Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.010%

Price spread now: GRVT against Bybit+0.207%90s7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as 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−$360.364% of the position

Long on Bybit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 4 days (all we have)+0.345%+$35 · spread now +0.207%, 7d avg +0.017%

Together, before fees+0.264%+ Points / potential airdropGRVT: Active · farm board+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.190% dearer against Bybit than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of +0.017%. The two prices were read 90 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	Bybit CRCLUSDT	91.790	0	get 0.0000% / 8h	5h 59m	$15.0M	$25.6M	50x
Short	GRVT CRCL_USDT_Perp	91.980	0	get 0.0000% / 8h	5h 59m	$63K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.207%Rate

Funding earned: $0
Price spread: +0.207% → +0.017%: $19
Slippage, 4 orders: −$16.38
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$17.39
Costs to cover: 0.364%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; GRVT: live order book, 3 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, 4 min ago	0.54 bp	9.3 bp −$9	14.7 bp −$147	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	1.09 bp	9.6 bp −$10	19.4 bp −$194	doesn't fit	doesn't fit

CRCL on 33 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	−0.0985%	8h	91.790	0.000%	$15.8M	$34.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0066%	1h	91.540	−0.272%	—	$40K	25x	as long as short
Gate CRCL_USDT	−0.0042%	8h	91.730	−0.065%	$7.1M	$27.0M	50x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.840	+0.054%	$906K	$552K	10x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	91.790	long leg	$15.0M	$25.6M	50x
RISEx CRCL/USDC	0.0000%	1h	91.750	−0.044%	$419K	$297K	10x	as long as short
Variational Omni CRCL	0.0000%	8h	91.759	−0.034%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perpshort	0.0000%	8h	91.980	+0.207%	$63K	$1.1M	10x
Phemex CRCLUSDT	0.0000%	4h	91.750	−0.044%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.843	+0.058%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.768	−0.024%	$972K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0040%	1h	91.732	−0.064%	$1.1M	$5.7M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	+0.076%	$93K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0043%	8h	91.820	+0.033%	$21.7M	$58.9M	50x	as long as short
Binance CRCLUSDT	+0.0043%	8h	91.756	−0.037%	$104.5M	$383.7M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.710	−0.087%	$68.8M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.710	−0.087%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.726	−0.070%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.630	−0.174%	$1.0M	$5.3M	10x	as long as short
Aster CRCLUSDT	+0.0051%	8h	91.761	−0.032%	$1.1M	$4.9M	20x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.750	−0.044%	$1.3M	$2.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0071%	8h	91.769	−0.023%	$753	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.765	−0.027%	$132K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.800	+0.011%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.910	+0.131%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.710	−0.087%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.714	−0.083%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0171%	1h	91.722	−0.074%	$131K	$103K	3x	as long as short
Lighter CRCL	+0.0208%	1h	91.791	+0.001%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	92.028	+0.259%	$27K	$92K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0295%	1h	91.740	−0.054%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.370	+0.632%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0786%	4h	91.980	+0.207%	$23K	$268K	10x	as long as short