Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0281%/8h= +30.8% APRpaid last 24h +0.050%

Price spread now: Deribit against Gate−0.032%7-day average −0.028% · 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−$49as in the Price arb table

costs, in and out, $10k−$480.483% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.066%+$7 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now −0.032%, 7d avg −0.028%

Together, before fees+0.068%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.028%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.066% in total (about 5.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CRCL_USDT	94.170	0	get 0.0000% / 8h	1h 29m	$7.2M	$27.6M	50x
Short	Deribit CRCL_USDC-PERPETUAL	94.140	0.0281	get 0.0035% / 1h	29m 45s	$4K	$771K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.032%Rate

Funding earned: $59.1
Price spread: −0.032% → −0.028%: −$0.43
Slippage, 4 orders: −$26.28
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $10.39
Costs to cover: 0.483%
Break-even: 5.8 days

Slippage from Gate: live order book, 4 min ago; Deribit: live order book, 54 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, 4 min ago	1.59 bp	13.8 bp −$14	26.5 bp −$265	doesn't fit	doesn't fit
Sell Deribit live order book, 54 min ago	0.53 bp	9.3 bp −$9	10.7 bp −$107	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_USDTlong	0.0000%	8h	94.170	long leg	$7.2M	$27.6M	50x
Phemex CRCLUSDT	0.0000%	4h	94.140	−0.032%	$1.0M	$50K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.195	+0.027%	$888K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.140	−0.032%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.190	+0.021%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0048%	1h	94.212	+0.045%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.109	−0.065%	$364K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.098	−0.076%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.130	−0.042%	$1.1M	$5.8M	10x	as long as short
Bybit CRCLUSDT	+0.0074%	8h	94.190	+0.021%	$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	−0.074%	$936K	$740K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.120	−0.053%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.310	+0.149%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.170	0.000%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.150	−0.021%	$939	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.159	−0.012%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0122%	8h	94.340	+0.181%	$59K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	94.183	+0.014%	$2.5M	$3.2M	—	as long as short
tradeXYZ xyz:CRCL	+0.0146%	1h	94.152	−0.019%	$70.6M	$42.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0153%	8h	94.201	+0.033%	$772	$740	5x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.195	+0.027%	$430K	$310K	10x	as long as short
Binance CRCLUSDT	+0.0172%	8h	94.179	+0.009%	$108.2M	$388.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	94.162	−0.008%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0195%	8h	94.180	+0.011%	$1.1M	$4.8M	20x	as long as short
edgeX CRCLUSDC	+0.0200%	4h	94.277	+0.114%	$24K	$268K	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.279	+0.116%	$28K	$92K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0214%	8h	94.150	−0.021%	$22.7M	$60.4M	50x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.180	+0.011%	$96K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0268%	1h	94.077	−0.099%	$126K	$74K	3x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0281%	1h	94.140	−0.032%	$4K	$771K	10x
Lighter CRCL	+0.0288%	1h	94.211	+0.044%	$3.0M	$2.3M	10x	as long as short
BloFin CRCL-USDT	+0.0296%	8h	94.120	−0.053%	$1.1M	$579K	20x	as long as short
Bitget CRCLUSDT	+0.0314%	8h	94.160	−0.011%	$16.6M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.627%	$5K	$19K	30x	as long as short