Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0037%/8h= −4.0% APRpaid last 24h −0.092%

Price spread now: OKX against edgeX+0.232%111s7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$104as 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−$380.384% of the position

Long on edgeX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.661%−$66 on $10k

Price spread, last 4 days (all we have)−0.533%−$53 · spread now +0.232%, 7d avg +0.005%

Together, before fees−1.194%+ Points / potential airdropedgeX: Active · farm board−$119 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.227% dearer against edgeX than usual: you sell high and buy low (spread +0.232% now, against its 7-day average of +0.005%): +$23 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 21 days. At the pace of the last 7 days (−0.661% in total) that is about 2.4 days. The two prices were read 111 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	91.827	0.0065	pay 0.0032% / 4h	15m 51s	$51K	$276K	10x
Short	OKX CRCL-USDT-SWAP	92.040	0.0028	get 0.0028% / 8h	4h 15m	$22.1M	$61.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.232%Rate

Funding earned: −$7.7
Price spread: +0.232% → +0.005%: $22.66
Slippage, 4 orders: −$19.38
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$23.42
Costs to cover: 0.384%
Break-even: never at this rate

Slippage from edgeX: live order book, 42 min ago; OKX: 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, 42 min ago	6.52 bp	12.0 bp −$12	23.8 bp −$238	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.55 bp	6.7 bp −$7	11.2 bp −$112	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	−0.0984%	8h	92.000	+0.188%	$16.5M	$35.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.660	−0.182%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.906	+0.086%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.905	+0.085%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.996	+0.184%	$104.7M	$389.7M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.010	+0.199%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.950	+0.134%	$418K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.980	+0.167%	$7.2M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.929	+0.111%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.850	+0.025%	$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	91.910	+0.090%	$1.0M	$49K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.790	−0.040%	$906K	$490K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0028%	8h	92.040	+0.232%	$22.1M	$61.2M	50x
QFEX CRCL-USD	+0.0028%	1h	91.910	+0.090%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.016	+0.206%	$975K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0034%	1h	91.886	+0.064%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.840	+0.014%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.927	+0.109%	$68.5M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.913	+0.094%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.945	+0.128%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.073%	$1.0M	$5.1M	10x	as long as short
edgeX CRCLUSDClong	+0.0065%	4h	91.827	long leg	$51K	$276K	10x
Pacifica CRCL	+0.0100%	1h	91.970	+0.156%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.880	+0.058%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	−0.127%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.910	+0.090%	$916	$2K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0101%	8h	91.927	+0.109%	$423	$905	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.919	+0.101%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.950	+0.134%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.825	−0.002%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0200%	1h	92.015	+0.205%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0302%	1h	91.874	+0.052%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.400	+0.624%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0730%	1h	91.940	+0.123%	$4K	$767K	10x	as long as short