Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0117%/8h= +12.8% APRpaid last 24h +0.030%

Price spread now: Phoenix against Variational Omni+0.100%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 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 for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.100% dearer against Variational Omni than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CL	92.657	−0.0108	get 0.0054% / 4h	3h 24m	$13.5M	$10.8M	—
Short	Phoenix WTIOIL	92.750	0.0009	get 0.0001% / 1h	24m 45s	$37K	$39K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.100%Rate

Funding earned: $24.52
Price spread: +0.100% → 0.000%: $10.04
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $27.57
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phoenix: no order-book sample. 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	2.27 bp	doesn't fit	2.6 bp −$26	5.6 bp −$559	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	−0.0722%	1h	92.550	−0.115%	$187K	$411K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0314%	1h	92.576	−0.087%	$269K	$948K	25x	as long as short
Aster CLUSD1	−0.0223%	4h	92.590	−0.072%	$25.0M	$60.2M	20x	as long as short
Binance CLUSDT	−0.0124%	4h	92.580	−0.083%	$244.9M	$933.0M	100x	as long as short
Gate CL_USDT	−0.0122%	8h	92.520	−0.148%	$23.5M	$50.1M	100x	as long as short
Variational Omni CLlong	−0.0108%	4h	92.657	long leg	$13.5M	$10.8M	—
Nado WTI-PERP	−0.0102%	1h	92.598	−0.064%	$947K	$598K	10x	as long as short
Bitget CLUSDT	−0.0078%	4h	92.563	−0.101%	$42.1M	$41.9M	100x	as long as short
GRVT CL_USDT_Perp	−0.0068%	4h	92.853	+0.211%	$74K	$611K	25x	as long as short
Aftermath Perps WTIUSD	−0.0067%	1h	92.827	+0.183%	$1K	$27K	5x	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	−0.0045%	4h	92.570	−0.094%	$42.5M	$102.8M	50x	as long as short
QFEX CL-USD	−0.0026%	1h	92.600	−0.061%	$2.3M	$2.5M	10x	as long as short
tradeXYZ xyz:CL	−0.0014%	1h	92.580	−0.083%	$183.8M	$190.7M	20x	as long as short
edgeX CLUSDC	0.0000%	4h	92.910	+0.273%	$542K	$341K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	92.605	−0.056%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.600	−0.061%	$27.4M	$82.6M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.612	−0.048%	$3.0M	$2.8M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.590	−0.072%	$19K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.166	−0.530%	$5K	—	150x	as long as short
Phoenix WTIOILshort	+0.0009%	1h	92.750	+0.100%	$37K	$39K	20x
Paradex CL-USD-PERP	+0.0016%	8h	92.521	−0.147%	$15K	$367	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0016%	1h	92.590	−0.072%	$427K	$869K	15x	as long as short
Ondo Perps WTI-USD.P	+0.0030%	1h	92.540	−0.126%	$3.6M	$5.2M	20x	as long as short
Lighter WTI	+0.0032%	1h	92.580	−0.083%	$11.3M	$8.9M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.620	−0.040%	$1.7M	$14.1M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.680	+0.025%	$729K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.610	−0.051%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.610	−0.051%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.575	−0.088%	$2.1M	$69K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.580	−0.083%	$344K	$584K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.607	−0.054%	$7.0M	$2.5M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.730	+0.079%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.561	−0.103%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0166% / S −0.0007%	1h	92.595	−0.067%	$80K	—	111x	as long as short
BloFin CL-USDT	+0.0197%	4h	92.610	−0.051%	$4.0M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+10.228%	$19K	$5K	30x	as long as short