Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.031%

Price spread now: Bullet against KuCoin−0.021%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on KuCoin Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.054%−$5 on $10k

Price spread, last 4 days (all we have)+0.101%+$10 · spread now −0.021%, 7d avg −0.003%

Together, before fees+0.048%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CLUSDTM	92.928	0.0080	pay 0.0040% / 4h	2h 13m	$7.2M	$2.3M	50x
Short	Bullet WTIOIL-USD	92.908	0	get 0.0000% / 1h	13m 54s	$18K	$240K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against KuCoin. 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 KuCoinbpFee BulletbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$16.8
Price spread: −0.021% → −0.003%: −$1.81
Slippage, 4 orders: −$12.26
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$50.86
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Bullet: live order book, 55 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 KuCoin live order book, 4 min ago	1.61 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bullet live order book, 55 min ago	0.54 bp	6.5 bp −$7	17.7 bp −$177	doesn't fit	doesn't fit

CL on 35 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	−0.0396%	1h	92.860	−0.073%	$198K	$365K	15x	as long as short
Aster CLUSD1	−0.0283%	4h	92.930	+0.002%	$24.0M	$72.3M	20x	as long as short
GRVT CL_USDT_Perp	−0.0258%	4h	92.840	−0.095%	$53K	$631K	25x	as long as short
Binance CLUSDT	−0.0243%	4h	92.890	−0.041%	$244.9M	$975.4M	100x	as long as short
Variational Omni CL	−0.0240%	4h	92.898	−0.032%	$13.4M	$11.0M	—	as long as short
Gate CL_USDT	−0.0110%	8h	92.840	−0.095%	$20.9M	$53.9M	100x	as long as short
Nado WTI-PERP	−0.0070%	1h	92.995	+0.072%	$964K	$675K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.192%	$402K	$946K	15x	as long as short
tradeXYZ xyz:CL	−0.0044%	1h	92.894	−0.037%	$184.5M	$220.5M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.941	+0.014%	$274K	$884K	25x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CL-USD	−0.0033%	1h	92.900	−0.030%	$2.5M	$1.7M	10x	as long as short
Ondo Perps WTI-USD.P	−0.0028%	1h	92.900	−0.030%	$3.5M	$5.7M	20x	as long as short
OKX CL-USDT-SWAP	−0.0014%	4h	92.890	−0.041%	$42.8M	$104.9M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.911	−0.018%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.910	−0.019%	$27.0M	$82.1M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.881	−0.051%	$42.0M	$43.9M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.920	−0.009%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USDshort	0.0000%	1h	92.908	−0.021%	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.438	−0.527%	$5K	—	150x	as long as short
Aftermath Perps WTIUSD	+0.0012%	1h	92.889	−0.042%	$2K	$28K	5x	as long as short
Paradex CL-USD-PERP	+0.0030%	8h	92.937	+0.009%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	92.894	−0.037%	$11.2M	$10.4M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.920	−0.009%	$2.1M	$24.2M	10x	as long as short
RISEx CL/USDC	+0.0037%	1h	93.049	+0.130%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.370	−0.600%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.920	−0.009%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.923	−0.005%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.891	−0.040%	$2.1M	$61K	20x	as long as short
edgeX CLUSDC	+0.0061%	4h	92.816	−0.120%	$528K	$303K	30x	as long as short
KuCoin CLUSDTMlong	+0.0080%	4h	92.928	long leg	$7.2M	$2.3M	50x
Pacifica CL	+0.0100%	1h	92.960	+0.035%	$332K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.840	−0.095%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.875	−0.057%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.895	−0.036%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.04	+9.801%	$19K	$11K	30x	as long as short