Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0265%/8h= −29.1% APRpaid last 24h −0.048%

Price spread now: OKX against Injective−9.697%118s7-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 OKX

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 −$8 a day on $10k at the current rate, and OKX is 9.697% cheaper against Injective than usual: you would sell low and buy high (−$970 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 118 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	17m 23s	$19K	$5K	30x
Short	OKX CL-USDT-SWAP	92.230	−0.0045	pay 0.0023% / 4h	3h 17m	$42.4M	$103.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −9.697%Rate

Funding earned: −$55.73
Price spread: −9.697% → 0.000%: −$969.71
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$1,035.46
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; OKX: live order book, 1 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 OKX live order book, 1 min ago	0.54 bp	5.9 bp −$6	7.1 bp −$71	13.6 bp −$1,365	79.3 bp −$39.7K

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	−0.0617%	1h	92.190	−9.736%	$184K	$414K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0315%	1h	92.254	−9.673%	$258K	$944K	25x	as long as short
Aster CLUSD1	−0.0215%	4h	92.272	−9.656%	$24.9M	$59.3M	20x	as long as short
Binance CLUSDT	−0.0125%	4h	92.250	−9.677%	$245.0M	$935.7M	100x	as long as short
Variational Omni CL	−0.0105%	4h	92.432	−9.500%	$13.5M	$10.7M	—	as long as short
Nado WTI-PERP	−0.0100%	1h	92.257	−9.671%	$944K	$598K	10x	as long as short
GRVT CL_USDT_Perp	−0.0098%	4h	92.300	−9.629%	$74K	$611K	25x	as long as short
edgeX CLUSDC	−0.0090%	4h	92.379	−9.552%	$539K	$343K	30x	as long as short
Gate CL_USDT	−0.0084%	8h	92.180	−9.746%	$23.7M	$50.6M	100x	as long as short
Bitget CLUSDT	−0.0078%	4h	92.208	−9.719%	$42.0M	$42.1M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps WTIUSD	−0.0056%	1h	92.494	−9.438%	$1K	$27K	5x	as long as short
OKX CL-USDT-SWAPshort	−0.0045%	4h	92.230	−9.697%	$42.4M	$103.0M	50x
QFEX CL-USD	−0.0026%	1h	92.190	−9.736%	$2.3M	$2.5M	10x	as long as short
tradeXYZ xyz:CL	−0.0009%	1h	92.257	−9.671%	$183.7M	$192.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.226	−9.701%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.270	−9.658%	$27.5M	$83.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.228	−9.699%	$3.0M	$2.8M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.244	−9.683%	$19K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.830	−10.089%	$5K	—	150x	as long as short
Phoenix WTIOIL	+0.0009%	1h	92.520	−9.413%	$37K	$39K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0016%	1h	92.340	−9.589%	$417K	$982K	15x	as long as short
Paradex CL-USD-PERP	+0.0017%	8h	92.199	−9.728%	$15K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	92.225	−9.702%	$11.2M	$9.0M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.270	−9.658%	$1.7M	$13.9M	10x	as long as short
Ondo Perps WTI-USD.P	+0.0035%	1h	92.170	−9.756%	$3.6M	$5.2M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.230	−9.697%	$725K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.240	−9.687%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.240	−9.687%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.210	−9.717%	$2.0M	$69K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.234	−9.694%	$342K	$574K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.270	−9.658%	$7.0M	$2.5M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.450	−9.482%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.184	−9.742%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S −0.0007%	1h	92.235	−9.692%	$80K	—	111x	as long as short
BloFin CL-USDT	+0.0194%	4h	92.280	−9.648%	$4.0M	$1.0M	50x	as long as short
Injective WTI/USDC PERPlong	+0.0220%	1h	102.13	long leg	$19K	$5K	30x