Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h −0.011%

Price spread now: OKX against Extended+0.048%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on Extended Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now +0.048%, 7d avg +0.037%

Together, before fees−0.036%+ Points / potential airdropExtended: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.037%, 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	94.195	0.0168	pay 0.0021% / 1h	6m 41s	$1.1M	$3.8M	10x
Short	OKX CRCL-USDT-SWAP	94.240	0.0190	get 0.0190% / 8h	1h 06m	$22.7M	$60.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.048%Rate

Funding earned: $4.67
Price spread: +0.048% → +0.037%: $1.11
Slippage, 4 orders: −$9.37
Fee Extended: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$18.6
Costs to cover: 0.244%
Break-even: 34.9 days

Slippage from Extended: live order book, 2 min ago; OKX: live order book, 2 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, 2 min ago	0.53 bp	5.2 bp −$5	25.8 bp −$258	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.53 bp	7.3 bp −$7	14.2 bp −$142	169.5 bp −$16.9K	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	94.250	+0.059%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.180	−0.016%	$1.0M	$52K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.259	+0.068%	$888K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.210	+0.016%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.170	−0.026%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0048%	1h	94.191	−0.004%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.138	−0.060%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.167	−0.029%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.050	−0.154%	$1.1M	$5.9M	10x	as long as short
Bybit CRCLUSDT	+0.0076%	8h	94.240	+0.048%	$15.5M	$25.8M	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	−0.101%	$936K	$720K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.180	−0.016%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.230	+0.037%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.170	−0.026%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.180	−0.016%	$939	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.214	+0.021%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0126%	8h	94.222	+0.029%	$773	$740	5x	as long as short
Variational Omni CRCL	+0.0128%	8h	94.142	−0.056%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	+0.0132%	8h	94.200	+0.006%	$62K	$1.1M	10x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.245	+0.053%	$430K	$310K	10x	as long as short
Binance CRCLUSDT	+0.0162%	8h	94.224	+0.032%	$108.3M	$388.5M	50x	as long as short
Extended CRCL_24_5-USDlong	+0.0168%	1h	94.195	long leg	$1.1M	$3.8M	10x
tradeXYZ xyz:CRCL	+0.0172%	1h	94.200	+0.006%	$70.6M	$42.7M	10x	as long as short
Aster CRCLUSDT	+0.0180%	8h	94.198	+0.004%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0190%	8h	94.240	+0.048%	$22.7M	$60.4M	50x
Phoenix CRCL	+0.0212%	1h	94.180	−0.016%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.200	+0.006%	$96K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0254%	1h	94.089	−0.112%	$126K	$73K	3x	as long as short
BloFin CRCL-USDT	+0.0284%	8h	94.260	+0.069%	$1.1M	$580K	20x	as long as short
Lighter CRCL	+0.0288%	1h	94.270	+0.080%	$3.0M	$2.3M	10x	as long as short
Bitget CRCLUSDT	+0.0305%	8h	94.250	+0.059%	$16.6M	$35.1M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.600%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0494%	1h	94.200	+0.006%	$4K	$772K	10x	as long as short
edgeX CRCLUSDC	+0.0642%	4h	94.155	−0.043%	$24K	$267K	10x	as long as short