Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0731%/8h= +80.0% APRpaid last 24h +0.061%

Price spread now: Deribit against Aster+0.107%7-day average −0.024% · 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−$22as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on Aster Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.116%+$12 on $10k

Price spread, last 3 days (all we have)−0.129%−$13 · spread now +0.107%, 7d avg −0.024%

Together, before fees−0.013%+ Points / potential airdropAster: Stage 5 · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Deribit is 0.130% dearer against Aster than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.024%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.116% in total (about 9.1% 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	Aster CRCLUSDT	94.469	0.0184	pay 0.0184% / 8h	48m 27s	$1.1M	$4.9M	20x
Short	Deribit CRCL_USDC-PERPETUAL	94.570	0.0915	get 0.0114% / 1h	48m 27s	$4K	$772K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Aster. 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 AsterbpFee DeribitbpOrdersPrice spread, now +0.107%Rate

Funding earned: $153.43
Price spread: +0.107% → −0.024%: $13.02
Slippage, 4 orders: −$20.28
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $131.17
Costs to cover: 0.353%
Break-even: 1.0 days

Slippage from Aster: live order book, 5 min ago; Deribit: live order book, 30 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 Aster live order book, 5 min ago	1.59 bp	6.5 bp −$6	18.8 bp −$188	doesn't fit	doesn't fit
Sell Deribit live order book, 30 min ago	0.53 bp	11.4 bp −$11	15.0 bp −$150	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	94.560	+0.096%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.490	+0.022%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.530	+0.064%	$1.4M	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.390	−0.084%	$939K	$722K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.430	−0.042%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.486	+0.018%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.390	−0.084%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0051%	1h	94.505	+0.038%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0083%	1h	94.528	+0.062%	$366K	$1.1M	10x	as long as short
Bybit CRCLUSDT	+0.0096%	8h	94.580	+0.117%	$15.6M	$25.8M	50x	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	94.510	+0.043%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.530	+0.064%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.450	−0.021%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.540	+0.075%	$943	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.562	+0.099%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0113%	8h	94.523	+0.057%	$2.5M	$3.1M	—	as long as short
Lighter RH CRCL	+0.0128%	1h	94.580	+0.117%	$891K	$2.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0129%	8h	94.547	+0.082%	$775	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0149%	8h	94.544	+0.079%	$63K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.543	+0.078%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0172%	8h	94.559	+0.095%	$108.9M	$388.7M	50x	as long as short
Aster CRCLUSDTlong	+0.0184%	8h	94.469	long leg	$1.1M	$4.9M	20x
edgeX CRCLUSDC	+0.0189%	4h	94.530	+0.065%	$24K	$268K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0200%	8h	94.550	+0.085%	$22.9M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0288%	1h	94.557	+0.093%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0291%	8h	94.510	+0.043%	$1.1M	$589K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0295%	1h	94.521	+0.055%	$70.9M	$42.7M	10x	as long as short
Bitget CRCLUSDT	+0.0312%	8h	94.570	+0.107%	$16.8M	$35.3M	25x	as long as short
Nado CRCL-PERP	+0.0322%	1h	94.467	−0.003%	$127K	$73K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.950	+0.509%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0456%	1h	94.599	+0.137%	$3.1M	$2.2M	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.530	+0.064%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.570	+0.107%	$431K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0915%	1h	94.570	+0.107%	$4K	$772K	10x