Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.027%

Price spread now: Binance against Phoenix+0.064%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.185%−$19 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Binance is 0.064% dearer against Phoenix than usual: you sell high and buy low (spread +0.064% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	93.640	0	get 0.0000% / 1h	45m 05s	$37K	$39K	20x
Short	Binance CLUSDT	93.700	−0.0146	pay 0.0073% / 4h	1h 45m	$246.6M	$927.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now +0.064%Rate

Funding earned: −$30.67
Price spread: +0.064% → 0.000%: $6.41
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$41.27
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 14 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 Phoenix no order-book sample	—	—	—	—	—
Sell Binance live order book, 14 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	8.4 bp −$837	21.9 bp −$11.0K

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	−0.0390%	1h	93.670	+0.032%	$197K	$381K	15x	as long as short
Aster CLUSD1	−0.0261%	4h	93.721	+0.087%	$24.5M	$65.2M	20x	as long as short
GRVT CL_USDT_Perp	−0.0244%	4h	93.633	−0.008%	$58K	$629K	25x	as long as short
Binance CLUSDTshort	−0.0146%	4h	93.700	+0.064%	$246.6M	$927.0M	100x
Aftermath Perps WTIUSD	−0.0139%	1h	93.655	+0.016%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.693	+0.056%	$287K	$958K	25x	as long as short
Variational Omni CL	−0.0135%	4h	93.599	−0.044%	$13.5M	$10.7M	—	as long as short
Bitget CLUSDT	−0.0102%	4h	93.690	+0.053%	$42.2M	$42.5M	100x	as long as short
Gate CL_USDT	−0.0093%	8h	93.620	−0.021%	$22.3M	$48.6M	100x	as long as short
edgeX CLUSDC	−0.0076%	4h	93.641	+0.001%	$526K	$306K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps WTI-USD.P	−0.0068%	1h	93.670	+0.032%	$3.5M	$5.4M	20x	as long as short
tradeXYZ xyz:CL	−0.0051%	1h	93.690	+0.053%	$185.1M	$210.9M	20x	as long as short
Nado WTI-PERP	−0.0028%	1h	93.730	+0.097%	$966K	$627K	10x	as long as short
QFEX CL-USD	−0.0023%	1h	93.670	+0.032%	$2.3M	$2.5M	10x	as long as short
OKX CL-USDT-SWAP	−0.0016%	4h	93.700	+0.064%	$42.7M	$102.1M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.500	−0.150%	$404K	$931K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	93.651	+0.012%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.711	+0.076%	$27.3M	$79.3M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.734	+0.100%	$3.1M	$2.8M	20x	as long as short
Phoenix WTIOILlong	0.0000%	1h	93.640	long leg	$37K	$39K	20x
Bullet WTIOIL-USD	0.0000%	1h	93.687	+0.051%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.230	−0.438%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0029%	8h	93.658	+0.020%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	93.696	+0.060%	$11.3M	$9.6M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.720	+0.085%	$2.0M	$16.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.660	+0.021%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.680	+0.043%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.674	+0.036%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.691	+0.054%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.675	+0.037%	$333K	$576K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.693	+0.057%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.690	+0.053%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.666	+0.028%	$4K	—	10x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.74	+9.722%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0223%	4h	93.690	+0.053%	$4.0M	$981K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0245% / S −0.0179%	1h	93.685	+0.048%	$84K	—	111x	as long as short