Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0218%/8h= +23.9% APRpaid last 24h +0.034%

Price spread now: Binance against Pacifica+0.074%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$570.571% of the position

Long on Pacifica Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 4 days (all we have)+0.018%+$2 · spread now +0.074%, 7d avg +0.006%

Together, before fees+0.088%+ Points / potential airdropPacifica: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Binance is 0.068% dearer against Pacifica than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.006%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.070% in total (about 3.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica CRCL	92.800	0.0100	pay 0.0013% / 1h	10m 34s	$136K	$143K	10x
Short	Binance CRCLUSDT	92.869	0.0318	get 0.0318% / 8h	7h 10m	$107.4M	$381.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Pacifica. 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 PacificabpFee BinancebpOrdersPrice spread, now +0.074%Rate

Funding earned: $45.83
Price spread: +0.074% → +0.006%: $6.78
Slippage, 4 orders: −$39.07
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$4.46
Costs to cover: 0.571%
Break-even: 7.7 days

Slippage from Pacifica: live order book, 3 min ago; Binance: live order book, 3 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 Pacifica live order book, 3 min ago	10.24 bp	21.1 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.54 bp	6.8 bp −$7	11.8 bp −$118	39.8 bp −$3,978	172.3 bp −$86.1K

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	−0.0091%	1h	92.820	+0.021%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.890	+0.097%	$18.0M	$35.4M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.670	−0.140%	$1.0M	$46K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.818	+0.019%	$1.0M	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.690	−0.119%	$948K	$576K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	92.361	−0.474%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.830	+0.032%	$97K	$273K	10x	as long as short
Gate CRCL_USDT	+0.0045%	8h	92.830	+0.032%	$7.5M	$27.5M	50x	as long as short
edgeX CRCLUSDC	+0.0047%	4h	92.417	−0.413%	$53K	$271K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.779	−0.023%	$68.1M	$43.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	92.640	−0.173%	$383K	$998K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.690	−0.119%	$1.1M	$4.5M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	92.980	+0.194%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCLlong	+0.0100%	1h	92.800	long leg	$136K	$143K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	92.750	−0.054%	$2.7M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.540	−0.280%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.780	−0.022%	$925	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.786	−0.016%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0182%	8h	92.872	+0.077%	$427	$766	5x	as long as short
Bybit CRCLUSDT	+0.0185%	8h	92.890	+0.097%	$15.1M	$26.6M	50x	as long as short
Lighter CRCL	+0.0216%	1h	92.704	−0.104%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0243%	8h	92.900	+0.107%	$2.4M	$3.2M	—	as long as short
Phoenix CRCL	+0.0254%	1h	92.437	−0.391%	$27K	$66K	10x	as long as short
Aster CRCLUSDT	+0.0306%	8h	92.720	−0.087%	$1.1M	$5.0M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0307%	8h	92.810	+0.010%	$22.7M	$60.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0312%	1h	92.825	+0.027%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDTshort	+0.0318%	8h	92.869	+0.074%	$107.4M	$381.9M	50x
Nado CRCL-PERP	+0.0364%	1h	92.788	−0.013%	$149K	$116K	3x	as long as short
BloFin CRCL-USDT	+0.0430%	8h	92.790	−0.011%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.000	−0.862%	$39K	$172K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	92.862	+0.066%	$416K	$257K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0613%	1h	92.750	−0.054%	$5K	$665K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0820%	8h	92.397	−0.434%	$72K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0953%	1h	92.819	+0.020%	$47K	$3K	10x	as long as short