Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h +0.017%

Price spread now: Extended against GRVT+0.004%52s7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.255% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

Price spread, last 7 days+0.015%+$1 · spread now +0.004%, 7d avg −0.060%

Together, before fees+0.112%+ Points / potential airdropGRVT: Active · Extended: Active · farm board+$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.064% dearer against GRVT than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.060%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.097%, so the current rate has only just turned against you. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT CRCL_USDT_Perp	91.328	0.0104	pay 0.0104% / 8h	2h 34m	$62K	$1.1M	10x
Short	Extended CRCL_24_5-USD	91.332	0.0024	get 0.0003% / 1h	34m 20s	$1.1M	$5.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$16.8
Price spread: +0.004% → −0.060%: $6.38
Slippage, 4 orders: −$11.46
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$35.88
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 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 GRVT live order book, 4 min ago	1.64 bp	8.2 bp −$8	15.2 bp −$152	doesn't fit	doesn't fit
Sell Extended live order book, 5 min ago	0.05 bp	4.7 bp −$5	23.1 bp −$231	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	−0.0852%	8h	91.390	+0.068%	$16.6M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0070%	1h	91.120	−0.228%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.290	−0.042%	$14.6M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.370	+0.046%	$7.4M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.361	+0.036%	$2.4M	$3.2M	—	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	91.220	−0.119%	$4K	$768K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.450	+0.133%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0014%	8h	91.322	−0.007%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USDshort	+0.0024%	1h	91.332	+0.004%	$1.1M	$5.6M	10x
Binance CRCLUSDT	+0.0026%	8h	91.295	−0.037%	$103.8M	$394.8M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.360	+0.035%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.330	+0.002%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.339	+0.012%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.326	−0.003%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.441	+0.123%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.360	+0.035%	$996K	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.370	+0.046%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0063%	1h	91.300	−0.031%	$68.3M	$43.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.450	+0.133%	$911K	$526K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0091%	8h	91.349	+0.022%	$420	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.339	+0.011%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.360	+0.035%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.310	−0.020%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.290	−0.042%	$910	$2K	10x	as long as short
BloFin CRCL-USDT	+0.0103%	8h	91.460	+0.144%	$1.1M	$1.6M	20x	as long as short
GRVT CRCL_USDT_Perplong	+0.0104%	8h	91.328	long leg	$62K	$1.1M	10x
Aevo CRCL-PERP	+0.0104%	1h	91.275	−0.058%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0110%	8h	91.300	−0.031%	$22.1M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.360	+0.035%	$416K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.130	−0.217%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0240%	1h	91.358	+0.032%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0305%	1h	91.324	−0.005%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.779%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0858%	4h	91.307	−0.023%	$52K	$277K	10x	as long as short