Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0257%/8h= +28.1% APRpaid last 24h +0.045%

Price spread now: Extended against Gate−0.058%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$360.355% of the position

Long on Gate Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 7 days−0.025%−$2 · spread now −0.058%, 7d avg −0.077%

Together, before fees−0.015%+ Points / potential airdropExtended: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.077%, 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 7 days it paid 0.009% in total (about 0.5% 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	92.800	0.0063	pay 0.0063% / 8h	7h 03m	$7.4M	$28.0M	50x
Short	Extended CRCL_24_5-USD	92.746	0.0320	get 0.0040% / 1h	3m 34s	$1.1M	$5.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.058%Rate

Funding earned: $53.97
Price spread: −0.058% → −0.077%: $1.9
Slippage, 4 orders: −$15.54
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $20.33
Costs to cover: 0.355%
Break-even: 4.4 days

Slippage from Gate: live order book, 5 min ago; Extended: live order book, 5 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, 5 min ago	0.54 bp	11.6 bp −$12	28.2 bp −$282	doesn't fit	doesn't fit
Sell Extended live order book, 5 min ago	0.92 bp	6.0 bp −$6	25.6 bp −$256	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
Vest CRCL-USD-PERP	−0.0078%	1h	92.420	−0.409%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.800	0.000%	$17.9M	$35.1M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.760	−0.043%	$1.0M	$46K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.852	+0.056%	$1.0M	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.710	−0.097%	$901K	$674K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	92.687	−0.121%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.740	−0.065%	$97K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.709	−0.098%	$68.0M	$42.7M	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.620	−0.194%	$1.1M	$4.4M	10x	as long as short
Gate CRCL_USDTlong	+0.0063%	8h	92.800	long leg	$7.4M	$28.0M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0065%	1h	92.700	−0.108%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.790	−0.011%	$136K	$140K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.740	−0.065%	$2.7M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.710	−0.097%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.770	−0.032%	$925	$1K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0103%	1h	92.761	−0.042%	$381K	$964K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.797	−0.003%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0173%	8h	92.802	+0.002%	$427	$766	5x	as long as short
Bybit CRCLUSDT	+0.0182%	8h	92.780	−0.022%	$15.1M	$26.2M	50x	as long as short
Lighter CRCL	+0.0208%	1h	92.843	+0.046%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0254%	8h	92.860	+0.064%	$2.4M	$3.2M	—	as long as short
Phoenix CRCL	+0.0254%	1h	92.745	−0.059%	$27K	$66K	10x	as long as short
Aster CRCLUSDT	+0.0309%	8h	92.703	−0.105%	$1.1M	$5.0M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0312%	8h	92.780	−0.022%	$22.6M	$59.7M	50x	as long as short
Extended CRCL_24_5-USDshort	+0.0320%	1h	92.746	−0.058%	$1.1M	$5.0M	10x
Binance CRCLUSDT	+0.0321%	8h	92.770	−0.032%	$106.9M	$378.3M	50x	as long as short
Nado CRCL-PERP	+0.0363%	1h	92.704	−0.103%	$149K	$111K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.000	−0.862%	$39K	$172K	30x	as long as short
BloFin CRCL-USDT	+0.0443%	8h	92.690	−0.119%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	92.770	−0.032%	$415K	$255K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0505%	1h	92.750	−0.054%	$5K	$648K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0771%	8h	92.761	−0.042%	$70K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0784%	1h	92.741	−0.064%	$46K	$3K	10x	as long as short
edgeX CRCLUSDC	+0.0825%	4h	92.817	+0.018%	$53K	$269K	10x	as long as short