Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0370%/8h= −40.5% APRpaid last 24h −0.013%

Price spread now: OKX against Arcus+0.117%47s7-day average +0.077% · 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—prices read too far apart to compare

costs, in and out, $10k−$280.279% of the position

Long on Arcus Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.050%−$5 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now +0.117%, 7d avg +0.077%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.039% dearer against Arcus than usual: you sell high and buy low (spread +0.117% now, against its 7-day average of +0.077%): +$4 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 3 days (−0.050% in total) that is about 2.7 days. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.050% in total (about -5.3% 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	94.360	0.0521	pay 0.0065% / 1h	28m 57s	$96K	$273K	10x
Short	OKX CRCL-USDT-SWAP	94.470	0.0151	get 0.0151% / 8h	7h 28m	$22.8M	$59.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.117%Rate

Funding earned: −$77.65
Price spread: +0.117% → +0.077%: $3.95
Slippage, 4 orders: −$13.36
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$101.56
Costs to cover: 0.279%
Break-even: never at this rate

Slippage from Arcus: live order book, 44 min ago; OKX: 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, 44 min ago	2.12 bp	8.1 bp −$8	8.5 bp −$85	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.53 bp	7.1 bp −$7	12.9 bp −$129	154.8 bp −$15.5K	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.159%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.440	+0.085%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.420	+0.064%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.108%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.330	−0.032%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.403	+0.046%	$889K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0033%	8h	94.450	+0.095%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.322	−0.040%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.350	−0.011%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.280	−0.085%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.343	−0.018%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.369	+0.010%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.373	+0.014%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.310	−0.053%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.350	−0.011%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	+0.064%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.064%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.390	+0.032%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.397	+0.039%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.412	+0.055%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.096%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	+0.079%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0151%	8h	94.470	+0.117%	$22.8M	$59.5M	50x
Extended CRCL_24_5-USD	+0.0192%	1h	94.388	+0.029%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0193%	8h	94.423	+0.067%	$109.4M	$386.2M	50x	as long as short
Aster CRCLUSDT	+0.0199%	8h	94.402	+0.044%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.320	−0.042%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	+0.073%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.416	+0.059%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	+0.011%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.562%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0492%	1h	94.380	+0.021%	$4K	$769K	10x	as long as short
Arcus CRCL-USDlong	+0.0521%	1h	94.360	long leg	$96K	$273K	10x
RISEx CRCL/USDC	+0.0677%	1h	94.386	+0.028%	$431K	$299K	10x	as long as short