Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Bybit against SoDEX−0.016%46s7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$500.498% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.104%−$10 on $10k

Price spread, last 4 days (all we have)+0.142%+$14 · spread now −0.016%, 7d avg +0.014%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.031% cheaper against SoDEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.014%). Swap the legs. The two prices were read 46 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	SoDEX CL-USD	93.215	0.0050	pay 0.0006% / 1h	17m 31s	$2.1M	$60K	20x
Short	Bybit CLUSDT	93.200	0	get 0.0000% / 8h	3h 17m	$26.8M	$80.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$10.5
Price spread: −0.016% → +0.014%: −$3.05
Slippage, 4 orders: −$30.79
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$63.34
Costs to cover: 0.498%
Break-even: never at this rate

Slippage from SoDEX: live order book, 1 min ago; Bybit: live order book, 1 min ago.

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 SoDEX live order book, 1 min ago	0.54 bp	18.8 bp −$19	82.3 bp −$823	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.54 bp	6.2 bp −$6	7.4 bp −$74	16.1 bp −$1,606	102.9 bp −$51.5K

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	−0.0608%	1h	93.190	−0.027%	$199K	$370K	15x	as long as short
GRVT CL_USDT_Perp	−0.0326%	4h	93.123	−0.099%	$54K	$645K	25x	as long as short
Aster CLUSD1	−0.0260%	4h	93.219	+0.004%	$24.3M	$66.0M	20x	as long as short
Binance CLUSDT	−0.0186%	4h	93.191	−0.025%	$246.0M	$940.1M	100x	as long as short
Variational Omni CL	−0.0167%	4h	93.119	−0.103%	$13.3M	$10.9M	—	as long as short
Ondo Perps WTI-USD.P	−0.0134%	1h	93.150	−0.070%	$3.5M	$5.4M	20x	as long as short
Bitget CLUSDT	−0.0132%	4h	93.184	−0.033%	$42.0M	$43.2M	100x	as long as short
Aftermath Perps WTIUSD	−0.0127%	1h	93.197	−0.019%	$2K	$27K	5x	as long as short
Nado WTI-PERP	−0.0119%	1h	93.279	+0.069%	$965K	$630K	10x	as long as short
Gate CL_USDT	−0.0067%	8h	93.150	−0.070%	$21.3M	$51.5M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_WTIOILUSD	−0.0061%	1h	93.222	+0.007%	$281K	$958K	25x	as long as short
OKX CL-USDT-SWAP	−0.0059%	4h	93.180	−0.038%	$42.7M	$102.8M	50x	as long as short
tradeXYZ xyz:CL	−0.0054%	1h	93.221	+0.006%	$184.5M	$217.6M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.160	−0.059%	$403K	$929K	15x	as long as short
QFEX CL-USD	−0.0033%	1h	93.190	−0.027%	$2.3M	$1.9M	10x	as long as short
Paradex CL-USD-PERP	−0.0027%	8h	93.207	−0.008%	$16K	$367	5x	as long as short
edgeX CLUSDC	−0.0025%	4h	93.146	−0.074%	$524K	$306K	30x	as long as short
Phoenix WTIOIL	−0.0009%	1h	93.210	−0.005%	$37K	$41K	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.255	+0.042%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	93.200	−0.016%	$26.8M	$80.5M	150x
RISEx CL/USDC	0.0000%	1h	93.256	+0.044%	$3.1M	$2.9M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.208	−0.008%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.787	−0.459%	$5K	—	150x	as long as short
KuCoin CLUSDTM	+0.0004%	4h	93.238	+0.025%	$7.1M	$2.4M	50x	as long as short
Lighter WTI	+0.0008%	1h	93.213	−0.002%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0016%	1h	93.240	+0.027%	$2.0M	$18.6M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.140	−0.080%	$736K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.220	+0.005%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.214	−0.001%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USDlong	+0.0050%	1h	93.215	long leg	$2.1M	$60K	20x
Pacifica CL	+0.0100%	1h	93.212	−0.003%	$331K	$579K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.250	+0.038%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.175	−0.043%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0183%	4h	93.140	−0.080%	$4.0M	$999K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.51	+9.972%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0223% / S −0.0151%	1h	93.205	−0.011%	$81K	—	111x	as long as short