Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.041%

Price spread now: Extended against BloFin−0.071%54s7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.309% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.216%−$22 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.071%, 7d avg −0.022%

Together, before fees−0.148%+ Points / potential airdropExtended: Active · farm board−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Extended is 0.049% cheaper against BloFin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.022%). Swap the legs. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CRCL-USDT	91.230	0.0097	pay 0.0097% / 8h	2h 30m	$1.1M	$1.6M	20x
Short	Extended CRCL_24_5-USD	91.165	0.0024	get 0.0003% / 1h	30m 18s	$1.1M	$5.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$15.25
Price spread: −0.071% → −0.022%: −$4.89
Slippage, 4 orders: −$13.91
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$51.05
Costs to cover: 0.309%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Extended: live order book, 4 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	1.10 bp	10.4 bp −$10	16.6 bp −$166	36.6 bp −$3,656	doesn't fit
Sell Extended live order book, 4 min ago	0.49 bp	5.2 bp −$5	15.6 bp −$156	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	−0.0890%	8h	91.260	+0.033%	$16.7M	$36.3M	25x	as long as short
Vest CRCL-USD-PERP	−0.0072%	1h	90.880	−0.384%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.180	−0.055%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.210	−0.022%	$7.6M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.161	−0.076%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.180	−0.055%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	91.190	−0.043%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USDshort	+0.0024%	1h	91.165	−0.071%	$1.1M	$5.6M	10x
Binance CRCLUSDT	+0.0024%	8h	91.200	−0.033%	$103.7M	$395.0M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.196	−0.037%	$971K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.190	−0.044%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.194	−0.039%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.110	−0.132%	$68.1M	$43.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.160	−0.077%	$382K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.166	−0.070%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.090	−0.153%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.160	−0.077%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.180	−0.055%	$913K	$529K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0089%	8h	91.151	−0.087%	$419	$905	5x	as long as short
BloFin CRCL-USDTlong	+0.0097%	8h	91.230	long leg	$1.1M	$1.6M	20x
Pacifica CRCL	+0.0100%	1h	91.150	−0.088%	$133K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.190	−0.044%	$2.7M	$1.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0100%	8h	91.150	−0.088%	$62K	$1.1M	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	−0.066%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.170	−0.066%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.154	−0.083%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0112%	8h	91.220	−0.011%	$22.1M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.180	−0.055%	$415K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.110	−0.132%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0224%	1h	91.191	−0.043%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0303%	1h	91.115	−0.126%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.888%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0518%	1h	91.170	−0.066%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0917%	4h	91.164	−0.073%	$52K	$278K	10x	as long as short