Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0330%/8h= +36.1% APRpaid last 24h +0.019%

Price spread now: OKX against Kraken Futures−0.076%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.234%+$23 on $10k

Price spread, last 4 days (all we have)+0.230%+$23 · spread now −0.076%, 7d avg −0.008%

Together, before fees+0.464%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.068% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.076% now, against its 7-day average of −0.008%). If the spread goes back, that is −$7 on $10k: about 16 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.234% in total) that is about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_WTIOILUSD	90.479	−0.0365	get 0.0046% / 1h	2m 44s	$456K	$1.5M	25x
Short	OKX CL-USDT-SWAP	90.410	−0.0035	pay 0.0018% / 4h	2h 02m	$40.4M	$126.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.076%Rate

Funding earned: $69.29
Price spread: −0.076% → −0.008%: −$6.8
Slippage, 4 orders: −$22.24
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $20.25
Costs to cover: 0.422%
Break-even: 5.0 days

Slippage from Kraken Futures: live order book, 4 min ago; OKX: live order book, 4 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, 4 min ago	4.34 bp	16.8 bp −$17	30.4 bp −$304	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.56 bp	5.6 bp −$6	6.5 bp −$65	14.7 bp −$1,467	doesn't fit

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
Deribit WTIOIL_USDC-PERPETUAL	−0.0965%	1h	90.440	−0.043%	$183K	$423K	15x	as long as short
Kraken Futures PF_WTIOILUSDlong	−0.0365%	1h	90.479	long leg	$456K	$1.5M	25x
Aster CLUSD1	−0.0148%	4h	90.348	−0.145%	$24.8M	$69.8M	20x	as long as short
Bitget CLUSDT	−0.0104%	4h	90.111	−0.407%	$41.2M	$53.8M	100x	as long as short
Binance CLUSDT	−0.0100%	4h	90.340	−0.154%	$242.1M	$1.17B	100x	as long as short
Variational Omni CL	−0.0085%	4h	89.884	−0.658%	$12.7M	$11.2M	—	as long as short
Ondo Perps WTI-USD.P	−0.0081%	1h	90.600	+0.134%	$3.4M	$5.9M	20x	as long as short
tradeXYZ xyz:CL	−0.0078%	1h	90.136	−0.379%	$173.9M	$235.6M	20x	as long as short
Nado WTI-PERP	−0.0077%	1h	90.681	+0.223%	$879K	$676K	10x	as long as short
Extended WTI-USD	−0.0064%	1h	90.180	−0.330%	$1.3M	$14.8M	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CL_USDT_Perp	−0.0060%	4h	90.241	−0.263%	$74K	$628K	25x	as long as short
Gate CL_USDT	−0.0051%	8h	90.160	−0.353%	$23.4M	$55.9M	100x	as long as short
Aftermath Perps WTIUSD	−0.0046%	1h	90.377	−0.113%	$2K	$27K	5x	as long as short
OKX CL-USDT-SWAPshort	−0.0035%	4h	90.410	−0.076%	$40.4M	$126.5M	50x
QFEX CL-USD	−0.0023%	1h	90.640	+0.178%	$2.2M	$2.8M	10x	as long as short
edgeX CLUSDC	−0.0017%	4h	89.916	−0.622%	$503K	$379K	30x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.941	−0.595%	$1K	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.170	−0.342%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	90.340	−0.154%	$27.3M	$103.8M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	90.231	−0.274%	$2.9M	$3.0M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	90.621	+0.157%	$16K	$238K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0008%	1h	90.120	−0.397%	$415K	$1.4M	15x	as long as short
Paradex CL-USD-PERP	+0.0015%	8h	90.657	+0.197%	$15K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	90.188	−0.322%	$10.8M	$10.2M	20x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	89.848	−0.697%	$16K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.040	−0.485%	$697K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.590	+0.123%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	90.681	+0.223%	$1.7M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	90.355	−0.137%	$2.0M	$82K	20x	as long as short
Phoenix WTIOIL	+0.0053%	1h	90.180	−0.330%	$36K	$37K	20x	as long as short
Pacifica CL	+0.0100%	1h	90.226	−0.279%	$305K	$717K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	90.203	−0.305%	$7.0M	$2.9M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.340	−0.154%	$52K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	90.511	+0.036%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0167% / S +0.0014%	1h	90.615	+0.150%	$73K	—	111x	as long as short
BloFin CL-USDT	+0.0217%	4h	90.030	−0.496%	$3.9M	$1.1M	50x	as long as short