Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0088%/8hnext payment +$0.11 per $10,000 · paid last 24h 0.000%

Price spread now: Bullet against Ondo Perps−0.017%46s7-day average +0.046% · you buy dearer than you sell

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

Long on Ondo Perps Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.077%−$8 on $10k

Price spread, last 3 days (all we have)+0.190%+$19 · spread now −0.017%, 7d avg +0.046%

Together, before fees+0.112%+ Points / potential airdropOndo Perps: Active · farm board+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.064% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.017% now, against its 7-day average of +0.046%). If the spread goes back, that is −$6 on $10k: about 2.4 days of funding at the current rate (+$3 a day). Mind the row above: over the last 3 days funding on this pair cost −0.077%, so the current rate has only just turned in your favour. The two prices were read 46 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	Ondo Perps WTI-USD.P	91.980	−0.0106	get 0.0013% / 1h	23m 36s	$3.5M	$6.3M	20x
Short	Bullet WTIOIL-USD	91.964	−0.0019	pay 0.0002% / 1h	23m 36s	$19K	$246K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Ondo Perps. 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 Ondo PerpsbpFee BulletbpOrdersPrice spread, now −0.017%Rate

Funding earned: $18.41
Price spread: −0.017% → +0.046%: −$6.38
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$0.98
Costs to cover: 0.130%
Break-even: 7.4 days

Slippage unknown: Ondo Perps: no order-book sample; Bullet: live order book, 9 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bullet live order book, 9 min ago	0.54 bp	6.5 bp −$6	17.7 bp −$177	doesn't fit	doesn't fit

Ondo Perps: 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	−0.0185%	1h	91.980	0.000%	$95K	$470K	15x	as long as short
Ondo Perps WTI-USD.Plong	−0.0106%	1h	91.980	long leg	$3.5M	$6.3M	20x
Binance CLUSDT	−0.0097%	4h	92.040	+0.065%	$245.4M	$1.05B	100x	as long as short
Aster CLUSD1	−0.0095%	4h	92.014	+0.037%	$24.8M	$70.7M	20x	as long as short
Variational Omni CL	−0.0079%	4h	91.945	−0.039%	$13.4M	$16.7M	—	as long as short
Nado WTI-PERP	−0.0076%	1h	92.002	+0.024%	$842K	$752K	10x	as long as short
Aftermath Perps WTIUSD	−0.0072%	1h	92.073	+0.101%	$2K	$33K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0059%	1h	92.014	+0.037%	$267K	$1.3M	25x	as long as short
Lighter WTI	−0.0040%	1h	92.012	+0.035%	$11.1M	$12.5M	20x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0038% / S +0.0036%	1h	91.699	−0.306%	$178K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CL_USDT_Perp	−0.0022%	4h	91.960	−0.022%	$58K	$812K	25x	as long as short
QFEX CL-USD	−0.0022%	1h	92.020	+0.043%	$2.4M	$2.8M	10x	as long as short
Bullet WTIOIL-USDshort	−0.0019%	1h	91.964	−0.017%	$19K	$246K	10x
tradeXYZ xyz:CL	−0.0018%	1h	92.027	+0.051%	$183.4M	$287.0M	20x	as long as short
Gate CL_USDT	−0.0007%	8h	91.980	0.000%	$21.1M	$61.6M	100x	as long as short
dYdX WTI-USD	0.0000%	1h	92.035	+0.059%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.040	+0.065%	$24.7M	$95.5M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.030	+0.054%	$43.2M	$112.4M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.136	+0.170%	$3.1M	$2.6M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.052	+0.078%	$42.5M	$63.7M	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.120	+0.152%	$395K	$1.1M	15x	as long as short
Paradex CL-USD-PERP	+0.0010%	8h	91.992	+0.013%	$15K	$367	5x	as long as short
Phoenix WTIOIL	+0.0026%	1h	92.020	+0.043%	$33K	$99K	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.080	+0.109%	$1.9M	$29.3M	10x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	92.595	+0.669%	$18K	$14K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.040	+0.065%	$726K	$2.6M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.130	+0.163%	—	$243K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.074	+0.102%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.955	−0.027%	$2.0M	$45K	20x	as long as short
edgeX CLUSDC	+0.0093%	4h	91.977	−0.003%	$529K	$351K	30x	as long as short
Pacifica CL	+0.0100%	1h	92.030	+0.054%	$315K	$542K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.057	+0.084%	$7.5M	$1.2M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.000	+0.022%	$55K	$272K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.944	−0.039%	$4K	$49	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0127% / S +0.0033%	1h	91.965	−0.016%	$79K	—	111x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.960	−0.022%	$4.1M	$1.5M	50x	as long as short