Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1002%/8h= +109.7% APRpaid last 24h −0.029%

Price spread now: tradeXYZ against Bitget−0.140%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Bitget Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 7 days+0.012%+$1 · spread now −0.140%, 7d avg −0.093%

Together, before fees−0.164%+ Points / potential airdroptradeXYZ: Active · farm board−$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.047% cheaper against Bitget than usual: you would sell low and buy high (spread −0.140% now, against its 7-day average of −0.093%). If the spread goes back, that is −$5 on $10k: about 4 hours of funding at the current rate (+$30 a day). Mind the row above: over the last 7 days funding on this pair cost −0.177%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.177% in total (about -9.2% 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	Bitget CRCLUSDT	92.140	−0.0952	get 0.0952% / 8h	4h 13m	$16.6M	$35.2M	25x
Short	tradeXYZ xyz:CRCL	92.011	0.0050	get 0.0006% / 1h	13m 09s	$68.6M	$41.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against Bitget. 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 BitgetbpFee tradeXYZbpOrdersPrice spread, now −0.140%Rate

Funding earned: $210.42
Price spread: −0.140% → −0.093%: −$4.67
Slippage, 4 orders: −$6.94
Fee Bitget: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $168.81
Costs to cover: 0.369%
Break-even: 1.4 days

Slippage from Bitget: live order book, 1 min ago; tradeXYZ: 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 Bitget live order book, 1 min ago	0.54 bp	8.6 bp −$9	15.3 bp −$153	39.8 bp −$3,985	doesn't fit
Sell tradeXYZ live order book, 5 min ago	0.60 bp	10.0 bp −$10	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
Bitget CRCLUSDTlong	−0.0952%	8h	92.140	long leg	$16.6M	$35.2M	25x
Vest CRCL-USD-PERP	−0.0070%	1h	91.810	−0.358%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.021	−0.129%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.081	−0.064%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.125	−0.017%	$104.8M	$389.8M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.130	−0.011%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.105	−0.038%	$419K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.130	−0.011%	$7.2M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.929	−0.229%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.052	−0.095%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	92.010	−0.141%	$1.0M	$49K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.890	−0.271%	$907K	$491K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	92.070	−0.076%	$1.3M	$2.0M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0032%	8h	92.150	+0.011%	$22.1M	$61.3M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.106	−0.037%	$976K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.940	−0.217%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.940	−0.217%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0050%	1h	92.011	−0.140%	$68.6M	$41.7M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	92.038	−0.111%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.071	−0.075%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.000	−0.152%	$1.0M	$5.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.050	−0.098%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.010	−0.141%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.990	−0.163%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.070	−0.076%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.071	−0.074%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0106%	8h	92.078	−0.067%	$424	$905	5x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	92.090	−0.054%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	92.044	−0.104%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0208%	1h	92.108	−0.035%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0223%	4h	91.994	−0.158%	$51K	$277K	10x	as long as short
Nado CRCL-PERP	+0.0306%	1h	91.955	−0.200%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.400	+0.282%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0728%	1h	92.080	−0.065%	$4K	$767K	10x	as long as short