Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0188%/8h= +20.6% APRpaid last 24h +0.024%

Price spread now: Extended against Bybit−0.031%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

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

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now −0.031%, 7d avg −0.052%

Together, before fees−0.051%+ Points / potential airdropExtended: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Extended is 0.021% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.052%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.017% in total (about 0.9% 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	94.310	0.0012	pay 0.0012% / 8h	7h 33m	$15.5M	$25.7M	50x
Short	Extended CRCL_24_5-USD	94.281	0.0200	get 0.0025% / 1h	33m 57s	$1.1M	$5.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.031%Rate

Funding earned: $39.48
Price spread: −0.031% → −0.052%: $2.12
Slippage, 4 orders: −$14.86
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $10.74
Costs to cover: 0.309%
Break-even: 5.1 days

Slippage from Bybit: live order book, 5 min ago; Extended: 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 Bybit live order book, 5 min ago	0.53 bp	10.2 bp −$10	17.2 bp −$172	doesn't fit	doesn't fit
Sell Extended live order book, 5 min ago	0.90 bp	5.7 bp −$6	19.4 bp −$194	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.100	−0.223%	$941K	$619K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.320	+0.011%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.341	+0.033%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.320	+0.011%	$1.0M	$51K	10x	as long as short
Bybit CRCLUSDTlong	+0.0012%	8h	94.310	long leg	$15.5M	$25.7M	50x
Lighter RH CRCL	+0.0032%	1h	94.328	+0.019%	$891K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.300	−0.011%	$1.4M	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.245	−0.069%	$2K	$22K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.180	−0.138%	—	$37K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.256	−0.057%	$71.7M	$42.2M	10x	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	94.281	−0.031%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.304	−0.006%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.180	−0.138%	$1.1M	$5.8M	10x	as long as short
Bitget CRCLUSDT	+0.0052%	8h	94.370	+0.064%	$17.0M	$34.9M	25x	as long as short
Pacifica CRCL	+0.0100%	1h	94.249	−0.065%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.350	+0.042%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.230	−0.085%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.290	−0.021%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.314	+0.004%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0107%	8h	94.303	−0.007%	$773	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	+0.022%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0156%	8h	94.310	0.000%	$22.8M	$59.8M	50x	as long as short
Extended CRCL_24_5-USDshort	+0.0200%	1h	94.281	−0.031%	$1.1M	$5.7M	10x
Binance CRCLUSDT	+0.0200%	8h	94.304	−0.006%	$109.3M	$387.1M	50x	as long as short
Aster CRCLUSDT	+0.0206%	8h	94.335	+0.027%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0226%	1h	94.229	−0.086%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.307	−0.003%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.344	+0.036%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0323%	8h	94.320	+0.011%	$1.1M	$560K	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0387%	1h	94.310	0.000%	$4K	$771K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.445%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0464%	4h	94.309	−0.001%	$24K	$268K	10x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.280	−0.032%	$96K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.307	−0.003%	$430K	$299K	10x	as long as short