Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0493%/8h= +53.9% APRpaid last 24h +0.079%

Price spread now: Deribit against GRVT−0.001%75s7-day average −0.034% · 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—prices read too far apart to compare

costs, in and out, $10k−$370.375% of the position

Long on GRVT Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.180%+$18 on $10k

Price spread, last 3 days (all we have)−0.084%−$8 · spread now −0.001%, 7d avg −0.034%

Together, before fees+0.096%+ Points / potential airdropGRVT: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Deribit is 0.033% dearer against GRVT than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.034%. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.180% in total (about 14.1% 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	GRVT CRCL_USDT_Perp	94.341	0	get 0.0000% / 8h	7h 36m	$68K	$1.1M	10x
Short	Deribit CRCL_USDC-PERPETUAL	94.340	0.0493	get 0.0062% / 1h	36m 11s	$4K	$771K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against GRVT. 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 GRVTbpFee DeribitbpOrdersPrice spread, now −0.001%Rate

Funding earned: $103.44
Price spread: −0.001% → −0.034%: $3.26
Slippage, 4 orders: −$21.49
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $69.21
Costs to cover: 0.375%
Break-even: 2.3 days

Slippage from GRVT: live order book, 2 min ago; Deribit: live order book, 38 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 GRVT live order book, 2 min ago	0.53 bp	6.2 bp −$6	18.1 bp −$181	doesn't fit	doesn't fit
Sell Deribit live order book, 38 min ago	0.53 bp	11.4 bp −$11	16.9 bp −$169	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.100	−0.255%	$941K	$619K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.350	+0.010%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perplong	0.0000%	8h	94.341	long leg	$68K	$1.1M	10x
Phemex CRCLUSDT	0.0000%	4h	94.300	−0.043%	$1.0M	$51K	10x	as long as short
Bybit CRCLUSDT	+0.0030%	8h	94.360	+0.020%	$15.5M	$25.8M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.350	+0.010%	$891K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.350	+0.010%	$1.4M	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.233	−0.114%	$2K	$22K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.200	−0.149%	—	$37K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.287	−0.057%	$71.7M	$42.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	94.294	−0.050%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.323	−0.019%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.170	−0.181%	$1.1M	$5.7M	10x	as long as short
Bitget CRCLUSDT	+0.0064%	8h	94.370	+0.031%	$17.0M	$34.9M	25x	as long as short
Pacifica CRCL	+0.0100%	1h	94.284	−0.061%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.360	+0.020%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.220	−0.128%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.340	−0.001%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.341	0.000%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0110%	8h	94.371	+0.032%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	−0.011%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0157%	8h	94.350	+0.010%	$22.8M	$60.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0200%	1h	94.320	−0.022%	$1.1M	$5.3M	10x	as long as short
Binance CRCLUSDT	+0.0204%	8h	94.350	+0.010%	$109.3M	$387.3M	50x	as long as short
Aster CRCLUSDT	+0.0209%	8h	94.350	+0.010%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0231%	1h	94.280	−0.065%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.226	−0.122%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.369	+0.030%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0324%	8h	94.310	−0.033%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.412%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0464%	4h	94.309	−0.034%	$24K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0493%	1h	94.340	−0.001%	$4K	$771K	10x
Arcus CRCL-USD	+0.0521%	1h	94.260	−0.086%	$96K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.350	+0.010%	$430K	$299K	10x	as long as short