Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Bullet against Phoenix−0.130%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bullet is 0.130% cheaper against Phoenix than usual: you would sell low and buy high, −$13 on $10k if it 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	93.630	0	get 0.0000% / 1h	14m 58s	$37K	$39K	20x
Short	Bullet WTIOIL-USD	93.508	0	get 0.0000% / 1h	14m 58s	$19K	$240K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.130%Rate

Funding earned: $0
Price spread: −0.130% → 0.000%: −$13.03
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$28.03
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bullet: live order book, 29 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 Bullet live order book, 29 min ago	1.55 bp	7.5 bp −$8	18.7 bp −$187	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 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	−0.0498%	1h	93.470	−0.171%	$196K	$385K	15x	as long as short
Aster CLUSD1	−0.0285%	4h	93.540	−0.096%	$24.6M	$65.6M	20x	as long as short
GRVT CL_USDT_Perp	−0.0278%	4h	93.509	−0.129%	$58K	$618K	25x	as long as short
Binance CLUSDT	−0.0153%	4h	93.501	−0.138%	$247.5M	$918.2M	100x	as long as short
Variational Omni CL	−0.0143%	4h	93.519	−0.119%	$13.3M	$10.7M	—	as long as short
Aftermath Perps WTIUSD	−0.0138%	1h	93.575	−0.059%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.514	−0.124%	$281K	$961K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0134%	1h	93.470	−0.171%	$3.5M	$5.3M	20x	as long as short
Gate CL_USDT	−0.0120%	8h	93.430	−0.214%	$22.6M	$50.1M	100x	as long as short
Bitget CLUSDT	−0.0116%	4h	93.498	−0.141%	$42.3M	$42.2M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CL	−0.0080%	1h	93.501	−0.138%	$184.8M	$205.2M	20x	as long as short
Nado WTI-PERP	−0.0057%	1h	93.571	−0.063%	$965K	$619K	10x	as long as short
OKX CL-USDT-SWAP	−0.0039%	4h	93.480	−0.160%	$42.8M	$101.9M	50x	as long as short
edgeX CLUSDC	−0.0035%	4h	93.575	−0.059%	$526K	$306K	30x	as long as short
QFEX CL-USD	−0.0023%	1h	93.490	−0.150%	$2.3M	$2.4M	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.540	−0.096%	$405K	$917K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	93.562	−0.072%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.510	−0.128%	$26.8M	$79.2M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.538	−0.099%	$3.0M	$2.9M	20x	as long as short
Phoenix WTIOILlong	0.0000%	1h	93.630	long leg	$37K	$39K	20x
Bullet WTIOIL-USDshort	0.0000%	1h	93.508	−0.130%	$19K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.057	−0.612%	$5K	—	150x	as long as short
Lighter WTI	+0.0008%	1h	93.511	−0.127%	$11.3M	$9.7M	20x	as long as short
Paradex CL-USD-PERP	+0.0015%	8h	93.500	−0.138%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.550	−0.085%	$2.0M	$15.2M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.620	−0.011%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.520	−0.117%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.487	−0.153%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.502	−0.137%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.507	−0.131%	$333K	$573K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.569	−0.065%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.570	−0.064%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.480	−0.160%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0203%	4h	93.530	−0.107%	$4.0M	$970K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.82	+9.814%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0248% / S −0.0182%	1h	93.505	−0.134%	$84K	—	111x	as long as short