Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0402%/8h= −44.0% APRpaid last 24h −0.071%

Price spread now: GRVT against Deribit+0.060%75s7-day average +0.052% · 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−$350.351% of the position

Long on Deribit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.191%−$19 on $10k

Price spread, last 4 days (all we have)+0.385%+$39 · spread now +0.060%, 7d avg +0.052%

Together, before fees+0.194%+ Points / potential airdropGRVT: Active · farm board+$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.052%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate. The two prices were read 75 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 -0.191% in total (about -14.6% 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	92.120	0.0402	pay 0.0050% / 1h	12m 15s	$4K	$767K	10x
Short	GRVT CRCL_USDT_Perp	92.175	0	get 0.0000% / 8h	5h 12m	$65K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$84.37
Price spread: +0.060% → +0.052%: $0.77
Slippage, 4 orders: −$19.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$118.67
Costs to cover: 0.351%
Break-even: never at this rate

Slippage from Deribit: live order book, 52 min ago; GRVT: 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, 52 min ago	0.54 bp	12.7 bp −$13	15.0 bp −$150	doesn't fit	doesn't fit
Sell GRVT live order book, 1 min ago	1.09 bp	6.6 bp −$7	16.9 bp −$169	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	−0.1131%	8h	92.120	0.000%	$16.0M	$34.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.880	−0.261%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.090	−0.033%	$909K	$501K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.120	0.000%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.070	−0.054%	$420K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.140	+0.022%	$7.2M	$26.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.177	+0.062%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perpshort	0.0000%	8h	92.175	+0.060%	$65K	$1.1M	10x
Phemex CRCLUSDT	0.0000%	4h	92.120	0.000%	$1.0M	$49K	10x	as long as short
Binance CRCLUSDT	+0.0004%	8h	92.090	−0.033%	$105.2M	$386.1M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0008%	1h	92.067	−0.057%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	92.041	−0.086%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0014%	8h	92.110	−0.011%	$21.6M	$59.7M	50x	as long as short
BloFin CRCL-USDT	+0.0017%	8h	92.020	−0.109%	$1.1M	$1.3M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	92.011	−0.118%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.030	−0.098%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.080	−0.043%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.030	−0.098%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.048	−0.078%	$68.6M	$41.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.066	−0.059%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.072	−0.052%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.040	−0.087%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	92.072	−0.052%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.062	−0.063%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.050	−0.076%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.030	−0.098%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.070	−0.054%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.074	−0.050%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	92.192	+0.078%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0226%	1h	91.994	−0.137%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0240%	1h	92.085	−0.038%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0305%	4h	92.149	+0.032%	$23K	$249K	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0402%	1h	92.120	long leg	$4K	$767K	10x
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.445%	$5K	$19K	30x	as long as short