Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h −0.003%

Price spread now: tradeXYZ against Orderly−0.044%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 tradeXYZ

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—+ Points / potential airdroptradeXYZ: Active · farm boardneeds both histories

Funding pays, the price is against you. tradeXYZ is 0.044% cheaper against Orderly than usual: you would sell low and buy high (spread −0.044% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 8.5 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	91.360	0.0100	pay 0.0100% / 8h	34m 18s	$911	$1K	10x
Short	tradeXYZ xyz:CRCL	91.320	0.0117	get 0.0015% / 1h	34m 18s	$67.7M	$43.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.044%Rate

Funding earned: $3.61
Price spread: −0.044% → 0.000%: −$4.38
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$24.76
Costs to cover: 0.240%
Break-even: 55.0 days

Slippage unknown: Orderly: no order-book sample; tradeXYZ: live order book, 5 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 tradeXYZ live order book, 5 min ago	0.82 bp	10.2 bp −$10	doesn't fit	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	−0.0247%	8h	91.490	+0.142%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.130	−0.252%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.440	+0.088%	$7.8M	$27.4M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.340	−0.022%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0025%	8h	91.330	−0.033%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.349	−0.012%	$980K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.476	+0.127%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.490	+0.142%	$97K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.340	−0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	−0.055%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.360	0.000%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	+0.044%	$890K	$402K	10x	as long as short
Variational Omni CRCL	+0.0097%	8h	91.457	+0.106%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.360	0.000%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.380	+0.022%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.460	+0.109%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.360	long leg	$911	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.388	+0.030%	$4	—	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0117%	1h	91.320	−0.044%	$67.7M	$43.9M	10x
edgeX CRCLUSDC	+0.0124%	4h	91.531	+0.188%	$52K	$275K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0158%	1h	91.372	+0.013%	$379K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0163%	8h	91.338	−0.025%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0167%	8h	91.355	−0.006%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0183%	8h	91.330	−0.033%	$105.0M	$389.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.345	−0.017%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.689	+0.360%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.730	+0.405%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0258%	8h	91.350	−0.011%	$22.2M	$61.7M	50x	as long as short
Lighter CRCL	+0.0264%	1h	91.388	+0.031%	$2.9M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0302%	8h	91.370	+0.011%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0425%	1h	91.345	−0.016%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.711%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.391	+0.034%	$413K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0626%	1h	91.360	0.000%	$5K	$769K	10x	as long as short