Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0428%/8h= −46.8% APRpaid last 24h −0.055%

Price spread now: Aster against Deribit−0.027%7-day average +0.024% · 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−$42as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.101%−$10 on $10k

Price spread, last 3 days (all we have)+0.043%+$4 · spread now −0.027%, 7d avg +0.024%

Together, before fees−0.059%+ Points / potential airdropAster: Stage 5 · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Aster is 0.050% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.101% in total (about -7.9% 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	Deribit CRCL_USDC-PERPETUAL	94.230	0.0600	pay 0.0075% / 1h	8m 38s	$4K	$769K	10x
Short	Aster CRCLUSDT	94.205	0.0172	get 0.0172% / 8h	7h 08m	$1.1M	$4.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$89.84
Price spread: −0.027% → +0.024%: −$5.03
Slippage, 4 orders: −$22.12
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$131.99
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from Deribit: live order book, 65 min ago; Aster: 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 Deribit live order book, 65 min ago	0.53 bp	10.3 bp −$10	14.3 bp −$143	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	2.12 bp	8.0 bp −$8	12.0 bp −$120	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	−0.138%	$941K	$621K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.180	−0.053%	$15.5M	$25.3M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.230	0.000%	$7.2M	$27.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	94.190	−0.042%	$16.9M	$34.3M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.240	+0.011%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.150	−0.085%	$887K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	94.181	−0.052%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.190	−0.042%	$1.4M	$2.5M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.100	−0.138%	—	$37K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.139	−0.097%	$71.6M	$40.4M	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	94.191	−0.041%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.195	−0.037%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.100	−0.138%	$1.1M	$5.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0054%	8h	94.359	+0.137%	$71K	$1.1M	10x	as long as short
Variational Omni CRCL	+0.0091%	8h	94.279	+0.052%	$2.5M	$3.1M	—	as long as short
Pacifica CRCL	+0.0100%	1h	94.140	−0.096%	$75K	$96K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.200	−0.032%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.240	+0.011%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.210	−0.021%	$939	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0101%	8h	94.181	−0.052%	$772	$740	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.212	−0.019%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0134%	8h	94.170	−0.064%	$22.8M	$58.9M	50x	as long as short
Binance CRCLUSDT	+0.0167%	8h	94.180	−0.053%	$109.1M	$384.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.169	−0.065%	$1.1M	$5.5M	10x	as long as short
Aster CRCLUSDTshort	+0.0172%	8h	94.205	−0.027%	$1.1M	$4.9M	20x
Nado CRCL-PERP	+0.0227%	1h	94.161	−0.073%	$131K	$76K	3x	as long as short
BloFin CRCL-USDT	+0.0288%	8h	94.190	−0.042%	$1.1M	$577K	20x	as long as short
Phoenix CRCL	+0.0296%	1h	94.311	+0.086%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0320%	1h	94.193	−0.039%	$3.0M	$2.3M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.562%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0517%	4h	94.284	+0.057%	$24K	$267K	10x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.230	0.000%	$96K	$271K	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0600%	1h	94.230	long leg	$4K	$769K	10x
RISEx CRCL/USDC	+0.0677%	1h	94.160	−0.074%	$430K	$297K	10x	as long as short