CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0366%/8h= −40.1% APRnext payment −$0.46 per $10,000 · paid last 24h −0.093%

Price spread now: tradeXYZ against Deribit−0.094%7-day average −0.030% · 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−$48as in the Price arb table

costs, in and out, $10k−$420.415% of the position

Long on Deribit Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.141%−$14 on $10k

Price spread, last 4 days (all we have)+0.154%+$15 · spread now −0.094%, 7d avg −0.030%

Together, before fees+0.013%+ Points / potential airdroptradeXYZ: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and tradeXYZ is 0.064% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.141% in total (about -10.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.46 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	92.500	0.0507	pay 0.0063% / 1h	57m 17s	$5K	$617K	10x
Short	tradeXYZ xyz:CRCL	92.413	0.0141	get 0.0018% / 1h	57m 17s	$67.7M	$42.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$76.85
Price spread: −0.094% → −0.030%: −$6.41
Slippage, 4 orders: −$16.54
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$124.79
Costs to cover: 0.415%
Break-even: never at this rate

Slippage from Deribit: live order book, 37 min ago; tradeXYZ: live order book, 12 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, 37 min ago	6.59 bp	10.1 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 12 min ago	0.05 bp	9.3 bp −$9	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
Vest CRCL-USD-PERP	−0.0066%	1h	92.130	−0.400%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.550	+0.054%	$18.0M	$35.1M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.550	+0.054%	$1.0M	$46K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.500	0.000%	$890K	$677K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.408	−0.099%	$993K	$2.3M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	92.519	+0.021%	$2K	$29K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.472	−0.030%	$380K	$955K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.460	−0.043%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.300	−0.216%	$1.1M	$4.3M	10x	as long as short
Gate CRCL_USDT	+0.0052%	8h	92.510	+0.011%	$7.3M	$25.3M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0080%	1h	92.270	−0.249%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.400	−0.108%	$135K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.530	+0.032%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.510	+0.011%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.540	+0.043%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.515	+0.016%	$4	—	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0141%	1h	92.413	−0.094%	$67.7M	$42.8M	10x
Bybit CRCLUSDT	+0.0143%	8h	92.490	−0.011%	$15.1M	$25.9M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0163%	8h	92.397	−0.111%	$425	$766	5x	as long as short
Phoenix CRCL	+0.0254%	1h	92.779	+0.302%	$27K	$64K	10x	as long as short
Variational Omni CRCL	+0.0257%	8h	92.578	+0.084%	$2.4M	$3.2M	—	as long as short
Aster CRCLUSDT	+0.0307%	8h	92.530	+0.032%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0313%	8h	92.570	+0.076%	$22.6M	$59.4M	50x	as long as short
Binance CRCLUSDT	+0.0319%	8h	92.518	+0.019%	$106.6M	$377.3M	50x	as long as short
Lighter CRCL	+0.0320%	1h	92.467	−0.036%	$3.0M	$2.0M	10x	as long as short
Extended CRCL_24_5-USD	+0.0320%	1h	92.501	+0.001%	$1.1M	$5.0M	10x	as long as short
Nado CRCL-PERP	+0.0340%	1h	92.405	−0.103%	$149K	$111K	3x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.450	−0.054%	$96K	$267K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.200	+0.757%	$39K	$172K	30x	as long as short
BloFin CRCL-USDT	+0.0444%	8h	92.640	+0.151%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.500	0.000%	$414K	$255K	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0507%	1h	92.500	long leg	$5K	$617K	10x
edgeX CRCLUSDC	+0.0681%	4h	92.633	+0.144%	$53K	$268K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0688%	8h	92.732	+0.251%	$62K	$1.1M	10x	as long as short