Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.029%

Price spread now: Arcus against Gate−0.098%7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$540.543% of the position

Long on Gate Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.102%+$10 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now −0.098%, 7d avg −0.078%

Together, before fees−0.007%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.020% cheaper against Gate than usual: you would sell low and buy high (spread −0.098% now, against its 7-day average of −0.078%). If the spread goes back, that is −$2 on $10k: about 40 hours of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.102% in total) that is about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CRCL_USDT	91.610	0	get 0.0000% / 8h	5h 36m	$7.1M	$26.6M	50x
Short	Arcus CRCL-USD	91.520	0.0040	get 0.0005% / 1h	36m 43s	$93K	$273K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Gate. 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 GatebpFee ArcusbpOrdersPrice spread, now −0.098%Rate

Funding earned: $8.46
Price spread: −0.098% → −0.078%: −$2.01
Slippage, 4 orders: −$34.85
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$47.9
Costs to cover: 0.543%
Break-even: 46.6 days

Slippage from Gate: live order book, 2 min ago; Arcus: live order book, 27 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 Gate live order book, 2 min ago	3.28 bp	20.4 bp −$20	35.2 bp −$352	doesn't fit	doesn't fit
Sell Arcus live order book, 27 min ago	3.81 bp	10.7 bp −$11	14.4 bp −$144	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	−0.1323%	8h	91.620	+0.011%	$15.7M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	91.310	−0.327%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.450	−0.175%	$902K	$527K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.565	−0.049%	$1.1M	$5.7M	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.630	+0.022%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.573	−0.040%	$418K	$297K	10x	as long as short
Gate CRCL_USDTlong	0.0000%	8h	91.610	long leg	$7.1M	$26.6M	50x
Variational Omni CRCL	0.0000%	8h	91.517	−0.101%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.574	−0.040%	$65K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.570	−0.044%	$1.0M	$49K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0002%	8h	91.610	0.000%	$104.2M	$384.3M	50x	as long as short
BloFin CRCL-USDT	+0.0008%	8h	91.560	−0.055%	$1.1M	$1.3M	20x	as long as short
Aster CRCLUSDT	+0.0012%	8h	91.625	+0.017%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0015%	8h	91.610	0.000%	$21.5M	$59.3M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0021%	1h	91.468	−0.155%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.540	−0.076%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.640	+0.033%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USDshort	+0.0040%	1h	91.520	−0.098%	$93K	$273K	10x
tradeXYZ xyz:CRCL	+0.0050%	1h	91.547	−0.069%	$68.5M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.572	−0.041%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.561	−0.053%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.470	−0.153%	$999K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0068%	8h	91.573	−0.040%	$751	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.520	−0.098%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.580	−0.033%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.530	−0.087%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.580	−0.033%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.581	−0.032%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.480	−0.142%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0187%	1h	91.505	−0.115%	$130K	$104K	3x	as long as short
Lighter CRCL	+0.0216%	1h	91.654	+0.048%	$3.0M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0296%	1h	91.620	+0.011%	$4K	$767K	10x	as long as short
edgeX CRCLUSDC	+0.0316%	4h	91.583	−0.030%	$23K	$267K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.200	+0.644%	$5K	$19K	30x	as long as short