Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0007%/8h= −0.7% APRpaid last 24h −0.142%

Price spread now: tradeXYZ against edgeX−0.231%66s7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as 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−$440.442% of the position

Long on edgeX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.750%−$75 on $10k

Price spread, last 4 days (all we have)−0.408%−$41 · spread now −0.231%, 7d avg −0.045%

Together, before fees−1.157%+ Points / potential airdropedgeX: Active · tradeXYZ: Active · farm board−$116 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: tradeXYZ is 0.186% cheaper against edgeX than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.045%. The two prices were read 66 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	91.531	0.0124	pay 0.0062% / 4h	34m 26s	$52K	$275K	10x
Short	tradeXYZ xyz:CRCL	91.320	0.0117	get 0.0015% / 1h	34m 26s	$67.7M	$43.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.231%Rate

Funding earned: −$1.39
Price spread: −0.231% → −0.045%: −$18.6
Slippage, 4 orders: −$17.2
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$64.19
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from edgeX: live order book, 3 min ago; tradeXYZ: live order book, 5 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, 3 min ago	6.01 bp	11.3 bp −$11	22.5 bp −$225	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 5 min ago	0.82 bp	10.2 bp −$10	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	−0.0247%	8h	91.490	−0.045%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.130	−0.439%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.440	−0.100%	$7.8M	$27.4M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.390	−0.155%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0025%	8h	91.370	−0.176%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.385	−0.160%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.476	−0.061%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.490	−0.045%	$97K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.380	−0.165%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	−0.242%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.360	−0.187%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.144%	$890K	$403K	10x	as long as short
Variational Omni CRCL	+0.0097%	8h	91.457	−0.081%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.360	−0.187%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.380	−0.165%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.460	−0.078%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.360	−0.187%	$911	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.386	−0.159%	$4	—	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0117%	1h	91.320	−0.231%	$67.7M	$43.9M	10x
edgeX CRCLUSDClong	+0.0124%	4h	91.531	long leg	$52K	$275K	10x
Polymarket Perps CRCL-USD	+0.0158%	1h	91.372	−0.174%	$379K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0163%	8h	91.338	−0.212%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0167%	8h	91.403	−0.140%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0183%	8h	91.390	−0.155%	$105.0M	$389.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.363	−0.184%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.689	+0.172%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.730	+0.217%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0258%	8h	91.390	−0.155%	$22.3M	$61.7M	50x	as long as short
Lighter CRCL	+0.0264%	1h	91.393	−0.151%	$2.9M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0302%	8h	91.370	−0.176%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0407%	1h	91.350	−0.198%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0425%	1h	91.345	−0.204%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.523%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.391	−0.154%	$413K	$273K	10x	as long as short