Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h −0.015%

Price spread now: Variational Omni against Phoenix−0.044%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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.044% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix WTIOIL	93.070	0	get 0.0000% / 1h	15m 28s	$37K	$42K	20x
Short	Variational Omni CL	93.029	−0.0176	pay 0.0088% / 4h	15m 28s	$13.5M	$10.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.044%Rate

Funding earned: −$37
Price spread: −0.044% → 0.000%: −$4.44
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$48.44
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 4 min ago	2.27 bp	doesn't fit	2.3 bp −$23	5.6 bp −$564	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	−0.0395%	1h	93.020	−0.054%	$198K	$370K	15x	as long as short
Aster CLUSD1	−0.0263%	4h	93.020	−0.054%	$24.0M	$66.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0240%	4h	93.010	−0.065%	$64K	$648K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0196%	1h	93.080	+0.010%	$274K	$872K	25x	as long as short
Binance CLUSDT	−0.0185%	4h	93.005	−0.070%	$244.5M	$947.7M	100x	as long as short
Variational Omni CLshort	−0.0176%	4h	93.029	−0.044%	$13.5M	$10.9M	—
Bitget CLUSDT	−0.0118%	4h	92.987	−0.089%	$41.9M	$43.7M	100x	as long as short
tradeXYZ xyz:CL	−0.0108%	1h	92.991	−0.085%	$184.5M	$214.5M	20x	as long as short
Aftermath Perps WTIUSD	−0.0103%	1h	93.039	−0.033%	$2K	$27K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0087%	1h	93.030	−0.043%	$3.5M	$5.4M	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	93.010	−0.064%	$42.5M	$102.6M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.344%	$402K	$944K	15x	as long as short
Gate CL_USDT	−0.0046%	8h	92.950	−0.129%	$20.8M	$52.0M	100x	as long as short
QFEX CL-USD	−0.0043%	1h	93.000	−0.075%	$2.4M	$1.7M	10x	as long as short
edgeX CLUSDC	−0.0034%	4h	93.009	−0.065%	$530K	$301K	30x	as long as short
Nado WTI-PERP	−0.0027%	1h	93.072	+0.002%	$962K	$649K	10x	as long as short
KuCoin CLUSDTM	−0.0022%	4h	92.998	−0.077%	$7.1M	$2.4M	50x	as long as short
Lighter WTI	0.0000%	1h	93.001	−0.074%	$11.2M	$10.6M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.113	+0.046%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.005	−0.070%	$26.7M	$80.3M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.063	−0.007%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOILlong	0.0000%	1h	93.070	long leg	$37K	$42K	20x
Bullet WTIOIL-USD	0.0000%	1h	93.009	−0.066%	$18K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.560	−0.548%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0014%	8h	92.985	−0.091%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.030	−0.043%	$2.0M	$20.4M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.040	−0.032%	$735K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.030	−0.043%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.001	−0.074%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.042	−0.030%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0068%	1h	93.011	−0.064%	$330K	$622K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.080	+0.011%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.978	−0.099%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0185%	4h	93.030	−0.043%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0216% / S −0.0143%	1h	92.995	−0.081%	$81K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.25	+9.865%	$19K	$11K	30x	as long as short