Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0192%/8h= +21.0% APRpaid last 24h +0.072%

Price spread now: BloFin against Phoenix+0.022%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 BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 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 +$6 a day on $10k at the current rate, and BloFin is 0.022% dearer against Phoenix 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).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	92.790	0	get 0.0000% / 1h	28m 09s	$37K	$42K	20x
Short	BloFin CL-USDT	92.810	0.0192	get 0.0096% / 4h	1h 28m	$4.0M	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.022%Rate

Funding earned: $40.25
Price spread: +0.022% → 0.000%: $2.16
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $23.41
Costs to cover: 0.190%
Break-even: 2.9 days

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 5 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 BloFin live order book, 5 min ago	0.54 bp	7.5 bp −$7	7.7 bp −$77	12.2 bp −$1,223	31.3 bp −$15.7K

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	−0.0611%	1h	92.860	+0.075%	$198K	$369K	15x	as long as short
Aster CLUSD1	−0.0249%	4h	92.892	+0.110%	$23.9M	$68.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0234%	4h	92.800	+0.011%	$61K	$625K	25x	as long as short
Binance CLUSDT	−0.0208%	4h	92.887	+0.105%	$245.0M	$954.7M	100x	as long as short
Variational Omni CL	−0.0203%	4h	92.796	+0.006%	$13.5M	$11.1M	—	as long as short
Ondo Perps WTI-USD.P	−0.0166%	1h	92.780	−0.011%	$3.5M	$5.6M	20x	as long as short
Nado WTI-PERP	−0.0154%	1h	92.941	+0.163%	$962K	$663K	10x	as long as short
Gate CL_USDT	−0.0087%	8h	92.830	+0.043%	$20.9M	$52.5M	100x	as long as short
edgeX CLUSDC	−0.0071%	4h	92.795	+0.005%	$528K	$303K	30x	as long as short
tradeXYZ xyz:CL	−0.0066%	1h	92.891	+0.109%	$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-SWAP	−0.0052%	4h	92.860	+0.075%	$42.8M	$102.0M	50x	as long as short
Aftermath Perps WTIUSD	−0.0046%	1h	92.851	+0.066%	$2K	$27K	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.043%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	92.870	+0.086%	$2.5M	$1.7M	10x	as long as short
Extended WTI-USD	−0.0024%	1h	92.940	+0.162%	$2.1M	$22.7M	10x	as long as short
Lighter WTI	0.0000%	1h	92.890	+0.108%	$11.2M	$10.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.862	+0.077%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.896	+0.114%	$26.5M	$81.1M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.879	+0.096%	$41.9M	$43.4M	100x	as long as short
Phoenix WTIOILlong	0.0000%	1h	92.790	long leg	$37K	$42K	20x
Bullet WTIOIL-USD	0.0000%	1h	92.884	+0.101%	$18K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.461	−0.355%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0018%	8h	92.875	+0.091%	$16K	$367	5x	as long as short
KuCoin CLUSDTM	+0.0036%	4h	92.881	+0.098%	$7.3M	$2.3M	50x	as long as short
StandX CL-USD	+0.0040%	1h	92.470	−0.345%	$727K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.890	+0.108%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.891	+0.109%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.884	+0.101%	$2.1M	$61K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	93.001	+0.228%	$3.3M	$2.7M	20x	as long as short
Pacifica CL	+0.0100%	1h	92.878	+0.095%	$331K	$619K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.860	+0.075%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.853	+0.068%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0105%	1h	92.917	+0.137%	$273K	$873K	25x	as long as short
BloFin CL-USDTshort	+0.0192%	4h	92.810	+0.022%	$4.0M	$1.1M	50x
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.885	+0.102%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.95	+9.876%	$19K	$11K	30x	as long as short