Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0603%/8h= +66.0% APRpaid last 24h +0.055%

Price spread now: Deribit against Bybit+0.053%55s7-day average −0.030% · 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—prices read too far apart to compare

costs, in and out, $10k−$430.426% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.094%+$9 on $10k

Price spread, last 3 days (all we have)−0.113%−$11 · spread now +0.053%, 7d avg −0.030%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Deribit is 0.083% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.030%. The two prices were read 55 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 0.094% in total (about 7.4% 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	Bybit CRCLUSDT	94.720	0.0098	pay 0.0098% / 8h	25m 23s	$15.6M	$25.9M	50x
Short	Deribit CRCL_USDC-PERPETUAL	94.770	0.0701	get 0.0088% / 1h	25m 23s	$4K	$772K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.053%Rate

Funding earned: $126.55
Price spread: +0.053% → −0.030%: $8.32
Slippage, 4 orders: −$24.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $92.3
Costs to cover: 0.426%
Break-even: 1.9 days

Slippage from Bybit: live order book, 3 min ago; Deribit: live order book, 53 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 Bybit live order book, 3 min ago	1.05 bp	11.6 bp −$12	19.3 bp −$193	doesn't fit	doesn't fit
Sell Deribit live order book, 53 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	94.700	−0.021%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.750	+0.032%	$1.0M	$51K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.680	−0.042%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.741	+0.022%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.222%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.680	−0.042%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.681	−0.041%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.727	+0.007%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.650	−0.074%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.750	+0.032%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDTlong	+0.0098%	8h	94.720	long leg	$15.6M	$25.9M	50x
Pacifica CRCL	+0.0100%	1h	94.666	−0.058%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.720	0.000%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.670	−0.053%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.730	+0.011%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.746	+0.028%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0116%	8h	94.743	+0.024%	$777	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0173%	1h	94.684	−0.038%	$71.1M	$42.9M	10x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.744	+0.025%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0195%	8h	94.740	+0.021%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0223%	8h	94.781	+0.064%	$61K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0231%	8h	94.710	−0.011%	$109.8M	$390.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.683	−0.039%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0236%	8h	94.744	+0.025%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0273%	1h	94.681	−0.041%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.774	+0.057%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0304%	8h	94.700	−0.021%	$16.9M	$35.4M	25x	as long as short
Lighter CRCL	+0.0344%	1h	94.723	+0.003%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0346%	8h	94.750	+0.032%	$1.1M	$599K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.887%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.690	−0.032%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.710	−0.011%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0542%	4h	94.739	+0.020%	$24K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0701%	1h	94.770	+0.053%	$4K	$772K	10x