Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0271%/8h= −29.7% APRpaid last 24h −0.046%

Price spread now: Gate against Extended+0.113%7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Extended Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 7 days−0.128%−$13 · spread now +0.113%, 7d avg +0.077%

Together, before fees−0.142%+ Points / potential airdropExtended: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.036% dearer against Extended than usual: you sell high and buy low (spread +0.113% now, against its 7-day average of +0.077%): +$4 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.013% in total) that is about 19 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.013% in total (about -0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended CRCL_24_5-USD	92.366	0.0336	pay 0.0042% / 1h	20m 49s	$1.1M	$4.7M	10x
Short	Gate CRCL_USDT	92.470	0.0065	get 0.0065% / 8h	6h 20m	$7.4M	$25.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Extended. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpOrdersPrice spread, now +0.113%Rate

Funding earned: −$56.91
Price spread: +0.113% → +0.077%: $3.56
Slippage, 4 orders: −$19.68
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$93.03
Costs to cover: 0.397%
Break-even: never at this rate

Slippage from Extended: live order book, 1 min ago; Gate: live order book, 1 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, 1 min ago	0.49 bp	6.0 bp −$6	34.8 bp −$348	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.70 bp	15.9 bp −$16	32.7 bp −$327	doesn't fit	doesn't fit

CRCL on 34 exchanges

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
Vest CRCL-USD-PERP	−0.0022%	1h	92.360	−0.006%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.410	+0.048%	$15.0M	$25.2M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.390	+0.026%	$18.1M	$34.2M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.410	+0.048%	$1.0M	$45K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.290	−0.082%	$855K	$694K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.404	+0.041%	$1.0M	$2.4M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.235	−0.142%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.334	−0.035%	$67.5M	$40.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.434	+0.074%	$380K	$856K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.386	+0.022%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.280	−0.093%	$1.1M	$3.9M	10x	as long as short
Gate CRCL_USDTshort	+0.0065%	8h	92.470	+0.113%	$7.4M	$25.8M	50x
QFEX CRCL-USD	+0.0080%	1h	92.530	+0.178%	$1.3M	$1.6M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0091%	8h	92.457	+0.099%	$425	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.450	+0.091%	$136K	$137K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.280	−0.093%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.150	−0.234%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.340	−0.028%	$921	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.411	+0.049%	$4	—	10x	as long as short
edgeX CRCLUSDC	+0.0164%	4h	92.199	−0.180%	$53K	$269K	10x	as long as short
Phoenix CRCL	+0.0199%	1h	92.188	−0.193%	$27K	$66K	10x	as long as short
Lighter CRCL	+0.0240%	1h	92.438	+0.078%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0258%	8h	92.386	+0.022%	$2.5M	$3.3M	—	as long as short
Nado CRCL-PERP	+0.0312%	1h	92.413	+0.051%	$151K	$112K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0326%	8h	92.400	+0.037%	$22.7M	$57.6M	50x	as long as short
Aster CRCLUSDT	+0.0331%	8h	92.391	+0.027%	$1.1M	$4.5M	20x	as long as short
Extended CRCL_24_5-USDlong	+0.0336%	1h	92.366	long leg	$1.1M	$4.7M	10x
Binance CRCLUSDT	+0.0338%	8h	92.390	+0.026%	$106.5M	$362.5M	50x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.440	+0.080%	$96K	$258K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.299%	$38K	$172K	30x	as long as short
BloFin CRCL-USDT	+0.0456%	8h	92.430	+0.069%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.440	+0.080%	$410K	$235K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0509%	1h	92.330	−0.039%	$5K	$488K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0609%	8h	92.303	−0.068%	$63K	$1.0M	10x	as long as short