Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0047%/8h= +5.1% APRpaid last 24h +0.023%

Price spread now: KuCoin against Phoenix−0.125%48s7-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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.125% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.125% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 8.9 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.022% in total) that is about 39 days. The two prices were read 48 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	90.890	0.0053	pay 0.0007% / 1h	16m 42s	$36K	$37K	20x
Short	KuCoin CLUSDTM	90.776	0.0100	get 0.0050% / 4h	2h 16m	$6.8M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.125%Rate

Funding earned: $9.85
Price spread: −0.125% → 0.000%: −$12.54
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$21.69
Costs to cover: 0.190%
Break-even: 22.4 days

Slippage unknown: Phoenix: no order-book sample; KuCoin: 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 KuCoin live order book, 4 min ago	2.09 bp	10.7 bp −$11	doesn't fit	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
Deribit WTIOIL_USDC-PERPETUAL	−0.0410%	1h	90.810	−0.088%	$182K	$429K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0364%	1h	90.831	−0.065%	$305K	$1.3M	25x	as long as short
Aster CLUSD1	−0.0169%	4h	90.800	−0.099%	$24.6M	$65.8M	20x	as long as short
Binance CLUSDT	−0.0112%	4h	90.770	−0.132%	$246.0M	$1.09B	100x	as long as short
Bitget CLUSDT	−0.0112%	4h	90.736	−0.169%	$41.2M	$48.8M	100x	as long as short
Extended WTI-USD	−0.0088%	1h	90.750	−0.154%	$1.4M	$13.7M	10x	as long as short
Variational Omni CL	−0.0084%	4h	90.906	+0.018%	$12.9M	$11.1M	—	as long as short
Nado WTI-PERP	−0.0081%	1h	90.891	+0.001%	$914K	$652K	10x	as long as short
Gate CL_USDT	−0.0072%	8h	90.690	−0.220%	$23.1M	$53.7M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0071%	1h	90.680	−0.231%	$3.5M	$5.7M	20x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CL	−0.0059%	1h	90.737	−0.168%	$176.1M	$209.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0040%	4h	90.943	+0.058%	$70K	$616K	25x	as long as short
Aftermath Perps WTIUSD	−0.0033%	1h	90.965	+0.082%	$2K	$27K	5x	as long as short
OKX CL-USDT-SWAP	−0.0024%	4h	90.740	−0.165%	$40.9M	$117.9M	50x	as long as short
QFEX CL-USD	−0.0023%	1h	90.850	−0.044%	$2.2M	$3.0M	10x	as long as short
edgeX CLUSDC	−0.0004%	4h	90.918	+0.030%	$508K	$379K	30x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	90.422	−0.515%	$1K	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.794	−0.105%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	90.755	−0.149%	$26.9M	$95.8M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	90.750	−0.154%	$2.9M	$3.0M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	90.844	−0.051%	$17K	$237K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0008%	1h	90.880	−0.011%	$424K	$1.1M	15x	as long as short
Paradex CL-USD-PERP	+0.0015%	8h	90.733	−0.172%	$15K	$367	5x	as long as short
Lighter WTI	+0.0016%	1h	90.739	−0.166%	$11.1M	$9.5M	20x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	100.27	+10.318%	$19K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.970	+0.088%	$708K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.850	−0.044%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	90.834	−0.062%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	90.834	−0.062%	$2.0M	$81K	20x	as long as short
Phoenix WTIOILlong	+0.0053%	1h	90.890	long leg	$36K	$37K	20x
Pacifica CL	+0.0100%	1h	90.761	−0.142%	$313K	$709K	10x	as long as short
KuCoin CLUSDTMshort	+0.0100%	4h	90.776	−0.125%	$6.8M	$2.8M	50x
ApeX Omni CLUSDT	+0.0100%	1h	90.960	+0.077%	$53K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	90.806	−0.092%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0215%	4h	90.860	−0.033%	$3.9M	$1.0M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0250% / S −0.0172%	1h	90.925	+0.039%	$81K	—	111x	as long as short