Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h +0.007%

Price spread now: Bybit against Aevo+0.033%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.033% dearer against Aevo than usual: you sell high and buy low (spread +0.033% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo CRCL-PERP	94.159	0.0104	pay 0.0013% / 1h	29m 38s	$4	—	10x
Short	Bybit CRCLUSDT	94.190	0.0074	get 0.0074% / 8h	1h 29m	$15.5M	$25.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$6.34
Price spread: +0.033% → 0.000%: $3.27
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.07
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; 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 Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.06 bp	11.3 bp −$11	18.8 bp −$188	doesn't fit	doesn't fit

Aevo: 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.

CRCL on 34 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
Gate CRCL_USDT	0.0000%	8h	94.170	+0.012%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.140	−0.020%	$1.0M	$50K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.195	+0.038%	$888K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.140	−0.020%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.190	+0.033%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0048%	1h	94.212	+0.056%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.109	−0.053%	$364K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.098	−0.065%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.130	−0.031%	$1.1M	$5.8M	10x	as long as short
Bybit CRCLUSDTshort	+0.0074%	8h	94.190	+0.033%	$15.5M	$25.9M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.100	−0.063%	$936K	$740K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.120	−0.042%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.310	+0.160%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.170	+0.012%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.150	−0.010%	$939	$3K	10x	as long as short
Aevo CRCL-PERPlong	+0.0104%	1h	94.159	long leg	$4	—	10x
GRVT CRCL_USDT_Perp	+0.0122%	8h	94.340	+0.192%	$59K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	94.183	+0.026%	$2.5M	$3.2M	—	as long as short
tradeXYZ xyz:CRCL	+0.0146%	1h	94.152	−0.008%	$70.6M	$42.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0153%	8h	94.201	+0.044%	$772	$740	5x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.195	+0.038%	$430K	$310K	10x	as long as short
Binance CRCLUSDT	+0.0172%	8h	94.179	+0.021%	$108.2M	$388.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	94.162	+0.003%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0195%	8h	94.180	+0.022%	$1.1M	$4.8M	20x	as long as short
edgeX CRCLUSDC	+0.0200%	4h	94.277	+0.125%	$24K	$268K	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.279	+0.127%	$28K	$92K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0214%	8h	94.150	−0.010%	$22.7M	$60.4M	50x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.180	+0.022%	$96K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0268%	1h	94.077	−0.087%	$126K	$74K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0281%	1h	94.140	−0.020%	$4K	$771K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.211	+0.055%	$3.0M	$2.3M	10x	as long as short
BloFin CRCL-USDT	+0.0296%	8h	94.120	−0.042%	$1.1M	$579K	20x	as long as short
Bitget CRCLUSDT	+0.0314%	8h	94.160	+0.001%	$16.6M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.638%	$5K	$19K	30x	as long as short