Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.063%

Price spread now: OKX against Deribit+0.065%7-day average +0.023% · 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−$30as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.137%−$14 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.065%, 7d avg +0.023%

Together, before fees−0.165%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.042% dearer against Deribit than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of +0.023%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	92.640	0.0290	pay 0.0036% / 1h	7m 44s	$5K	$415K	10x
Short	OKX CRCL-USDT-SWAP	92.700	0.0228	get 0.0228% / 8h	5h 07m	$22.8M	$56.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$13
Price spread: +0.065% → +0.023%: $4.2
Slippage, 4 orders: −$17.61
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$43.41
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Deribit: live order book, 39 min ago; OKX: 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, 39 min ago	5.91 bp	9.4 bp −$9	12.1 bp −$121	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.54 bp	7.8 bp −$8	13.1 bp −$131	112.0 bp −$11.2K	doesn't fit

CRCL on 34 exchanges

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
Coinbase International CRCL-PERP-INTX	−0.0048%	1h	92.500	−0.151%	$865K	$744K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.700	+0.065%	$15.0M	$25.0M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.750	+0.119%	$18.5M	$33.3M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.630	−0.011%	$1.0M	$45K	10x	as long as short
Vest CRCL-USD-PERP	+0.0017%	1h	92.510	−0.140%	—	$30K	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.686	+0.050%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.619	−0.023%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.605	−0.038%	$67.6M	$39.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.610	−0.032%	$318K	$982K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.644	+0.004%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.530	−0.119%	$999K	$3.7M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	92.610	−0.032%	$1.3M	$1.6M	10x	as long as short
Gate CRCL_USDT	+0.0062%	8h	92.730	+0.097%	$7.5M	$25.7M	50x	as long as short
Injective CRCL/USDC PERP	+0.0072%	1h	92.090	−0.594%	$38K	$172K	30x	as long as short
Paradex CRCL-USD-PERP	+0.0076%	8h	92.669	+0.031%	$426	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.630	−0.011%	$139K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.630	−0.011%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.540	−0.108%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.620	−0.022%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.646	+0.006%	$4	—	10x	as long as short
Phoenix CRCL	+0.0197%	1h	92.624	−0.017%	$27K	$66K	10x	as long as short
Variational Omni CRCL	+0.0203%	8h	92.521	−0.128%	$2.5M	$3.2M	—	as long as short
Arcus CRCL-USD	+0.0214%	1h	92.630	−0.011%	$93K	$200K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0228%	8h	92.700	+0.065%	$22.8M	$56.5M	50x
Binance CRCLUSDT	+0.0260%	8h	92.687	+0.051%	$106.7M	$348.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0264%	1h	92.662	+0.023%	$1.1M	$4.0M	10x	as long as short
Aster CRCLUSDT	+0.0274%	8h	92.645	+0.005%	$1.1M	$4.5M	20x	as long as short
Nado CRCL-PERP	+0.0279%	1h	92.545	−0.102%	$154K	$94K	3x	as long as short
Lighter CRCL	+0.0288%	1h	92.723	+0.090%	$3.0M	$2.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0290%	1h	92.640	long leg	$5K	$415K	10x
GRVT CRCL_USDT_Perp	+0.0323%	8h	92.569	−0.076%	$59K	$987K	10x	as long as short
BloFin CRCL-USDT	+0.0387%	8h	92.640	0.000%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	92.689	+0.053%	$416K	$225K	10x	as long as short
edgeX CRCLUSDC	+0.0993%	4h	92.539	−0.109%	$53K	$268K	10x	as long as short