Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.043%

Price spread now: Bybit against Injective−9.005%98s7-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 Bybit

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 −$5 a day on $10k at the current rate, and Bybit is 9.005% 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 98 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	101.16	0.0172	pay 0.0022% / 1h	7m 43s	$19K	$18K	30x
Short	Bybit CLUSDT	92.050	0	get 0.0000% / 8h	1h 07m	$25.5M	$95.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −9.005%Rate

Funding earned: −$36.14
Price spread: −9.005% → 0.000%: −$900.46
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$947.63
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 6 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 Bybit live order book, 6 min ago	0.54 bp	6.0 bp −$6	7.4 bp −$74	17.8 bp −$1,777	111.0 bp −$55.5K

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
Lighter WTI	−0.0272%	1h	92.008	−9.046%	$11.1M	$11.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0202%	4h	91.982	−9.072%	$58K	$715K	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0185%	1h	92.020	−9.034%	$95K	$189K	15x	as long as short
Nado WTI-PERP	−0.0162%	1h	92.065	−8.990%	$923K	$747K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0155%	1h	91.980	−9.074%	$3.5M	$6.4M	20x	as long as short
Aster CLUSD1	−0.0149%	4h	92.042	−9.012%	$24.0M	$77.9M	20x	as long as short
tradeXYZ xyz:CL	−0.0133%	1h	92.038	−9.016%	$185.6M	$278.1M	20x	as long as short
Aftermath Perps WTIUSD	−0.0103%	1h	92.041	−9.014%	$2K	$29K	5x	as long as short
Bullet WTIOIL-USD	−0.0103%	1h	92.005	−9.049%	$18K	$241K	10x	as long as short
Paradex CL-USD-PERP	−0.0100%	8h	91.982	−9.072%	$15K	$367	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CLUSDT	−0.0051%	4h	92.010	−9.044%	$245.0M	$1.11B	100x	as long as short
Variational Omni CL	−0.0018%	4h	92.003	−9.052%	$13.4M	$13.3M	—	as long as short
Gate CL_USDT	−0.0008%	8h	91.960	−9.094%	$21.3M	$59.6M	100x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	−8.948%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.050	−9.005%	$25.5M	$95.7M	150x
OKX CL-USDT-SWAP	0.0000%	4h	92.010	−9.044%	$43.1M	$113.3M	50x	as long as short
QFEX CL-USD	0.0000%	1h	92.000	−9.054%	$2.4M	$2.6M	10x	as long as short
Bitget CLUSDT	0.0000%	4h	92.003	−9.051%	$42.1M	$52.2M	100x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.587	−9.462%	$4K	—	150x	as long as short
Phoenix WTIOIL	+0.0009%	1h	92.060	−8.995%	$37K	$99K	20x	as long as short
Polymarket Perps WTIOIL-USD	+0.0009%	1h	92.006	−9.048%	$1.6M	$1.4M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.090	−8.965%	$2.0M	$28.8M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.000	−9.054%	$723K	$3.0M	40x	as long as short
edgeX CLUSDC	+0.0044%	4h	92.041	−9.014%	$529K	$334K	30x	as long as short
Vest CL-PERP	+0.0046%	1h	92.070	−8.985%	—	$308K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.005	−9.049%	$2.0M	$39K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.015	−9.039%	$332K	$578K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.023	−9.031%	$7.2M	$2.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	91.990	−9.064%	$55K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.984	−9.070%	$4K	—	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0112%	1h	92.020	−9.034%	$398K	$1.1M	15x	as long as short
Injective WTI/USDC PERPlong	+0.0172%	1h	101.16	long leg	$19K	$18K	30x
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	91.995	−9.059%	$76K	—	111x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.990	−9.064%	$4.0M	$1.4M	50x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0450%	1h	92.027	−9.028%	$275K	$1.2M	25x	as long as short
RISEx CL/USDC	+0.0977%	1h	92.126	−8.930%	$3.3M	$2.7M	20x	as long as short