Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h 0.000%

Price spread now: Phoenix against OKX+0.022%96s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.022% dearer against OKX than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 96 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	OKX CL-USDT-SWAP	92.870	−0.0057	get 0.0029% / 4h	1h 25m	$42.8M	$102.1M	50x
Short	Phoenix WTIOIL	92.890	0	get 0.0000% / 1h	25m 51s	$37K	$42K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.022%Rate

Funding earned: $12.02
Price spread: +0.022% → 0.000%: $2.15
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$2.83
Costs to cover: 0.170%
Break-even: 8.6 days

Slippage unknown: OKX: live order book, 3 min ago; Phoenix: no order-book sample. Net counts fees only.

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, 3 min ago	0.54 bp	5.5 bp −$6	6.5 bp −$65	14.1 bp −$1,407	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0503%	1h	92.850	−0.022%	$198K	$369K	15x	as long as short
Aster CLUSD1	−0.0250%	4h	92.900	+0.032%	$23.9M	$68.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0234%	4h	92.823	−0.051%	$61K	$625K	25x	as long as short
Binance CLUSDT	−0.0208%	4h	92.890	+0.022%	$245.0M	$954.5M	100x	as long as short
Variational Omni CL	−0.0202%	4h	92.856	−0.015%	$13.6M	$11.1M	—	as long as short
Ondo Perps WTI-USD.P	−0.0169%	1h	92.830	−0.043%	$3.5M	$5.6M	20x	as long as short
Nado WTI-PERP	−0.0157%	1h	92.945	+0.080%	$962K	$662K	10x	as long as short
edgeX CLUSDC	−0.0091%	4h	92.834	−0.039%	$529K	$301K	30x	as long as short
Gate CL_USDT	−0.0089%	8h	92.840	−0.032%	$20.9M	$52.6M	100x	as long as short
tradeXYZ xyz:CL	−0.0067%	1h	92.878	+0.009%	$184.6M	$218.3M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAPlong	−0.0057%	4h	92.870	long leg	$42.8M	$102.1M	50x
Aftermath Perps WTIUSD	−0.0050%	1h	92.880	+0.011%	$2K	$27K	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.129%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	92.850	−0.022%	$2.5M	$1.7M	10x	as long as short
Extended WTI-USD	−0.0024%	1h	92.960	+0.097%	$2.1M	$22.6M	10x	as long as short
Lighter WTI	0.0000%	1h	92.878	+0.009%	$11.2M	$10.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.939	+0.075%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.910	+0.043%	$26.7M	$81.3M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.867	−0.003%	$41.9M	$43.3M	100x	as long as short
Phoenix WTIOILshort	0.0000%	1h	92.890	+0.022%	$37K	$42K	20x
Bullet WTIOIL-USD	0.0000%	1h	92.872	+0.002%	$18K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.437	−0.466%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0017%	8h	92.884	+0.015%	$16K	$367	5x	as long as short
KuCoin CLUSDTM	+0.0032%	4h	92.885	+0.016%	$7.3M	$2.3M	50x	as long as short
StandX CL-USD	+0.0040%	1h	92.490	−0.409%	$727K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.900	+0.032%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.879	+0.010%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.878	+0.009%	$2.1M	$61K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	92.987	+0.126%	$3.3M	$2.7M	20x	as long as short
Pacifica CL	+0.0100%	1h	92.889	+0.020%	$331K	$619K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.860	−0.011%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.845	−0.027%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0105%	1h	92.889	+0.021%	$273K	$872K	25x	as long as short
BloFin CL-USDT	+0.0188%	4h	92.920	+0.054%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.875	+0.005%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.95	+9.781%	$19K	$11K	30x	as long as short