130.1M	50x	as long as short
QFEX CL-USD	−0.0025%	1h	89.310	−0.917%	$2.2M	$2.8M	10x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.147	−1.098%	$606	—	150x	as long as short
Lighter WTI	0.0000%	1h	89.315	−0.912%	$10.6M	$10.1M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	89.451	−0.761%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	89.360	−0.862%	$26.7M	$108.3M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	89.350	−0.873%	$2.8M	$3.1M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	89.410	−0.807%	$16K	$238K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	89.420	−0.795%	$69K	$628K	15x	as long as short
Paradex CL-USD-PERP	+0.0010%	8h	89.276	−0.955%	$15K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	89.510	−0.696%	$691K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.350	−0.873%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.316	−0.911%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.428	−0.787%	$2.0M	$82K	20x	as long as short
Phoenix WTIOIL	+0.0053%	1h	89.500	−0.707%	$32K	$39K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.321	−0.905%	$299K	$729K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.391	−0.828%	$6.9M	$3.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	89.600	−0.596%	$52K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.380	−0.840%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0166% / S +0.0055%	1h	89.405	−0.812%	$73K	—	111x	as long as short
BloFin CL-USDT	+0.0210%	4h	89.380	−0.840%	$3.9M	$1.1M	50x	as long as short
Injective WTI/USDC PERPlong	+0.0220%	1h	90.137	long leg	$16K	$5K	30x