Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.010%

Price spread now: Extended against KuCoin−0.043%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1011.006% of the position

Long on KuCoin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)+0.165%+$16 · spread now −0.043%, 7d avg −0.021%

Together, before fees+0.140%+ Points / potential airdropExtended: Active · farm board+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.022% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.043% now, against its 7-day average of −0.021%). If the spread goes back, that is −$2 on $10k: about 2.6 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRCLUSDTM	94.430	0.0100	pay 0.0100% / 8h	1h 46m	$3.0M	$1.8M	20x
Short	Extended CRCL_24_5-USD	94.389	0.0128	get 0.0016% / 1h	46m 09s	$1.1M	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against KuCoin. 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 KuCoinbpFee ExtendedbpOrdersPrice spread, now −0.043%Rate

Funding earned: $5.88
Price spread: −0.043% → −0.021%: −$2.21
Slippage, 4 orders: −$83.62
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$96.95
Costs to cover: 1.006%
Break-even: 122.4 days

Slippage from KuCoin: live order book, 6 min ago; Extended: 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 KuCoin live order book, 6 min ago	2.65 bp	53.5 bp −$53	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	1.17 bp	7.8 bp −$8	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
Gate CRCL_USDT	0.0000%	8h	94.420	−0.011%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.420	−0.011%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.360	−0.074%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.003%	$50K	$1.2M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	−0.127%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.403	−0.029%	$2K	$19K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.363	−0.071%	$361K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.379	−0.054%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.159%	$1.1M	$5.9M	10x	as long as short
Variational Omni CRCL	+0.0066%	8h	94.407	−0.024%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0075%	8h	94.470	+0.042%	$15.5M	$25.9M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	−0.148%	$938K	$742K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.350	−0.085%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	94.430	long leg	$3.0M	$1.8M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	94.280	−0.159%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.400	−0.032%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.426	−0.004%	$4	—	10x	as long as short
Extended CRCL_24_5-USDshort	+0.0128%	1h	94.389	−0.043%	$1.1M	$3.8M	10x
Binance CRCLUSDT	+0.0129%	8h	94.420	−0.011%	$108.4M	$388.4M	50x	as long as short
Lighter RH CRCL	+0.0136%	1h	94.468	+0.040%	$891K	$2.9M	10x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.400	−0.032%	$431K	$309K	10x	as long as short
Aster CRCLUSDT	+0.0160%	8h	94.370	−0.064%	$1.1M	$4.8M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0174%	8h	94.386	−0.047%	$774	$740	5x	as long as short
Phoenix CRCL	+0.0212%	1h	94.337	−0.098%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.380	−0.053%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0219%	8h	94.450	+0.021%	$22.8M	$60.5M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	−0.022%	$24K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0245%	8h	94.360	−0.074%	$1.1M	$580K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0262%	1h	94.389	−0.043%	$70.8M	$42.9M	10x	as long as short
Bitget CRCLUSDT	+0.0327%	8h	94.420	−0.011%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0334%	1h	94.321	−0.116%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0384%	1h	94.466	+0.038%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.445%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0492%	1h	94.420	−0.011%	$4K	$771K	10x	as long as short