Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0315%/8h= +34.5% APRpaid last 24h +0.022%

Price spread now: Bybit against Kraken Futures−0.039%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 4 days (all we have)+0.358%+$36 · spread now −0.039%, 7d avg −0.007%

Together, before fees+0.396%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.032% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of −0.007%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.038% in total) that is about 5.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.038% in total (about 2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_WTIOILUSD	92.276	−0.0315	get 0.0039% / 1h	17m 18s	$258K	$944K	25x
Short	Bybit CLUSDT	92.240	0	get 0.0000% / 8h	7h 17m	$27.5M	$83.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.039%Rate

Funding earned: $66.24
Price spread: −0.039% → −0.007%: −$3.21
Slippage, 4 orders: −$13.21
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $28.81
Costs to cover: 0.342%
Break-even: 4.0 days

Slippage from Kraken Futures: live order book, 21 min ago; Bybit: live order book, 2 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, 21 min ago	3.55 bp	12.6 bp −$13	20.9 bp −$209	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.54 bp	6.3 bp −$6	7.5 bp −$75	17.1 bp −$1,709	98.6 bp −$49.3K

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	−0.0509%	1h	92.210	−0.071%	$184K	$415K	15x	as long as short
Kraken Futures PF_WTIOILUSDlong	−0.0315%	1h	92.276	long leg	$258K	$944K	25x
Aster CLUSD1	−0.0215%	4h	92.270	−0.006%	$24.9M	$59.3M	20x	as long as short
Binance CLUSDT	−0.0125%	4h	92.230	−0.050%	$244.9M	$936.2M	100x	as long as short
Variational Omni CL	−0.0105%	4h	92.432	+0.169%	$13.5M	$10.7M	—	as long as short
Nado WTI-PERP	−0.0100%	1h	92.257	−0.020%	$944K	$598K	10x	as long as short
GRVT CL_USDT_Perp	−0.0098%	4h	92.300	+0.026%	$74K	$611K	25x	as long as short
edgeX CLUSDC	−0.0090%	4h	92.379	+0.112%	$539K	$343K	30x	as long as short
Gate CL_USDT	−0.0084%	8h	92.180	−0.104%	$23.7M	$50.6M	100x	as long as short
Bitget CLUSDT	−0.0078%	4h	92.233	−0.046%	$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	+0.237%	$1K	$27K	5x	as long as short
OKX CL-USDT-SWAP	−0.0046%	4h	92.230	−0.050%	$42.4M	$103.2M	50x	as long as short
QFEX CL-USD	−0.0026%	1h	92.190	−0.093%	$2.3M	$2.5M	10x	as long as short
tradeXYZ xyz:CL	−0.0009%	1h	92.257	−0.020%	$183.7M	$192.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.226	−0.054%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.240	−0.039%	$27.5M	$83.7M	150x
RISEx CL/USDC	0.0000%	1h	92.228	−0.052%	$3.0M	$2.8M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.244	−0.034%	$19K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.815	−0.499%	$5K	—	150x	as long as short
Phoenix WTIOIL	+0.0009%	1h	92.520	+0.265%	$37K	$39K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0016%	1h	92.340	+0.070%	$417K	$982K	15x	as long as short
Paradex CL-USD-PERP	+0.0017%	8h	92.199	−0.084%	$15K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	92.212	−0.069%	$11.2M	$9.0M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.270	−0.006%	$1.7M	$13.9M	10x	as long as short
Ondo Perps WTI-USD.P	+0.0035%	1h	92.170	−0.115%	$3.6M	$5.2M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.230	−0.050%	$725K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.240	−0.039%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.240	−0.039%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.235	−0.044%	$2.0M	$69K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.234	−0.046%	$342K	$574K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.245	−0.033%	$7.0M	$2.5M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.450	+0.189%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.188	−0.095%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S −0.0007%	1h	92.225	−0.055%	$80K	—	111x	as long as short
BloFin CL-USDT	+0.0195%	4h	92.230	−0.050%	$4.1M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+10.684%	$19K	$5K	30x	as long as short