Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0488%/8h= −53.4% APRpaid last 24h −0.135%

Price spread now: Bybit against edgeX−0.177%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on edgeX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.664%−$66 on $10k

Price spread, last 4 days (all we have)−0.090%−$9 · spread now −0.177%, 7d avg +0.018%

Together, before fees−0.754%+ Points / potential airdropedgeX: Active · farm board−$75 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Bybit is 0.195% cheaper against edgeX than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX CRCLUSDC	92.164	0.0488	pay 0.0244% / 4h	3h 51m	$51K	$276K	10x
Short	Bybit CRCLUSDT	92.000	0	get 0.0000% / 8h	3h 51m	$14.9M	$26.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against edgeX. 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 edgeXbpFee BybitbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$102.4
Price spread: −0.177% → +0.018%: −$19.52
Slippage, 4 orders: −$22.49
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$164.41
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from edgeX: live order book, 2 min ago; Bybit: live order book, 3 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 edgeX live order book, 2 min ago	5.97 bp	11.5 bp −$11	23.7 bp −$237	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.09 bp	10.4 bp −$10	18.3 bp −$183	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	−0.0708%	8h	92.050	−0.123%	$16.8M	$35.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.820	−0.373%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	92.000	−0.177%	$14.9M	$26.5M	50x
Gate CRCL_USDT	0.0000%	8h	92.080	−0.091%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.209	+0.049%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.040	−0.134%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	92.019	−0.157%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0013%	8h	91.989	−0.189%	$104.8M	$390.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.994	−0.184%	$1.1M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.001	−0.176%	$975K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0040%	1h	92.050	−0.123%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.090	−0.080%	$94K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.910	−0.275%	$907K	$491K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.960	−0.221%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.002	−0.175%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.989	−0.189%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.070	−0.102%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0051%	8h	91.970	−0.210%	$1.1M	$1.3M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.030	−0.145%	$1.3M	$1.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0062%	8h	92.010	−0.167%	$22.3M	$61.5M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0064%	8h	92.190	+0.029%	$64K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.010	−0.167%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.040	−0.134%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.120	−0.047%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.010	−0.167%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.004	−0.173%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.025	−0.150%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0131%	8h	92.018	−0.158%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.079	−0.092%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0288%	1h	91.995	−0.183%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0399%	1h	91.991	−0.188%	$131K	$105K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0402%	1h	92.030	−0.145%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.620	+0.495%	$5K	$19K	30x	as long as short
edgeX CRCLUSDClong	+0.0488%	4h	92.164	long leg	$51K	$276K	10x