Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0197%/8h= +21.6% APRpaid last 24h +0.015%

Price spread now: Bybit against Variational Omni−0.002%7-day average +0.007% · you buy dearer than you sell

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$3 on $10k

Price spread, last 7 days+0.005%+$1 · spread now −0.002%, 7d avg +0.007%

Together, before fees−0.020%+ Points / potential airdropVariational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.025% in total (about -2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CL	92.897	−0.0197	get 0.0099% / 4h	1h 09m	$13.5M	$11.2M	—
Short	Bybit CLUSDT	92.895	0	get 0.0000% / 8h	5h 09m	$26.5M	$80.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Variational Omni. 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 Variational OmnibpFee BybitbpOrdersPrice spread, now −0.002%Rate

Funding earned: $41.45
Price spread: −0.002% → +0.007%: −$0.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $29.57
Costs to cover: 0.110%
Break-even: 2.0 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Bybit: 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 Variational Omni RFQ quote, 4 min ago	2.26 bp	doesn't fit	2.5 bp −$25	5.7 bp −$572	doesn't fit
Sell Bybit live order book, 4 min ago	0.54 bp	6.2 bp −$6	7.5 bp −$75	15.7 bp −$1,566	99.4 bp −$49.7K

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	−0.0718%	1h	92.880	−0.018%	$198K	$369K	15x	as long as short
Aster CLUSD1	−0.0262%	4h	92.905	+0.009%	$24.0M	$67.9M	20x	as long as short
GRVT CL_USDT_Perp	−0.0244%	4h	92.900	+0.003%	$53K	$635K	25x	as long as short
Binance CLUSDT	−0.0206%	4h	92.890	−0.007%	$244.6M	$952.0M	100x	as long as short
Variational Omni CLlong	−0.0197%	4h	92.897	long leg	$13.5M	$11.2M	—
Ondo Perps WTI-USD.P	−0.0164%	1h	92.890	−0.007%	$3.5M	$5.6M	20x	as long as short
Nado WTI-PERP	−0.0152%	1h	92.975	+0.084%	$961K	$657K	10x	as long as short
OKX CL-USDT-SWAP	−0.0077%	4h	92.890	−0.007%	$42.8M	$102.1M	50x	as long as short
tradeXYZ xyz:CL	−0.0072%	1h	92.892	−0.005%	$184.4M	$216.6M	20x	as long as short
Gate CL_USDT	−0.0070%	8h	92.870	−0.029%	$20.9M	$53.1M	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	−0.0066%	1h	92.913	+0.017%	$2K	$27K	5x	as long as short
Extended WTI-USD	−0.0064%	1h	92.940	+0.046%	$2.1M	$22.2M	10x	as long as short
edgeX CLUSDC	−0.0064%	4h	92.914	+0.019%	$529K	$301K	30x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.158%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	92.910	+0.014%	$2.5M	$1.7M	10x	as long as short
Bitget CLUSDT	−0.0006%	4h	92.870	−0.029%	$42.1M	$43.4M	100x	as long as short
Lighter WTI	0.0000%	1h	92.922	+0.027%	$11.2M	$10.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.937	+0.043%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.895	−0.002%	$26.5M	$80.9M	150x
Phoenix WTIOIL	0.0000%	1h	92.950	+0.057%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.921	+0.026%	$18K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.492	−0.436%	$5K	—	150x	as long as short
KuCoin CLUSDTM	+0.0008%	4h	92.937	+0.043%	$7.1M	$2.4M	50x	as long as short
Paradex CL-USD-PERP	+0.0011%	8h	92.911	+0.015%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	92.910	+0.014%	$733K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.950	+0.057%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.939	+0.045%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.922	+0.027%	$2.1M	$61K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	93.026	+0.139%	$3.1M	$2.9M	20x	as long as short
Pacifica CL	+0.0100%	1h	92.918	+0.023%	$331K	$619K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.960	+0.068%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.881	−0.017%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0105%	1h	92.952	+0.059%	$274K	$872K	25x	as long as short
BloFin CL-USDT	+0.0164%	4h	92.910	+0.014%	$4.1M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.915	+0.019%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.10	+9.905%	$19K	$11K	30x	as long as short