Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h +0.033%

Price spread now: tradeXYZ against GRVT−0.104%86s7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as 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−$390.394% of the position

Long on GRVT Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 3 days (all we have)−0.127%−$13 · spread now −0.104%, 7d avg −0.073%

Together, before fees−0.110%+ Points / potential airdropGRVT: Active · tradeXYZ: Active · farm board−$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.031% cheaper against GRVT than usual: you would sell low and buy high (spread −0.104% now, against its 7-day average of −0.073%). If the spread goes back, that is −$3 on $10k: about 4.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.017% in total) that is about 13 days. The two prices were read 86 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	94.784	0.0184	pay 0.0184% / 8h	36m 09s	$61K	$1.1M	10x
Short	tradeXYZ xyz:CRCL	94.685	0.0207	get 0.0026% / 1h	36m 09s	$71.1M	$42.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.104%Rate

Funding earned: $4.74
Price spread: −0.104% → −0.073%: −$3.15
Slippage, 4 orders: −$12.39
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$37.8
Costs to cover: 0.394%
Break-even: 62.8 days

Slippage from GRVT: live order book, 2 min ago; tradeXYZ: live order book, 3 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	8.1 bp −$8	15.0 bp −$150	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 3 min ago	0.47 bp	9.8 bp −$10	11.6 bp −$116	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_USDT	0.0000%	8h	94.760	−0.025%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.710	−0.078%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.710	−0.078%	$1.4M	$2.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.765	−0.020%	$894K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.289%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.710	−0.078%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.682	−0.107%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.710	−0.078%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.600	−0.194%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0051%	1h	94.709	−0.079%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.700	−0.088%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.710	−0.078%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.610	−0.183%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.730	−0.056%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.745	−0.041%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0105%	8h	94.730	−0.056%	$15.6M	$25.9M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0129%	8h	94.718	−0.069%	$777	$740	5x	as long as short
Variational Omni CRCL	+0.0152%	8h	94.734	−0.052%	$2.5M	$3.1M	—	as long as short
GRVT CRCL_USDT_Perplong	+0.0184%	8h	94.784	long leg	$61K	$1.1M	10x
OKX CRCL-USDT-SWAP	+0.0203%	8h	94.750	−0.035%	$22.9M	$60.7M	50x	as long as short
Binance CRCLUSDT	+0.0205%	8h	94.736	−0.050%	$109.7M	$389.8M	50x	as long as short
tradeXYZ xyz:CRCLshort	+0.0207%	1h	94.685	−0.104%	$71.1M	$42.9M	10x
Extended CRCL_24_5-USD	+0.0208%	1h	94.709	−0.079%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0215%	8h	94.734	−0.053%	$1.1M	$4.9M	20x	as long as short
Phoenix CRCL	+0.0288%	1h	94.734	−0.052%	$28K	$92K	10x	as long as short
Nado CRCL-PERP	+0.0292%	1h	94.661	−0.129%	$127K	$73K	3x	as long as short
Bitget CRCLUSDT	+0.0311%	8h	94.700	−0.088%	$16.9M	$35.4M	25x	as long as short
BloFin CRCL-USDT	+0.0325%	8h	94.760	−0.025%	$1.1M	$599K	20x	as long as short
Lighter CRCL	+0.0400%	1h	94.780	−0.004%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.819%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.710	−0.078%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.740	−0.046%	$432K	$312K	10x	as long as short
edgeX CRCLUSDC	+0.0579%	4h	94.706	−0.081%	$24K	$267K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0701%	1h	94.750	−0.035%	$4K	$772K	10x	as long as short