Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.074%

Price spread now: Orderly against Deribit+0.032%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.032% dearer against Deribit than usual: you sell high and buy low (spread +0.032% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	94.310	0.0174	pay 0.0022% / 1h	31m 42s	$4K	$771K	10x
Short	Orderly PERP_CRCL_USDC_mythos	94.340	0.0100	get 0.0100% / 8h	7h 31m	$941	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.032%Rate

Funding earned: −$15.61
Price spread: +0.032% → 0.000%: $3.18
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$25.42
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 42 min ago; Orderly: no order-book sample. Net counts fees only.

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, 42 min ago	0.53 bp	10.3 bp −$10	14.3 bp −$143	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.106%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.420	+0.117%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.440	+0.138%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.300	−0.011%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.320	+0.011%	$1.0M	$51K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.428	+0.125%	$889K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0040%	8h	94.440	+0.138%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.246	−0.068%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.310	0.000%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.200	−0.117%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0047%	4h	94.288	−0.023%	$24K	$268K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.378	+0.072%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.292	−0.019%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.334	+0.025%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.180	−0.138%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.264	−0.049%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.390	+0.085%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.230	−0.085%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	94.340	+0.032%	$941	$3K	10x
Aevo CRCL-PERP	+0.0104%	1h	94.348	+0.040%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.306	−0.004%	$773	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	+0.022%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0154%	8h	94.460	+0.159%	$22.8M	$59.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0174%	1h	94.310	long leg	$4K	$771K	10x
Extended CRCL_24_5-USD	+0.0192%	1h	94.395	+0.090%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0194%	8h	94.429	+0.126%	$109.4M	$386.5M	50x	as long as short
Aster CRCLUSDT	+0.0201%	8h	94.412	+0.108%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0221%	1h	94.259	−0.054%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.307	−0.003%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.443	+0.141%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0319%	8h	94.350	+0.042%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.445%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.280	−0.032%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.305	−0.005%	$430K	$299K	10x	as long as short