Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.014%

Price spread now: Bitget against Phoenix+0.113%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 Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.240%−$24 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. Bitget is 0.113% dearer against Phoenix than usual: you sell high and buy low (spread +0.113% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	89.500	0	get 0.0000% / 1h	52m 59s	$32K	$39K	20x
Short	Bitget CLUSDT	89.601	−0.0116	pay 0.0058% / 4h	1h 52m	$40.6M	$56.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.113%Rate

Funding earned: −$24.36
Price spread: +0.113% → 0.000%: $11.28
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$32.08
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	0.62 bp	7.4 bp −$7	9.5 bp −$95	doesn't fit	doesn't fit

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 exchanges

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
Kraken Futures PF_WTIOILUSD	−0.0341%	1h	89.598	+0.110%	$319K	$1.8M	25x	as long as short
Aster CLUSD1	−0.0147%	4h	89.630	+0.145%	$24.3M	$71.2M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0125%	1h	89.450	−0.056%	$3.4M	$6.1M	20x	as long as short
Bitget CLUSDTshort	−0.0116%	4h	89.601	+0.113%	$40.6M	$56.4M	100x
GRVT CL_USDT_Perp	−0.0114%	4h	89.326	−0.194%	$66K	$632K	25x	as long as short
Binance CLUSDT	−0.0099%	4h	89.600	+0.112%	$241.0M	$1.20B	100x	as long as short
tradeXYZ xyz:CL	−0.0095%	1h	89.581	+0.091%	$168.2M	$241.9M	20x	as long as short
edgeX CLUSDC	−0.0080%	4h	89.515	+0.017%	$495K	$383K	30x	as long as short
Variational Omni CL	−0.0080%	4h	89.432	−0.076%	$12.6M	$11.3M	—	as long as short
Extended WTI-USD	−0.0080%	1h	89.590	+0.101%	$1.2M	$14.6M	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0075%	8h	89.540	+0.045%	$22.9M	$53.4M	100x	as long as short
Aftermath Perps WTIUSD	−0.0052%	1h	89.626	+0.141%	$1K	$27K	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	89.360	−0.156%	$408K	$1.5M	15x	as long as short
Nado WTI-PERP	−0.0035%	1h	89.476	−0.027%	$871K	$683K	10x	as long as short
OKX CL-USDT-SWAP	−0.0027%	4h	89.500	0.000%	$40.0M	$131.3M	50x	as long as short
QFEX CL-USD	−0.0025%	1h	89.470	−0.034%	$2.2M	$2.8M	10x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.229	−0.303%	$607	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	89.424	−0.085%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	89.582	+0.092%	$26.7M	$108.7M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	89.623	+0.138%	$2.8M	$3.1M	20x	as long as short
Phoenix WTIOILlong	0.0000%	1h	89.500	long leg	$32K	$39K	20x
Bullet WTIOIL-USD	0.0000%	1h	89.620	+0.134%	$16K	$238K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	89.600	+0.112%	$46K	$651K	15x	as long as short
Paradex CL-USD-PERP	+0.0011%	8h	89.488	−0.014%	$15K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	89.574	+0.083%	$10.6M	$10.2M	20x	as long as short
StandX CL-USD	+0.0040%	1h	89.400	−0.112%	$690K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.490	−0.011%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.493	−0.008%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.589	+0.099%	$2.0M	$84K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.487	−0.015%	$300K	$729K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.588	+0.098%	$6.9M	$3.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	89.420	−0.089%	$52K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.573	+0.081%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S +0.0014%	1h	89.615	+0.128%	$73K	—	111x	as long as short
BloFin CL-USDT	+0.0206%	4h	89.580	+0.089%	$3.9M	$1.1M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	90.137	+0.712%	$16K	$5K	30x	as long as short