Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h −0.057%

Price spread now: Deribit against edgeX+0.023%75s7-day average −0.001% · 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—prices read too far apart to compare

costs, in and out, $10k−$440.439% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.526%−$53 on $10k

Price spread, last 3 days (all we have)−0.118%−$12 · spread now +0.023%, 7d avg −0.001%

Together, before fees−0.644%+ Points / potential airdropedgeX: Active · farm board−$64 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Deribit is 0.024% dearer against edgeX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.001%. Mind the row above: over the last 5 days funding on this pair cost −0.526%, so the current rate has only just turned in your favour. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX CRCLUSDC	94.288	0.0047	pay 0.0023% / 4h	3h 32m	$24K	$268K	10x
Short	Deribit CRCL_USDC-PERPETUAL	94.310	0.0174	get 0.0022% / 1h	32m 23s	$4K	$771K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.023%Rate

Funding earned: $26.84
Price spread: +0.023% → −0.001%: $2.39
Slippage, 4 orders: −$27.91
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$14.68
Costs to cover: 0.439%
Break-even: 10.8 days

Slippage from edgeX: live order book, 40 min ago; Deribit: live order book, 42 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, 40 min ago	5.82 bp	11.2 bp −$11	23.3 bp −$233	doesn't fit	doesn't fit
Sell Deribit live order book, 42 min ago	0.53 bp	11.4 bp −$11	16.9 bp −$169	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.083%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.350	+0.066%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.350	+0.066%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.300	+0.013%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.310	+0.023%	$1.0M	$51K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.313	+0.026%	$891K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0040%	8h	94.330	+0.044%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.246	−0.045%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.310	+0.023%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.200	−0.093%	—	$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 CRCLUSDClong	+0.0047%	4h	94.288	long leg	$24K	$268K	10x
tradeXYZ xyz:CRCL	+0.0050%	1h	94.273	−0.016%	$71.7M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.292	+0.004%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.334	+0.049%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.180	−0.115%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.264	−0.025%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.350	+0.066%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.230	−0.062%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.340	+0.055%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.348	+0.063%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.306	+0.019%	$773	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	+0.045%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0154%	8h	94.320	+0.034%	$22.8M	$59.3M	50x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0174%	1h	94.310	+0.023%	$4K	$771K	10x
Extended CRCL_24_5-USD	+0.0192%	1h	94.341	+0.056%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0196%	8h	94.352	+0.067%	$109.3M	$386.5M	50x	as long as short
Aster CRCLUSDT	+0.0203%	8h	94.368	+0.084%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0221%	1h	94.259	−0.031%	$132K	$76K	3x	as long as short
Lighter CRCL	+0.0288%	1h	94.328	+0.042%	$3.0M	$2.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.307	+0.020%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0319%	8h	94.350	+0.066%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.469%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.280	−0.009%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.305	+0.018%	$430K	$299K	10x	as long as short