Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1619%/8h= −177.3% APRpaid last 24h −0.044%

Price spread now: Bitget against Deribit+0.022%7-day average +0.042% · 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−$40as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.031%−$3 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.022%, 7d avg +0.042%

Together, before fees−0.031%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.042%, so right now this pair is about funding alone: −$49 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.031% in total (about -2.4% 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	Deribit CRCL_USDC-PERPETUAL	91.620	0.0296	pay 0.0037% / 1h	37m 11s	$4K	$767K	10x
Short	Bitget CRCLUSDT	91.640	−0.1323	pay 0.1323% / 8h	5h 37m	$15.7M	$34.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$340
Price spread: +0.022% → +0.042%: −$1.97
Slippage, 4 orders: −$19.03
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$380
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Deribit: live order book, 27 min ago; Bitget: live order book, 2 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, 27 min ago	0.54 bp	12.7 bp −$13	15.0 bp −$150	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	1.09 bp	8.5 bp −$8	13.3 bp −$133	62.6 bp −$6,260	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
Bitget CRCLUSDTshort	−0.1323%	8h	91.640	+0.022%	$15.7M	$34.5M	25x
Vest CRCL-USD-PERP	−0.0076%	1h	91.310	−0.338%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.450	−0.186%	$902K	$527K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.559	−0.066%	$1.1M	$5.7M	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.600	−0.022%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.573	−0.051%	$418K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.590	−0.033%	$7.1M	$26.6M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.517	−0.112%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.574	−0.051%	$65K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.570	−0.055%	$1.0M	$49K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0002%	8h	91.600	−0.022%	$104.2M	$384.3M	50x	as long as short
BloFin CRCL-USDT	+0.0008%	8h	91.560	−0.065%	$1.1M	$1.3M	20x	as long as short
Aster CRCLUSDT	+0.0012%	8h	91.626	+0.007%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0015%	8h	91.600	−0.022%	$21.5M	$59.3M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0021%	1h	91.468	−0.166%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.540	−0.087%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.608	−0.013%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.520	−0.109%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.518	−0.111%	$68.4M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.572	−0.052%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.561	−0.064%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.470	−0.164%	$999K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0068%	8h	91.573	−0.051%	$751	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.520	−0.109%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.580	−0.044%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.530	−0.098%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.580	−0.044%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.581	−0.043%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.480	−0.153%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0187%	1h	91.505	−0.126%	$130K	$104K	3x	as long as short
Lighter CRCL	+0.0216%	1h	91.616	−0.004%	$3.0M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0296%	1h	91.620	long leg	$4K	$767K	10x
edgeX CRCLUSDC	+0.0316%	4h	91.583	−0.041%	$23K	$267K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.200	+0.633%	$5K	$19K	30x	as long as short