Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h +0.009%

Price spread now: Aftermath Perps against Orderly+0.054%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Aftermath Perps is 0.054% dearer against Orderly than usual: you sell high and buy low (spread +0.054% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	91.780	0.0100	pay 0.0100% / 8h	4h 42m	$915	$2K	10x
Short	Aftermath Perps CRCLUSD	91.830	0.0029	get 0.0004% / 1h	42m 34s	$2K	$24K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Orderly. 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 OrderlybpFee Aftermath PerpsbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$14.95
Price spread: +0.054% → 0.000%: $5.42
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$24.53
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Aftermath Perps: no order-book sample. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Aftermath Perps no order-book sample	—	—	—	—	—

Orderly and Aftermath Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0955%	8h	91.780	0.000%	$16.2M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.610	−0.185%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.731	−0.053%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.681	−0.108%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.709	−0.078%	$104.6M	$387.9M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.720	−0.065%	$15.0M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.706	−0.080%	$419K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.730	−0.054%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.818	+0.041%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.820	+0.044%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.830	+0.054%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0013%	8h	91.780	0.000%	$22.0M	$60.6M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.840	+0.065%	$906K	$491K	10x	as long as short
edgeX CRCLUSDC	+0.0021%	4h	91.784	+0.005%	$51K	$277K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.700	−0.087%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSDshort	+0.0029%	1h	91.830	+0.054%	$2K	$24K	5x
Lighter RH CRCL	+0.0032%	1h	91.743	−0.040%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	+0.163%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.657	−0.134%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.803	+0.025%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.779	−0.001%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.750	−0.033%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0087%	8h	91.689	−0.099%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.694	−0.094%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.690	−0.098%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	−0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.780	long leg	$915	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.761	−0.020%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.880	+0.109%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.817	+0.040%	$27K	$83K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0186%	1h	91.750	−0.033%	$4K	$767K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.744	−0.039%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0299%	1h	91.844	+0.070%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.599%	$5K	$19K	30x	as long as short