Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0311%/8h= −34.1% APRpaid last 24h +0.003%

Price spread now: Binance against Kraken Futures−0.061%54s7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.305% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

Price spread, last 4 days (all we have)+0.150%+$15 · spread now −0.061%, 7d avg +0.030%

Together, before fees+0.434%+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Binance is 0.091% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.030%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.283%, so the current rate has only just turned against you. The two prices were read 54 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	Kraken Futures PF_WTIOILUSD	93.117	0.0105	pay 0.0013% / 1h	3m 27s	$274K	$871K	25x
Short	Binance CLUSDT	93.060	−0.0207	pay 0.0103% / 4h	1h 03m	$244.9M	$953.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.061%Rate

Funding earned: −$65.41
Price spread: −0.061% → +0.030%: −$9.14
Slippage, 4 orders: −$10.53
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$105.07
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 65 min ago; Binance: live order book, 10 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 Kraken Futures live order book, 65 min ago	3.23 bp	10.7 bp −$11	16.7 bp −$167	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	7.6 bp −$761	21.0 bp −$10.5K

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	−0.0609%	1h	93.060	−0.061%	$199K	$369K	15x	as long as short
Aster CLUSD1	−0.0262%	4h	93.102	−0.016%	$24.0M	$68.1M	20x	as long as short
GRVT CL_USDT_Perp	−0.0246%	4h	92.964	−0.164%	$53K	$635K	25x	as long as short
Binance CLUSDTshort	−0.0207%	4h	93.060	−0.061%	$244.9M	$953.3M	100x
Variational Omni CL	−0.0200%	4h	92.957	−0.172%	$13.5M	$11.2M	—	as long as short
Ondo Perps WTI-USD.P	−0.0166%	1h	93.040	−0.083%	$3.5M	$5.6M	20x	as long as short
Nado WTI-PERP	−0.0145%	1h	93.142	+0.027%	$963K	$654K	10x	as long as short
OKX CL-USDT-SWAP	−0.0082%	4h	93.050	−0.072%	$42.6M	$102.9M	50x	as long as short
Extended WTI-USD	−0.0080%	1h	93.130	+0.014%	$2.1M	$22.0M	10x	as long as short
tradeXYZ xyz:CL	−0.0075%	1h	93.059	−0.062%	$185.2M	$217.3M	20x	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	−0.0069%	1h	93.009	−0.116%	$2K	$27K	5x	as long as short
Gate CL_USDT	−0.0061%	8h	93.010	−0.115%	$20.9M	$53.3M	100x	as long as short
edgeX CLUSDC	−0.0047%	4h	92.984	−0.143%	$529K	$302K	30x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.394%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	93.060	−0.061%	$2.5M	$1.7M	10x	as long as short
Bitget CLUSDT	−0.0030%	4h	93.059	−0.062%	$42.0M	$43.6M	100x	as long as short
Lighter WTI	0.0000%	1h	93.082	−0.037%	$11.2M	$10.6M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.099	−0.019%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.071	−0.049%	$26.7M	$81.0M	150x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.010	−0.115%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.062	−0.059%	$18K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.618	−0.536%	$5K	—	150x	as long as short
KuCoin CLUSDTM	+0.0004%	4h	93.076	−0.044%	$7.1M	$2.4M	50x	as long as short
Paradex CL-USD-PERP	+0.0010%	8h	93.069	−0.052%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	93.060	−0.061%	$734K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.080	−0.040%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.072	−0.048%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.091	−0.028%	$2.1M	$60K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	93.165	+0.052%	$3.1M	$2.9M	20x	as long as short
Pacifica CL	+0.0100%	1h	93.089	−0.030%	$331K	$619K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.980	−0.147%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.060	−0.061%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSDlong	+0.0105%	1h	93.117	long leg	$274K	$871K	25x
BloFin CL-USDT	+0.0159%	4h	93.000	−0.125%	$4.1M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0209% / S −0.0134%	1h	93.055	−0.066%	$79K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.10	+9.645%	$19K	$11K	30x	as long as short