Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h −0.029%

Price spread now: Bitget against Extended+0.067%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Extended Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.157%−$16 · spread now +0.067%, 7d avg +0.051%

Together, before fees−0.111%+ Points / potential airdropExtended: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.051%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended CRCL_24_5-USD	94.657	0.0248	pay 0.0031% / 1h	58m 28s	$1.1M	$3.8M	10x
Short	Bitget CRCLUSDT	94.720	0.0297	get 0.0297% / 8h	7h 58m	$17.0M	$35.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Extended. 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 ExtendedbpFee BitgetbpOrdersPrice spread, now +0.067%Rate

Funding earned: $10.29
Price spread: +0.067% → +0.051%: $1.6
Slippage, 4 orders: −$13.64
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$18.75
Costs to cover: 0.306%
Break-even: 19.8 days

Slippage from Extended: live order book, 5 min ago; Bitget: live order book, 10 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 Extended live order book, 5 min ago	0.47 bp	5.1 bp −$5	30.1 bp −$301	doesn't fit	doesn't fit
Sell Bitget live order book, 10 min ago	1.59 bp	9.7 bp −$10	16.6 bp −$166	71.5 bp −$7,146	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	94.400	−0.271%	$939K	$722K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.720	+0.067%	$7.3M	$26.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.660	+0.004%	$1.0M	$52K	10x	as long as short
Bybit CRCLUSDT	+0.0006%	8h	94.730	+0.077%	$15.6M	$25.9M	50x	as long as short
Nado CRCL-PERP	+0.0024%	1h	94.598	−0.062%	$133K	$76K	3x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.732	+0.080%	$894K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.690	+0.035%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.680	+0.025%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.640	−0.018%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.682	+0.027%	$367K	$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
SoDEX CRCL-USD	+0.0050%	1h	94.686	+0.031%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.600	−0.060%	$1.1M	$5.9M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.632	−0.026%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.720	+0.067%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.610	−0.049%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.680	+0.025%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.676	+0.021%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0104%	1h	94.677	+0.022%	$71.8M	$43.7M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0116%	8h	94.683	+0.027%	$776	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0172%	8h	94.740	+0.088%	$22.9M	$60.9M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0173%	1h	94.620	−0.039%	$4K	$772K	10x	as long as short
Variational Omni CRCL	+0.0187%	8h	94.692	+0.038%	$2.5M	$3.1M	—	as long as short
Binance CRCLUSDT	+0.0248%	8h	94.696	+0.042%	$109.6M	$390.6M	50x	as long as short
Extended CRCL_24_5-USDlong	+0.0248%	1h	94.657	long leg	$1.1M	$3.8M	10x
Aster CRCLUSDT	+0.0249%	8h	94.643	−0.015%	$1.1M	$4.9M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0252%	8h	94.725	+0.072%	$55K	$1.1M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.679	+0.024%	$28K	$92K	10x	as long as short
Bitget CRCLUSDTshort	+0.0297%	8h	94.720	+0.067%	$17.0M	$35.3M	25x
BloFin CRCL-USDT	+0.0368%	8h	94.700	+0.046%	$1.1M	$595K	20x	as long as short
edgeX CRCLUSDC	+0.0426%	4h	94.695	+0.040%	$24K	$269K	10x	as long as short
Lighter CRCL	+0.0432%	1h	94.744	+0.092%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.170	+0.542%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.680	+0.025%	$97K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.722	+0.069%	$432K	$303K	10x	as long as short