CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0413%/8h= −45.2% APRnext payment −$0.52 per $10,000 · paid last 24h −0.070%

Price spread now: Pacifica against Deribit+0.044%7-day average −0.006% · 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−$60as in the Price arb table

costs, in and out, $10k−$650.648% of the position

Long on Deribit Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.056%−$6 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now +0.044%, 7d avg −0.006%

Together, before fees−0.035%+ Points / potential airdropPacifica: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Pacifica is 0.050% dearer against Deribit than usual: you sell high and buy low (spread +0.044% now, against its 7-day average of −0.006%): +$5 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 5 days (−0.056% in total) that is about 4.3 days.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.056% in total (about -4.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.52 per $10,000. 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	91.800	0.0513	pay 0.0064% / 1h	44m 34s	$4K	$767K	10x
Short	Pacifica CRCL	91.840	0.0100	get 0.0013% / 1h	44m 34s	$134K	$158K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.044%Rate

Funding earned: −$86.75
Price spread: +0.044% → −0.006%: $4.98
Slippage, 4 orders: −$49.84
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$146.62
Costs to cover: 0.648%
Break-even: never at this rate

Slippage from Deribit: live order book, 14 min ago; Pacifica: live order book, 59 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, 14 min ago	2.71 bp	6.2 bp −$6	8.7 bp −$87	doesn't fit	doesn't fit
Sell Pacifica live order book, 59 min ago	10.93 bp	23.2 bp −$23	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	−0.0952%	8h	91.950	+0.163%	$16.2M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.630	−0.185%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.888	+0.096%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.856	+0.061%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.896	+0.105%	$104.8M	$387.6M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.910	+0.120%	$15.0M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.892	+0.100%	$420K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.940	+0.153%	$7.3M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.818	+0.020%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.879	+0.086%	$64K	$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	91.810	+0.011%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0010%	8h	91.940	+0.153%	$22.0M	$60.7M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.800	0.000%	$906K	$490K	10x	as long as short
edgeX CRCLUSDC	+0.0021%	4h	91.784	−0.017%	$51K	$277K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.840	+0.044%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0029%	1h	91.817	+0.019%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.855	+0.060%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	+0.142%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.798	−0.002%	$68.5M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.847	+0.051%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.772	−0.031%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.750	−0.054%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0087%	8h	91.859	+0.065%	$423	$905	5x	as long as short
Pacifica CRCLshort	+0.0100%	1h	91.840	+0.044%	$134K	$158K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	91.790	−0.011%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.730	−0.076%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.790	−0.011%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.825	+0.028%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.790	−0.011%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.884	+0.092%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0216%	1h	91.925	+0.136%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0301%	1h	91.819	+0.020%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.577%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0513%	1h	91.800	long leg	$4K	$767K	10x