Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0310%/8h= −33.9% APRpaid last 24h −0.125%

Price spread now: Extended against edgeX−0.020%53s7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.328% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.653%−$65 on $10k

Price spread, last 3 days (all we have)−0.185%−$18 · spread now −0.020%, 7d avg −0.026%

Together, before fees−0.838%+ Points / potential airdropedgeX: Active · Extended: Active · farm board−$84 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. The two prices were read 53 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	94.739	0.0542	pay 0.0271% / 4h	24m 35s	$24K	$269K	10x
Short	Extended CRCL_24_5-USD	94.720	0.0232	get 0.0029% / 1h	24m 35s	$1.1M	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$65.04
Price spread: −0.020% → −0.026%: $0.6
Slippage, 4 orders: −$18.79
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$97.23
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from edgeX: live order book, 53 min ago; Extended: live order book, 4 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, 53 min ago	5.84 bp	11.1 bp −$11	22.7 bp −$227	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	0.47 bp	5.1 bp −$5	33.6 bp −$336	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
Gate CRCL_USDT	0.0000%	8h	94.750	+0.011%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.720	−0.020%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.680	−0.062%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.757	+0.019%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.242%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.680	−0.062%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.681	−0.061%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.723	−0.017%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.610	−0.136%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.750	+0.011%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0098%	8h	94.760	+0.022%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.690	−0.052%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.740	+0.001%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.670	−0.073%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.730	−0.010%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.746	+0.008%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0115%	8h	94.734	−0.005%	$777	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0170%	1h	94.711	−0.030%	$71.1M	$42.9M	10x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.744	+0.005%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0195%	8h	94.740	+0.001%	$22.9M	$60.7M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0223%	8h	94.781	+0.044%	$61K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0232%	8h	94.740	+0.001%	$109.8M	$390.1M	50x	as long as short
Extended CRCL_24_5-USDshort	+0.0232%	1h	94.720	−0.020%	$1.1M	$3.8M	10x
Aster CRCLUSDT	+0.0237%	8h	94.758	+0.020%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0273%	1h	94.681	−0.061%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.774	+0.037%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0303%	8h	94.750	+0.011%	$17.0M	$35.4M	25x	as long as short
Lighter CRCL	+0.0344%	1h	94.781	+0.044%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0351%	8h	94.750	+0.011%	$1.1M	$600K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.866%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0489%	1h	94.750	+0.011%	$4K	$772K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.720	−0.020%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.757	+0.018%	$432K	$303K	10x	as long as short
edgeX CRCLUSDClong	+0.0542%	4h	94.739	long leg	$24K	$269K	10x