Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.023%

Price spread now: Kraken Futures against OKX+0.068%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$310.311% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.292%−$29 on $10k

Price spread, last 3 days (all we have)−0.117%−$12 · spread now +0.068%, 7d avg +0.005%

Together, before fees−0.409%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.063% dearer against OKX than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of +0.005%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.4 days. At the pace of the last 7 days (−0.292% in total) that is about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CL-USDT-SWAP	92.720	−0.0010	get 0.0005% / 4h	2h 34m	$42.7M	$105.9M	50x
Short	Kraken Futures PF_WTIOILUSD	92.783	−0.0038	pay 0.0005% / 1h	34m 45s	$275K	$870K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$5.93
Price spread: +0.068% → +0.005%: $6.27
Slippage, 4 orders: −$11.15
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$30.81
Costs to cover: 0.311%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Kraken Futures: live order book, 39 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 OKX live order book, 4 min ago	0.54 bp	5.8 bp −$6	7.1 bp −$71	13.5 bp −$1,345	doesn't fit
Sell Kraken Futures live order book, 39 min ago	2.86 bp	9.5 bp −$10	20.2 bp −$202	doesn't fit	doesn't fit

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	−0.0612%	1h	92.700	−0.022%	$198K	$366K	15x	as long as short
Aster CLUSD1	−0.0329%	4h	92.760	+0.043%	$23.9M	$74.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0296%	4h	92.686	−0.037%	$50K	$633K	25x	as long as short
Binance CLUSDT	−0.0271%	4h	92.734	+0.015%	$244.2M	$988.9M	100x	as long as short
Variational Omni CL	−0.0265%	4h	92.761	+0.044%	$13.3M	$11.1M	—	as long as short
Gate CL_USDT	−0.0152%	8h	92.670	−0.054%	$20.9M	$53.1M	100x	as long as short
tradeXYZ xyz:CL	−0.0068%	1h	92.731	+0.012%	$184.9M	$221.7M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0063%	1h	92.690	−0.032%	$3.5M	$5.7M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.030	−0.744%	$399K	$938K	15x	as long as short
Nado WTI-PERP	−0.0039%	1h	92.810	+0.097%	$936K	$676K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_WTIOILUSDshort	−0.0038%	1h	92.783	+0.068%	$275K	$870K	25x
QFEX CL-USD	−0.0033%	1h	92.740	+0.022%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAPlong	−0.0010%	4h	92.720	long leg	$42.7M	$105.9M	50x
dYdX WTI-USD	0.0000%	1h	92.754	+0.036%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.740	+0.022%	$26.3M	$82.8M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.724	+0.004%	$41.9M	$45.7M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.820	+0.108%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.775	+0.059%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.309	−0.443%	$5K	—	150x	as long as short
edgeX CLUSDC	+0.0018%	4h	92.721	+0.001%	$533K	$297K	30x	as long as short
Paradex CL-USD-PERP	+0.0023%	8h	92.714	−0.007%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0024%	1h	92.780	+0.065%	$2.1M	$25.0M	10x	as long as short
Lighter WTI	+0.0032%	1h	92.743	+0.025%	$11.2M	$10.2M	20x	as long as short
Aftermath Perps WTIUSD	+0.0034%	1h	92.757	+0.040%	$2K	$28K	5x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.858	+0.149%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.350	−0.399%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.800	+0.086%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.775	+0.059%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.725	+0.005%	$2.1M	$61K	20x	as long as short
KuCoin CLUSDTM	+0.0068%	4h	92.791	+0.077%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.728	+0.008%	$331K	$616K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.840	+0.129%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.717	−0.004%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.755	+0.038%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.83	+9.829%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0228%	4h	92.730	+0.011%	$4.0M	$1.2M	50x	as long as short