Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0414%/8h= −45.3% APRpaid last 24h −0.057%

Price spread now: KuCoin against Deribit−0.153%53s7-day average +0.009% · 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—prices read too far apart to compare

costs, in and out, $10k−$1061.060% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.100%−$10 on $10k

Price spread, last 4 days (all we have)+0.185%+$19 · spread now −0.153%, 7d avg +0.009%

Together, before fees+0.085%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and KuCoin is 0.161% cheaper against Deribit than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.009%). Swap the legs. The two prices were read 53 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 -0.100% in total (about -7.6% 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	91.750	0.0514	pay 0.0064% / 1h	39m 29s	$4K	$767K	10x
Short	KuCoin CRCLUSDTM	91.610	0.0100	get 0.0100% / 8h	4h 39m	$2.7M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.153%Rate

Funding earned: −$86.84
Price spread: −0.153% → +0.009%: −$16.15
Slippage, 4 orders: −$86.96
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$208.94
Costs to cover: 1.060%
Break-even: never at this rate

Slippage from Deribit: live order book, 19 min ago; KuCoin: 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, 19 min ago	2.71 bp	6.2 bp −$6	8.7 bp −$87	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	2.73 bp	26.4 bp −$26	doesn't fit	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	−0.0976%	8h	91.680	−0.076%	$16.2M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.410	−0.371%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.664	−0.094%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.587	−0.178%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.570	−0.196%	$104.4M	$388.2M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.560	−0.207%	$14.9M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.620	−0.142%	$418K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.630	−0.131%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.678	−0.078%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.698	−0.057%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.690	−0.065%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0014%	8h	91.550	−0.218%	$21.9M	$60.5M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.700	−0.054%	$905K	$490K	10x	as long as short
edgeX CRCLUSDC	+0.0023%	4h	91.866	+0.127%	$51K	$275K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.630	−0.131%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0029%	1h	91.695	−0.060%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.676	−0.081%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	+0.196%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.560	−0.207%	$68.3M	$41.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.600	−0.163%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.635	−0.125%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.700	−0.054%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0088%	8h	91.641	−0.119%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.633	−0.127%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	91.610	−0.153%	$2.7M	$2.0M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.630	−0.131%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.560	−0.207%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.722	−0.030%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.670	−0.087%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.674	−0.083%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.695	−0.060%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0299%	1h	91.603	−0.160%	$130K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.190	+0.480%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0514%	1h	91.750	long leg	$4K	$767K	10x