CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0471%/8h= +51.6% APRnext payment +$0.59 per $10,000 · paid last 24h +0.021%

Price spread now: Deribit against Arcus+0.011%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$420.415% of the position

Long on Arcus Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.073%+$7 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now +0.011%, 7d avg +0.046%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.035% cheaper against Arcus than usual: you would sell low and buy high (spread +0.011% now, against its 7-day average of +0.046%). If the spread goes back, that is −$4 on $10k: about 6 hours of funding at the current rate (+$14 a day). At the pace of the last 4 days (+0.073% in total) that is about 41 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.073% in total (about 7.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.59 per $10,000. 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	92.030	0.0040	pay 0.0005% / 1h	12m 32s	$93K	$273K	10x
Short	Deribit CRCL_USDC-PERPETUAL	92.040	0.0511	get 0.0064% / 1h	12m 32s	$4K	$767K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.011%Rate

Funding earned: $98.88
Price spread: +0.011% → +0.046%: −$3.52
Slippage, 4 orders: −$30.04
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $53.82
Costs to cover: 0.415%
Break-even: 3.2 days

Slippage from Arcus: live order book, 51 min ago; Deribit: live order book, 51 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, 51 min ago	3.81 bp	10.9 bp −$11	14.4 bp −$144	doesn't fit	doesn't fit
Sell Deribit live order book, 51 min ago	0.54 bp	7.3 bp −$7	9.4 bp −$94	doesn't fit	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 CRCLUSDT	−0.1131%	8h	92.110	+0.087%	$16.0M	$34.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.880	−0.163%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.090	+0.065%	$909K	$501K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.120	+0.098%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.070	+0.043%	$420K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.110	+0.087%	$7.1M	$26.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.177	+0.160%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.175	+0.158%	$65K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.110	+0.087%	$1.0M	$49K	10x	as long as short
Binance CRCLUSDT	+0.0004%	8h	92.097	+0.072%	$105.2M	$386.1M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0008%	1h	92.030	0.000%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	92.011	−0.021%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0014%	8h	92.100	+0.076%	$21.6M	$59.7M	50x	as long as short
BloFin CRCL-USDT	+0.0017%	8h	92.020	−0.011%	$1.1M	$1.3M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	92.017	−0.015%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.030	0.000%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.080	+0.054%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USDlong	+0.0040%	1h	92.030	long leg	$93K	$273K	10x
tradeXYZ xyz:CRCL	+0.0050%	1h	92.048	+0.020%	$68.6M	$41.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.066	+0.039%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.032	+0.002%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.040	+0.011%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	92.072	+0.046%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.062	+0.035%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.050	+0.022%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.030	0.000%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.040	+0.011%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.049	+0.021%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	92.192	+0.176%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0226%	1h	91.994	−0.039%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0240%	1h	92.085	+0.060%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0305%	4h	92.149	+0.129%	$23K	$249K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.543%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0511%	1h	92.040	+0.011%	$4K	$767K	10x