Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0282%/8h= −30.9% APRpaid last 24h −0.038%

Price spread now: tradeXYZ against OKX−0.109%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$340.345% of the position

Long on OKX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 7 days+0.024%+$2 · spread now −0.109%, 7d avg −0.076%

Together, before fees−0.081%+ Points / potential airdroptradeXYZ: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and tradeXYZ is 0.033% cheaper against OKX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.076%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.105% in total (about -5.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	92.630	0.0332	pay 0.0332% / 8h	6h 08m	$22.8M	$57.0M	50x
Short	tradeXYZ xyz:CRCL	92.529	0.0050	get 0.0006% / 1h	8m 48s	$67.7M	$40.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$59.28
Price spread: −0.109% → −0.076%: −$3.33
Slippage, 4 orders: −$6.47
Fee OKX: 5 bp × 2 orders: −$10
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$97.08
Costs to cover: 0.345%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; tradeXYZ: live order book, 4 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	0.54 bp	7.6 bp −$8	13.8 bp −$138	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 4 min ago	0.54 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit

CRCL on 34 exchanges

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	−0.0022%	1h	92.400	−0.248%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.640	+0.011%	$15.0M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.670	+0.043%	$18.1M	$33.7M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.640	+0.011%	$1.0M	$45K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.490	−0.151%	$856K	$700K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.599	−0.033%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	92.576	−0.058%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCLshort	+0.0050%	1h	92.529	−0.109%	$67.7M	$40.0M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	92.578	−0.056%	$380K	$850K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.624	−0.006%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.400	−0.248%	$1.1M	$3.8M	10x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.570	−0.065%	$1.3M	$1.6M	10x	as long as short
Gate CRCL_USDT	+0.0082%	8h	92.690	+0.065%	$7.4M	$26.0M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.614	−0.018%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.590	−0.043%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.480	−0.162%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.570	−0.065%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.608	−0.024%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0112%	8h	92.588	−0.045%	$426	$477	5x	as long as short
Phoenix CRCL	+0.0199%	1h	92.644	+0.015%	$27K	$66K	10x	as long as short
Lighter CRCL	+0.0248%	1h	92.630	0.000%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0287%	8h	92.574	−0.060%	$2.5M	$3.3M	—	as long as short
Nado CRCL-PERP	+0.0315%	1h	92.530	−0.108%	$152K	$112K	3x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0332%	8h	92.630	long leg	$22.8M	$57.0M	50x
Aster CRCLUSDT	+0.0362%	8h	92.623	−0.007%	$1.1M	$4.5M	20x	as long as short
Binance CRCLUSDT	+0.0367%	8h	92.640	+0.011%	$107.2M	$357.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0368%	1h	92.620	−0.011%	$1.1M	$4.0M	10x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.570	−0.065%	$93K	$226K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.583%	$38K	$172K	30x	as long as short
edgeX CRCLUSDC	+0.0457%	4h	92.616	−0.015%	$53K	$269K	10x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.640	+0.011%	$415K	$243K	10x	as long as short
BloFin CRCL-USDT	+0.0487%	8h	92.670	+0.043%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0750%	8h	92.650	+0.021%	$62K	$1.0M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0939%	1h	92.610	−0.022%	$5K	$470K	10x	as long as short