Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0308%/8h= +33.7% APRpaid last 24h +0.037%

Price spread now: Deribit against BloFin−0.064%57s7-day average −0.018% · 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—prices read too far apart to compare

costs, in and out, $10k−$430.431% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.064%, 7d avg −0.018%

Together, before fees+0.060%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.046% cheaper against BloFin than usual: you would sell low and buy high (spread −0.064% now, against its 7-day average of −0.018%). If the spread goes back, that is −$5 on $10k: about 12 hours of funding at the current rate (+$9 a day). The two prices were read 57 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 5 days it paid -0.019% in total (about -1.6% 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	BloFin CRCL-USDT	94.460	0.0184	pay 0.0184% / 8h	1h 59m	$1.1M	$588K	20x
Short	Deribit CRCL_USDC-PERPETUAL	94.400	0.0492	get 0.0062% / 1h	59m 48s	$4K	$771K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.064%Rate

Funding earned: $64.62
Price spread: −0.064% → −0.018%: −$4.59
Slippage, 4 orders: −$24.12
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $16.9
Costs to cover: 0.431%
Break-even: 5.2 days

Slippage from BloFin: live order book, 2 min ago; Deribit: live order book, 24 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 BloFin live order book, 2 min ago	1.06 bp	9.7 bp −$10	19.9 bp −$199	doesn't fit	doesn't fit
Sell Deribit live order book, 24 min ago	0.53 bp	9.3 bp −$9	10.7 bp −$107	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
RISEx CRCL/USDC	0.0000%	1h	94.443	−0.018%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.410	−0.053%	$7.2M	$27.8M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.417	−0.045%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.410	−0.053%	$1.0M	$50K	10x	as long as short
Variational Omni CRCL	+0.0017%	8h	94.462	+0.002%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.420	−0.042%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0027%	8h	94.400	−0.064%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.356	−0.110%	$880K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.399	−0.065%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.380	−0.085%	—	$45K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	94.330	−0.138%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.423	−0.039%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.350	−0.116%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	94.389	−0.076%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0067%	8h	94.380	−0.085%	$108.4M	$389.3M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.404	−0.060%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.370	−0.095%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.116%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.350	−0.116%	$941	$3K	10x	as long as short
Aster CRCLUSDT	+0.0101%	8h	94.374	−0.091%	$1.1M	$4.8M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.368	−0.098%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0133%	8h	94.464	+0.004%	$775	$740	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.074%	$939K	$743K	10x	as long as short
BloFin CRCL-USDTlong	+0.0184%	8h	94.460	long leg	$1.1M	$588K	20x
Nado CRCL-PERP	+0.0193%	1h	94.290	−0.180%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0203%	8h	94.380	−0.085%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.456	−0.004%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.346	−0.121%	$3.1M	$2.2M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0317%	1h	94.298	−0.172%	$70.7M	$42.9M	10x	as long as short
Bitget CRCLUSDT	+0.0317%	8h	94.400	−0.064%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.487%	$5K	$20K	30x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0492%	1h	94.400	−0.064%	$4K	$771K	10x
Arcus CRCL-USD	+0.0560%	1h	94.440	−0.021%	$97K	$274K	10x	as long as short
edgeX CRCLUSDC	+0.0714%	4h	94.432	−0.030%	$24K	$268K	10x	as long as short