Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0297%/8h= −32.5% APRpaid last 24h −0.058%

Price spread now: Gate against Deribit+0.033%7-day average +0.028% · 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−$42as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.109%−$11 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.033%, 7d avg +0.028%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.028%, so right now this pair is about funding alone: −$9 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 -0.109% in total (about -8.2% 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	91.540	0.0297	pay 0.0037% / 1h	54m 32s	$4K	$768K	10x
Short	Gate CRCL_USDT	91.570	0	get 0.0000% / 8h	2h 54m	$7.4M	$27.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.033%Rate

Funding earned: −$62.27
Price spread: +0.033% → +0.028%: $0.47
Slippage, 4 orders: −$20.09
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$103.89
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from Deribit: live order book, 59 min ago; Gate: live order book, 4 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, 59 min ago	0.54 bp	7.3 bp −$7	10.3 bp −$103	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	1.64 bp	14.2 bp −$14	31.9 bp −$319	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
Bitget CRCLUSDT	−0.0738%	8h	91.610	+0.076%	$16.7M	$35.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0066%	1h	91.270	−0.295%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.560	+0.022%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	91.570	+0.033%	$7.4M	$27.0M	50x
Variational Omni CRCL	0.0000%	8h	91.609	+0.075%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.510	−0.033%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0020%	8h	91.599	+0.065%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0030%	8h	91.540	0.000%	$104.4M	$393.3M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.554	+0.015%	$973K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.516	−0.027%	$1.1M	$5.6M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.540	0.000%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.531	−0.010%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.487	−0.058%	$67.9M	$42.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.530	−0.011%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.548	+0.009%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.560	+0.022%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.540	0.000%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.153%	$911K	$521K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0088%	8h	91.520	−0.021%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0097%	8h	91.710	+0.186%	$70K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.531	−0.009%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.570	+0.033%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.540	0.000%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.540	0.000%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.541	+0.001%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0109%	8h	91.560	+0.022%	$22.2M	$61.8M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.567	+0.029%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0119%	8h	91.510	−0.033%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0182%	1h	91.496	−0.048%	$27K	$82K	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0297%	1h	91.540	long leg	$4K	$768K	10x
Lighter CRCL	+0.0344%	1h	91.560	+0.022%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0372%	1h	91.474	−0.072%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.020	+0.524%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0691%	4h	91.584	+0.048%	$51K	$275K	10x	as long as short