Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0523%/8h= +57.3% APRpaid last 24h +0.082%

Price spread now: Deribit against Orderly−0.033%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 Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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. Deribit is 0.033% cheaper against Orderly than usual: you would sell low and buy high (spread −0.033% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	91.730	0.0100	pay 0.0100% / 8h	1h 03m	$915	$2K	10x
Short	Deribit CRCL_USDC-PERPETUAL	91.700	0.0623	get 0.0078% / 1h	3m 17s	$5K	$769K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.033%Rate

Funding earned: $109.87
Price spread: −0.033% → 0.000%: −$3.27
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $93.6
Costs to cover: 0.130%
Break-even: 1.0 days

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 41 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 Deribit live order book, 41 min ago	6.02 bp	9.5 bp −$10	12.0 bp −$120	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
Bitget CRCLUSDT	−0.0358%	8h	91.800	+0.076%	$17.6M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.500	−0.251%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.750	+0.022%	$7.8M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.770	+0.044%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0002%	8h	91.740	+0.011%	$14.7M	$26.7M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.737	+0.008%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.760	+0.033%	$95K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.718	−0.013%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.700	−0.033%	$1.1M	$5.3M	10x	as long as short
Variational Omni CRCL	+0.0051%	8h	91.859	+0.141%	$2.4M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0056%	1h	91.752	+0.024%	$981K	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	+0.065%	$894K	$441K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.740	+0.011%	$1.3M	$1.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.762	+0.035%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.750	+0.022%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.690	−0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.730	long leg	$915	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.743	+0.015%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0111%	1h	91.686	−0.048%	$67.9M	$44.2M	10x	as long as short
Aster CRCLUSDT	+0.0133%	8h	91.784	+0.059%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0144%	1h	91.723	−0.008%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0148%	8h	91.750	+0.022%	$105.0M	$397.2M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0149%	1h	91.734	+0.004%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0189%	8h	91.744	+0.015%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0224%	8h	91.834	+0.113%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0232%	8h	91.730	0.000%	$22.3M	$62.4M	50x	as long as short
Phoenix CRCL	+0.0245%	1h	91.776	+0.050%	$27K	$82K	10x	as long as short
BloFin CRCL-USDT	+0.0268%	8h	91.810	+0.087%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.783	+0.058%	$418K	$266K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.746	+0.017%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0352%	4h	91.819	+0.097%	$52K	$277K	10x	as long as short
Nado CRCL-PERP	+0.0428%	1h	91.686	−0.048%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.589%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0623%	1h	91.700	−0.033%	$5K	$769K	10x