Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0980%/8h= −107.3% APRpaid last 24h −0.022%

Price spread now: Bitget against Arcus−0.120%7-day average +0.089% · 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−$66as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on Arcus Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.071%−$7 on $10k

Price spread, last 4 days (all we have)+0.234%+$23 · spread now −0.120%, 7d avg +0.089%

Together, before fees+0.163%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and Bitget is 0.208% cheaper against Arcus than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.089%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.071% in total (about -7.3% 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	Arcus CRCL-USD	91.930	0.0040	pay 0.0005% / 1h	47m 08s	$93K	$273K	10x
Short	Bitget CRCLUSDT	91.820	−0.0940	pay 0.0940% / 8h	4h 47m	$16.2M	$34.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Arcus. 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 ArcusbpFee BitgetbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$205.86
Price spread: −0.120% → +0.089%: −$20.82
Slippage, 4 orders: −$29.16
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$272.34
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from Arcus: live order book, 11 min ago; Bitget: live order book, 2 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 Arcus live order book, 11 min ago	1.63 bp	14.9 bp −$15	18.9 bp −$189	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	1.63 bp	10.0 bp −$10	12.9 bp −$129	56.1 bp −$5,605	doesn't fit

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 CRCLUSDTshort	−0.0940%	8h	91.820	−0.120%	$16.2M	$34.9M	25x
Vest CRCL-USD-PERP	−0.0068%	1h	91.550	−0.413%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.788	−0.155%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.727	−0.221%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.760	−0.185%	$104.6M	$387.6M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.780	−0.163%	$15.0M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.801	−0.140%	$419K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.790	−0.152%	$7.3M	$26.9M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.929	−0.001%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.879	−0.056%	$64K	$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	91.790	−0.152%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0008%	8h	91.790	−0.152%	$22.0M	$60.5M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.800	−0.141%	$906K	$490K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0028%	1h	91.870	−0.065%	$2K	$24K	5x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.750	−0.196%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.822	−0.117%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USDlong	+0.0040%	1h	91.930	long leg	$93K	$273K	10x
tradeXYZ xyz:CRCL	+0.0050%	1h	91.755	−0.190%	$68.5M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.762	−0.183%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.751	−0.195%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.790	−0.152%	$994K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	91.730	−0.217%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.750	−0.196%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.760	−0.185%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.780	−0.163%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.750	−0.196%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.773	−0.170%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.820	−0.120%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.884	−0.050%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0216%	1h	91.822	−0.117%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0308%	1h	91.699	−0.251%	$131K	$104K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0404%	1h	91.780	−0.163%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.435%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0952%	4h	91.850	−0.087%	$51K	$276K	10x	as long as short