Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0433%/8h= −47.4% APRpaid last 24h −0.023%

Price spread now: KuCoin against Arcus+0.106%7-day average +0.062% · 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−$96as in the Price arb table

costs, in and out, $10k−$1011.006% of the position

Long on Arcus Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now +0.106%, 7d avg +0.062%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.043% dearer against Arcus than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of +0.062%): +$4 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 3 days (−0.052% in total) that is about 2.9 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.052% in total (about -5.5% 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	94.600	0.0533	pay 0.0067% / 1h	16m 51s	$97K	$276K	10x
Short	KuCoin CRCLUSDTM	94.700	0.0100	get 0.0100% / 8h	16m 51s	$3.0M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$90.9
Price spread: +0.106% → +0.062%: $4.35
Slippage, 4 orders: −$84.07
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$187.13
Costs to cover: 1.006%
Break-even: never at this rate

Slippage from Arcus: live order book, 62 min ago; KuCoin: live order book, 5 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, 62 min ago	3.18 bp	9.2 bp −$9	9.6 bp −$96	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	1.06 bp	29.8 bp −$30	doesn't fit	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
Gate CRCL_USDT	0.0000%	8h	94.730	+0.137%	$7.2M	$27.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.640	+0.042%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.590	−0.011%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.725	+0.132%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.095%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.600	0.000%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.596	−0.004%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.677	+0.081%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.560	−0.042%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.653	+0.056%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.590	−0.011%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	94.700	+0.106%	$3.0M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	94.650	+0.053%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.600	0.000%	$943	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0103%	8h	94.750	+0.159%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.628	+0.029%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0119%	8h	94.633	+0.035%	$776	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0161%	1h	94.666	+0.070%	$71.8M	$43.6M	10x	as long as short
Variational Omni CRCL	+0.0184%	8h	94.712	+0.119%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0195%	8h	94.730	+0.137%	$22.9M	$60.9M	50x	as long as short
edgeX CRCLUSDC	+0.0206%	4h	94.751	+0.159%	$24K	$268K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	94.799	+0.210%	$55K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	94.655	+0.058%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0250%	8h	94.680	+0.085%	$109.7M	$390.5M	50x	as long as short
Aster CRCLUSDT	+0.0253%	8h	94.650	+0.053%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0272%	1h	94.573	−0.029%	$133K	$76K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.711	+0.117%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0303%	8h	94.730	+0.137%	$16.9M	$35.5M	25x	as long as short
Lighter CRCL	+0.0344%	1h	94.732	+0.140%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0370%	8h	94.610	+0.011%	$1.1M	$600K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+1.015%	$5K	$19K	30x	as long as short
Arcus CRCL-USDlong	+0.0533%	1h	94.600	long leg	$97K	$276K	10x
RISEx CRCL/USDC	+0.0534%	1h	94.640	+0.042%	$432K	$303K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0596%	1h	94.650	+0.053%	$4K	$772K	10x	as long as short