Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.053%

Price spread now: GRVT against Extended+0.044%72s7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as 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−$300.305% of the position

Long on Extended Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 3 days (all we have)+0.208%+$21 · spread now +0.044%, 7d avg +0.063%

Together, before fees+0.090%+ Points / potential airdropExtended: Active · GRVT: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.063%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 72 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	Extended CRCL_24_5-USD	94.282	0.0184	pay 0.0023% / 1h	20m 05s	$1.1M	$3.8M	10x
Short	GRVT CRCL_USDT_Perp	94.323	0.0129	get 0.0129% / 8h	1h 20m	$59K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$11.55
Price spread: +0.044% → +0.063%: −$1.97
Slippage, 4 orders: −$16.49
Fee Extended: 2.5 bp × 2 orders: −$5
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$44.01
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Extended: live order book, 4 min ago; GRVT: 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 Extended live order book, 4 min ago	0.48 bp	5.7 bp −$6	41.4 bp −$414	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	0.53 bp	9.6 bp −$10	17.0 bp −$170	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
Gate CRCL_USDT	0.0000%	8h	94.340	+0.062%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.310	+0.030%	$1.0M	$50K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.337	+0.059%	$889K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.370	+0.094%	$1.4M	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.320	+0.041%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.341	+0.063%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.317	+0.038%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.286	+0.005%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.260	−0.023%	$1.1M	$5.9M	10x	as long as short
Bybit CRCLUSDT	+0.0078%	8h	94.350	+0.073%	$15.5M	$25.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.100	−0.193%	$936K	$740K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.290	+0.009%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.350	+0.073%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.190	−0.097%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.310	+0.030%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.314	+0.034%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0129%	8h	94.323	+0.044%	$59K	$1.2M	10x
Variational Omni CRCL	+0.0132%	8h	94.333	+0.055%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0145%	8h	94.370	+0.093%	$774	$740	5x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.350	+0.073%	$430K	$310K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0165%	1h	94.293	+0.012%	$70.7M	$42.8M	10x	as long as short
Extended CRCL_24_5-USDlong	+0.0184%	1h	94.282	long leg	$1.1M	$3.8M	10x
Binance CRCLUSDT	+0.0186%	8h	94.329	+0.050%	$108.5M	$388.5M	50x	as long as short
Aster CRCLUSDT	+0.0205%	8h	94.330	+0.051%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0208%	8h	94.360	+0.083%	$22.8M	$60.4M	50x	as long as short
Phoenix CRCL	+0.0212%	1h	94.411	+0.137%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.310	+0.030%	$97K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0256%	1h	94.308	+0.028%	$126K	$73K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0281%	1h	94.280	−0.002%	$4K	$772K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.343	+0.065%	$3.0M	$2.3M	10x	as long as short
BloFin CRCL-USDT	+0.0303%	8h	94.350	+0.073%	$1.1M	$580K	20x	as long as short
Bitget CRCLUSDT	+0.0319%	8h	94.330	+0.051%	$16.6M	$35.1M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.507%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0911%	4h	94.259	−0.024%	$24K	$267K	10x	as long as short