Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.054%

Price spread now: Binance against Deribit−0.098%7-day average +0.006% · 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−$41as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.144%−$14 on $10k

Price spread, last 2 days (all we have)+0.107%+$11 · spread now −0.098%, 7d avg +0.006%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.104% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	91.990	0.0076	pay 0.0010% / 1h	21m 31s	$4K	$769K	10x
Short	Binance CRCLUSDT	91.900	0.0056	get 0.0056% / 8h	6h 21m	$104.8M	$393.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.098%Rate

Funding earned: −$4.23
Price spread: −0.098% → +0.006%: −$10.4
Slippage, 4 orders: −$13.74
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$45.38
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from Deribit: live order book, 47 min ago; Binance: live order book, 7 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, 47 min ago	0.53 bp	5.1 bp −$5	8.6 bp −$86	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.54 bp	6.1 bp −$6	9.9 bp −$99	33.4 bp −$3,343	136.4 bp −$68.2K

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	−0.0707%	8h	91.930	−0.065%	$16.0M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0031%	1h	91.740	−0.272%	—	$40K	25x	as long as short
Gate CRCL_USDT	−0.0016%	8h	91.880	−0.120%	$7.1M	$26.7M	50x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.950	−0.043%	$915K	$583K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.920	−0.076%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.846	−0.156%	$419K	$299K	10x	as long as short
Variational Omni CRCL	0.0000%	8h	92.310	+0.348%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.906	−0.092%	$63K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.990	0.000%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0025%	1h	92.016	+0.029%	$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	91.895	−0.103%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.950	−0.043%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.810	−0.196%	$69.0M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.955	−0.038%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.935	−0.060%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.810	−0.196%	$999K	$5.5M	10x	as long as short
Extended CRCL_24_5-USD	+0.0056%	1h	91.820	−0.184%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDTshort	+0.0056%	8h	91.900	−0.098%	$104.8M	$393.4M	50x
QFEX CRCL-USD	+0.0057%	1h	91.850	−0.152%	$1.3M	$2.3M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0061%	8h	91.960	−0.033%	$21.7M	$60.3M	50x	as long as short
Aster CRCLUSDT	+0.0063%	8h	91.863	−0.138%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0075%	8h	91.845	−0.157%	$753	$740	5x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0076%	1h	91.990	long leg	$4K	$769K	10x
Pacifica CRCL	+0.0100%	1h	91.864	−0.137%	$129K	$153K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.900	−0.098%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.900	−0.098%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.990	0.000%	$917	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.977	−0.014%	$4	—	10x	as long as short
edgeX CRCLUSDC	+0.0141%	4h	91.897	−0.101%	$23K	$267K	10x	as long as short
Nado CRCL-PERP	+0.0156%	1h	91.925	−0.071%	$131K	$103K	3x	as long as short
Lighter CRCL	+0.0208%	1h	91.890	−0.109%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	92.115	+0.136%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.554%	$5K	$19K	30x	as long as short