Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.020%

Price spread now: Extended against OKX+0.019%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 7 days−0.067%−$7 · spread now +0.019%, 7d avg −0.056%

Together, before fees−0.061%+ Points / potential airdropExtended: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.074% dearer against OKX than usual: you sell high and buy low (spread +0.019% now, against its 7-day average of −0.056%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	90.920	0.0288	pay 0.0288% / 8h	7h 30m	$22.2M	$61.3M	50x
Short	Extended CRCL_24_5-USD	90.937	0.0224	get 0.0028% / 1h	30m 42s	$1.1M	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against OKX. 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 OKXbpFee ExtendedbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$13.4
Price spread: +0.019% → −0.056%: $7.43
Slippage, 4 orders: −$10.65
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$31.62
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from OKX: live order book, 3 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 OKX live order book, 3 min ago	0.55 bp	7.9 bp −$8	14.8 bp −$148	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	0.28 bp	4.9 bp −$5	22.7 bp −$227	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	−0.0099%	1h	90.680	−0.264%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0051%	8h	90.950	+0.033%	$17.4M	$36.2M	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.940	+0.022%	$14.9M	$26.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.960	+0.044%	$1.0M	$47K	10x	as long as short
Gate CRCL_USDT	+0.0007%	8h	90.970	+0.055%	$7.8M	$26.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.930	+0.011%	$978K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.000	+0.088%	$938K	$571K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.034	+0.125%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.900	−0.022%	$94K	$283K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.876	−0.048%	$67.0M	$44.3M	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	90.903	−0.019%	$376K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.910	−0.011%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.990	+0.077%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	90.970	+0.055%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	90.940	+0.022%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.990	+0.077%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.980	+0.066%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.980	+0.066%	$907	$1K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	91.175	+0.281%	$71K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.963	+0.048%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0128%	8h	90.935	+0.016%	$418	$766	5x	as long as short
Variational Omni CRCL	+0.0148%	8h	90.940	+0.022%	$2.4M	$3.3M	—	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0190%	1h	90.930	+0.011%	$5K	$764K	10x	as long as short
Aster CRCLUSDT	+0.0208%	8h	91.004	+0.092%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0216%	1h	90.932	+0.013%	$2.9M	$2.1M	10x	as long as short
edgeX CRCLUSDC	+0.0217%	4h	91.065	+0.159%	$52K	$270K	10x	as long as short
Binance CRCLUSDT	+0.0224%	8h	90.941	+0.023%	$104.6M	$386.6M	50x	as long as short
Extended CRCL_24_5-USDshort	+0.0224%	1h	90.937	+0.019%	$1.1M	$5.1M	10x
Phoenix CRCL	+0.0254%	1h	91.098	+0.196%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0288%	8h	90.920	long leg	$22.2M	$61.3M	50x
BloFin CRCL-USDT	+0.0346%	8h	90.990	+0.077%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0372%	1h	90.919	−0.001%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.375%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	90.955	+0.038%	$411K	$258K	10x	as long as short