Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0026%/8h= −2.8% APRpaid last 24h +0.056%

Price spread now: Deribit against Binance−0.082%7-day average +0.006% · 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−$41as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.169%+$17 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now −0.082%, 7d avg +0.006%

Together, before fees+0.272%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Deribit is 0.088% cheaper against Binance than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.006%). Swap the legs. Mind the row above: over the last 5 days funding on this pair paid +0.169%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CRCLUSDT	91.295	0.0026	pay 0.0026% / 8h	2h 34m	$103.8M	$394.8M	50x
Short	Deribit CRCL_USDC-PERPETUAL	91.220	0	get 0.0000% / 1h	34m 18s	$4K	$768K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$5.45
Price spread: −0.082% → +0.006%: −$8.76
Slippage, 4 orders: −$15.23
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$46.44
Costs to cover: 0.322%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Deribit: live order book, 15 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 Binance live order book, 9 min ago	0.55 bp	6.7 bp −$7	10.6 bp −$106	35.8 bp −$3,580	doesn't fit
Sell Deribit live order book, 15 min ago	5.45 bp	10.0 bp −$10	13.2 bp −$132	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	−0.0852%	8h	91.390	+0.104%	$16.6M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0070%	1h	91.120	−0.191%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.290	−0.005%	$14.6M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.370	+0.082%	$7.4M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.361	+0.072%	$2.4M	$3.2M	—	as long as short
Deribit CRCL_USDC-PERPETUALshort	0.0000%	1h	91.220	−0.082%	$4K	$768K	10x
Phemex CRCLUSDT	0.0000%	4h	91.450	+0.170%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0014%	8h	91.322	+0.030%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.332	+0.041%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDTlong	+0.0026%	8h	91.295	long leg	$103.8M	$394.8M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.360	+0.072%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.330	+0.039%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.339	+0.049%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.326	+0.034%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.441	+0.160%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.360	+0.072%	$996K	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.370	+0.082%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0063%	1h	91.300	+0.006%	$68.3M	$43.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.450	+0.170%	$911K	$526K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0091%	8h	91.349	+0.059%	$420	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.339	+0.048%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.360	+0.072%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.310	+0.017%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.290	−0.005%	$910	$2K	10x	as long as short
BloFin CRCL-USDT	+0.0103%	8h	91.460	+0.181%	$1.1M	$1.6M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	91.328	+0.037%	$62K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.275	−0.021%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0110%	8h	91.300	+0.006%	$22.1M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.360	+0.072%	$416K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.130	−0.180%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0240%	1h	91.358	+0.069%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0305%	1h	91.324	+0.032%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.816%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0858%	4h	91.307	+0.014%	$52K	$277K	10x	as long as short