Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0591%/8h= −64.7% APRpaid last 24h −0.139%

Price spread now: Pacifica against edgeX−0.057%52s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$143as 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−$690.690% of the position

Long on edgeX Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.736%−$74 on $10k

Price spread, last 4 days (all we have)−0.157%−$16 · spread now −0.057%, 7d avg −0.019%

Together, before fees−0.893%+ Points / potential airdropedgeX: Active · Pacifica: Active · farm board−$89 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Pacifica is 0.038% cheaper against edgeX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.019%). Swap the legs. The two prices were read 52 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	91.584	0.0691	pay 0.0346% / 4h	2h 54m	$51K	$275K	10x
Short	Pacifica CRCL	91.531	0.0100	get 0.0013% / 1h	54m 41s	$134K	$162K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.057%Rate

Funding earned: −$124.15
Price spread: −0.057% → −0.019%: −$3.8
Slippage, 4 orders: −$51.97
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$196.91
Costs to cover: 0.690%
Break-even: never at this rate

Slippage from edgeX: live order book, 58 min ago; Pacifica: live order book, 39 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, 58 min ago	5.97 bp	11.5 bp −$11	23.7 bp −$237	doesn't fit	doesn't fit
Sell Pacifica live order book, 39 min ago	6.53 bp	28.2 bp −$28	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
Bitget CRCLUSDT	−0.0731%	8h	91.600	+0.018%	$16.7M	$35.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0066%	1h	91.270	−0.342%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.540	−0.048%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.610	+0.029%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.609	+0.028%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.510	−0.080%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0020%	8h	91.571	−0.014%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0030%	8h	91.540	−0.048%	$104.4M	$393.3M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.554	−0.032%	$973K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.529	−0.060%	$1.1M	$5.6M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.550	−0.037%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.531	−0.057%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.487	−0.106%	$67.9M	$42.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.504	−0.087%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.548	−0.039%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.560	−0.026%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.520	−0.070%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.201%	$911K	$521K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0088%	8h	91.520	−0.069%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0097%	8h	91.710	+0.138%	$70K	$1.1M	10x	as long as short
Pacifica CRCLshort	+0.0100%	1h	91.531	−0.057%	$134K	$162K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	91.570	−0.015%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.540	−0.048%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.540	−0.048%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.541	−0.047%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0110%	8h	91.560	−0.026%	$22.2M	$61.8M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.530	−0.059%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0119%	8h	91.510	−0.080%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0182%	1h	91.496	−0.096%	$27K	$82K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0297%	1h	91.540	−0.048%	$4K	$768K	10x	as long as short
Lighter CRCL	+0.0344%	1h	91.560	−0.026%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0374%	1h	91.445	−0.151%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.020	+0.476%	$5K	$19K	30x	as long as short
edgeX CRCLUSDClong	+0.0691%	4h	91.584	long leg	$51K	$275K	10x