Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0099%/8h= −10.8% APRpaid last 24h −0.005%

Price spread now: edgeX against Phoenix−0.153%115s7-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 edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.312%−$31 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and edgeX is 0.153% cheaper against Phoenix than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 115 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	Phoenix WTIOIL	92.520	0.0009	pay 0.0001% / 1h	17m 38s	$37K	$39K	20x
Short	edgeX CLUSDC	92.379	−0.0090	pay 0.0045% / 4h	3h 17m	$539K	$343K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.153%Rate

Funding earned: −$20.71
Price spread: −0.153% → 0.000%: −$15.28
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$51.99
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; edgeX: live order book, 16 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 edgeX live order book, 16 min ago	10.02 bp	14.5 bp −$15	14.6 bp −$146	22.0 bp −$2,200	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	−0.0617%	1h	92.190	−0.357%	$184K	$414K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0315%	1h	92.254	−0.287%	$258K	$944K	25x	as long as short
Aster CLUSD1	−0.0215%	4h	92.240	−0.303%	$24.9M	$59.3M	20x	as long as short
Binance CLUSDT	−0.0125%	4h	92.200	−0.346%	$244.8M	$935.5M	100x	as long as short
Variational Omni CL	−0.0105%	4h	92.432	−0.096%	$13.5M	$10.7M	—	as long as short
Nado WTI-PERP	−0.0099%	1h	92.296	−0.242%	$945K	$598K	10x	as long as short
GRVT CL_USDT_Perp	−0.0098%	4h	92.300	−0.238%	$74K	$611K	25x	as long as short
edgeX CLUSDCshort	−0.0090%	4h	92.379	−0.153%	$539K	$343K	30x
Gate CL_USDT	−0.0084%	8h	92.170	−0.378%	$23.6M	$50.6M	100x	as long as short
Bitget CLUSDT	−0.0078%	4h	92.186	−0.361%	$42.0M	$42.1M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps WTIUSD	−0.0055%	1h	92.541	+0.023%	$1K	$27K	5x	as long as short
OKX CL-USDT-SWAP	−0.0045%	4h	92.190	−0.357%	$42.4M	$102.9M	50x	as long as short
QFEX CL-USD	−0.0026%	1h	92.190	−0.357%	$2.3M	$2.5M	10x	as long as short
tradeXYZ xyz:CL	−0.0009%	1h	92.246	−0.296%	$183.6M	$192.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.226	−0.318%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.240	−0.303%	$27.5M	$83.3M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.228	−0.316%	$3.0M	$2.8M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.236	−0.307%	$19K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.830	−0.746%	$5K	—	150x	as long as short
Phoenix WTIOILlong	+0.0009%	1h	92.520	long leg	$37K	$39K	20x
Coinbase International WTIOIL-PERP-INTX	+0.0016%	1h	92.340	−0.195%	$417K	$982K	15x	as long as short
Paradex CL-USD-PERP	+0.0017%	8h	92.199	−0.347%	$15K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	92.225	−0.319%	$11.2M	$9.0M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.270	−0.270%	$1.7M	$13.9M	10x	as long as short
Ondo Perps WTI-USD.P	+0.0035%	1h	92.170	−0.378%	$3.6M	$5.2M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.390	−0.141%	$726K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.270	−0.270%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.274	−0.266%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.210	−0.335%	$2.0M	$69K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.234	−0.310%	$342K	$574K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.257	−0.284%	$7.0M	$2.5M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.450	−0.076%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.184	−0.363%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S −0.0007%	1h	92.235	−0.308%	$80K	—	111x	as long as short
BloFin CL-USDT	+0.0194%	4h	92.280	−0.259%	$4.0M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+10.391%	$19K	$5K	30x	as long as short