Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0268%/8h= +29.4% APRpaid last 24h +0.048%

Price spread now: Arcus against Orderly−0.108%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. Arcus is 0.108% cheaper against Orderly than usual: you would sell low and buy high (spread −0.108% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 32 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	92.720	0.0100	pay 0.0100% / 8h	6h 59m	$924	$1K	10x
Short	Arcus CRCL-USD	92.620	0.0368	get 0.0046% / 1h	59m 33s	$96K	$269K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.108%Rate

Funding earned: $56.36
Price spread: −0.108% → 0.000%: −$10.79
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $35.07
Costs to cover: 0.105%
Break-even: 2.6 days

Slippage unknown: Orderly: no order-book sample; Arcus: live order book, 34 min ago. 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 Arcus live order book, 34 min ago	2.20 bp	5.5 bp −$5	5.5 bp −$55	doesn't fit	doesn't fit

Orderly: 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
Vest CRCL-USD-PERP	−0.0069%	1h	92.420	−0.324%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.630	−0.097%	$18.0M	$35.2M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.730	+0.011%	$1.0M	$46K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.644	−0.082%	$994K	$2.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.580	−0.151%	$891K	$682K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	92.676	−0.047%	$2K	$29K	5x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.510	−0.226%	$1.1M	$4.3M	10x	as long as short
Gate CRCL_USDT	+0.0058%	8h	92.670	−0.054%	$7.3M	$25.3M	50x	as long as short
QFEX CRCL-USD	+0.0065%	1h	92.580	−0.151%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.550	−0.183%	$136K	$139K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CRCLUSDTM	+0.0100%	8h	92.660	−0.065%	$2.7M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.510	−0.226%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	92.720	long leg	$924	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	92.741	+0.022%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0148%	1h	92.583	−0.148%	$380K	$963K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0167%	8h	92.587	−0.143%	$426	$766	5x	as long as short
Bybit CRCLUSDT	+0.0182%	8h	92.650	−0.075%	$15.1M	$26.1M	50x	as long as short
Lighter CRCL	+0.0208%	1h	92.643	−0.083%	$3.0M	$2.0M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	92.779	+0.064%	$27K	$64K	10x	as long as short
Variational Omni CRCL	+0.0257%	8h	92.578	−0.153%	$2.4M	$3.2M	—	as long as short
tradeXYZ xyz:CRCL	+0.0282%	1h	92.483	−0.256%	$67.8M	$42.8M	10x	as long as short
Nado CRCL-PERP	+0.0293%	1h	92.465	−0.275%	$149K	$111K	3x	as long as short
Aster CRCLUSDT	+0.0310%	8h	92.680	−0.043%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0312%	8h	92.660	−0.065%	$22.6M	$59.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0320%	1h	92.584	−0.147%	$1.1M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0324%	8h	92.640	−0.086%	$106.8M	$377.6M	50x	as long as short
Arcus CRCL-USDshort	+0.0368%	1h	92.620	−0.108%	$96K	$269K	10x
Injective CRCL/USDC PERP	+0.0440%	1h	93.200	+0.518%	$39K	$172K	30x	as long as short
BloFin CRCL-USDT	+0.0443%	8h	92.620	−0.108%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.565	−0.167%	$414K	$255K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0613%	1h	92.730	+0.011%	$5K	$622K	10x	as long as short
SoDEX CRCL-USD	+0.0654%	1h	92.669	−0.055%	$46K	$3K	10x	as long as short
edgeX CRCLUSDC	+0.0674%	4h	92.700	−0.021%	$53K	$270K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0688%	8h	92.732	+0.013%	$62K	$1.1M	10x	as long as short