Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0817%/8h= −89.5% APRpaid last 24h −0.055%

Price spread now: Bybit against Deribit+0.053%45s7-day average +0.030% · 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—prices read too far apart to compare

costs, in and out, $10k−$430.427% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.094%−$9 on $10k

Price spread, last 3 days (all we have)+0.007%+$1 · spread now +0.053%, 7d avg +0.030%

Together, before fees−0.087%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.022% dearer against Deribit than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of +0.030%): +$2 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 5 days (−0.094% in total) that is about 27 hours. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.094% in total (about -7.4% 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	94.570	0.0915	pay 0.0114% / 1h	47m 29s	$4K	$772K	10x
Short	Bybit CRCLUSDT	94.620	0.0097	get 0.0097% / 8h	47m 29s	$15.6M	$25.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$171.58
Price spread: +0.053% → +0.030%: $2.25
Slippage, 4 orders: −$24.71
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$212.04
Costs to cover: 0.427%
Break-even: never at this rate

Slippage from Deribit: live order book, 31 min ago; Bybit: live order book, 1 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, 31 min ago	0.53 bp	9.3 bp −$9	12.6 bp −$126	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.59 bp	11.8 bp −$12	19.1 bp −$191	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
Gate CRCL_USDT	0.0000%	8h	94.620	+0.053%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.550	−0.021%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.580	+0.011%	$1.4M	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.390	−0.190%	$939K	$722K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.510	−0.063%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.560	−0.011%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.510	−0.063%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0050%	1h	94.510	−0.063%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0077%	1h	94.579	+0.010%	$366K	$1.1M	10x	as long as short
Bybit CRCLUSDTshort	+0.0097%	8h	94.620	+0.053%	$15.6M	$25.8M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.550	−0.021%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.550	−0.021%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.450	−0.127%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.540	−0.032%	$943	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.562	−0.008%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0113%	8h	94.523	−0.050%	$2.5M	$3.1M	—	as long as short
Lighter RH CRCL	+0.0120%	1h	94.655	+0.090%	$892K	$2.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0130%	8h	94.642	+0.076%	$776	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	94.531	−0.041%	$63K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.592	+0.024%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0173%	8h	94.610	+0.042%	$108.9M	$388.8M	50x	as long as short
Aster CRCLUSDT	+0.0186%	8h	94.530	−0.042%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0199%	8h	94.620	+0.053%	$22.9M	$60.6M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0282%	1h	94.538	−0.034%	$70.9M	$42.7M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.557	−0.014%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0291%	8h	94.510	−0.063%	$1.1M	$589K	20x	as long as short
Bitget CRCLUSDT	+0.0313%	8h	94.610	+0.042%	$16.8M	$35.3M	25x	as long as short
Nado CRCL-PERP	+0.0316%	1h	94.567	−0.003%	$127K	$73K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.950	+0.402%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0456%	1h	94.674	+0.110%	$3.1M	$2.2M	10x	as long as short
edgeX CRCLUSDC	+0.0525%	4h	94.516	−0.057%	$24K	$268K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.610	+0.042%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.625	+0.058%	$432K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0915%	1h	94.570	long leg	$4K	$772K	10x