Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.005%

Price spread now: Bybit against Aftermath Perps+0.161%7-day average — · you sell dearer than you buy

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

Long on Aftermath Perps Short on Bybit

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—needs both histories

The price spread pays, funding is against you. Bybit is 0.161% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.161% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 26 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps CRCLUSD	91.513	0.0020	pay 0.0003% / 1h	35m 05s	$2K	$23K	5x
Short	Bybit CRCLUSDT	91.660	0	get 0.0000% / 8h	5h 35m	$14.9M	$25.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aftermath Perps. 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 Aftermath PerpsbpFee BybitbpOrdersPrice spread, now +0.161%Rate

Funding earned: −$4.28
Price spread: +0.161% → 0.000%: $16.08
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$8.2
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	1.09 bp	10.3 bp −$10	17.6 bp −$176	doesn't fit	doesn't fit

Aftermath Perps: 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
Bitget CRCLUSDT	−0.1325%	8h	91.680	+0.183%	$15.8M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	91.410	−0.112%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.450	−0.069%	$902K	$527K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.619	+0.116%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.645	+0.145%	$104.3M	$384.5M	50x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.660	+0.161%	$14.9M	$25.7M	50x
RISEx CRCL/USDC	0.0000%	1h	91.643	+0.142%	$418K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.660	+0.161%	$7.1M	$26.6M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.607	+0.103%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.610	+0.106%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.620	+0.117%	$1.0M	$49K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	91.670	+0.171%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0014%	8h	91.660	+0.161%	$21.5M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSDlong	+0.0020%	1h	91.513	long leg	$2K	$23K	5x
QFEX CRCL-USD	+0.0023%	1h	91.580	+0.073%	$1.3M	$2.1M	10x	as long as short
BloFin CRCL-USDT	+0.0027%	8h	91.640	+0.139%	$1.1M	$1.3M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.682	+0.185%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.540	+0.030%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.598	+0.093%	$68.5M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.608	+0.104%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.630	+0.128%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.470	−0.047%	$996K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0068%	8h	91.662	+0.163%	$752	$740	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0077%	1h	91.640	+0.139%	$4K	$767K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.602	+0.097%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.630	+0.128%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.560	+0.052%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.630	+0.128%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.637	+0.135%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.604	+0.100%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0183%	1h	91.585	+0.079%	$130K	$104K	3x	as long as short
Lighter CRCL	+0.0200%	1h	91.658	+0.159%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.200	+0.751%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0562%	4h	91.573	+0.066%	$23K	$267K	10x	as long as short