Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.008%

Price spread now: tradeXYZ against Paradex−0.166%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on tradeXYZ

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and tradeXYZ is 0.166% cheaper against Paradex than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex CRCL-USD-PERP	92.018	0.0133	pay 0.0133% / 8h	7h 20m	$423	$766	5x
Short	tradeXYZ xyz:CRCL	91.865	0.0050	get 0.0006% / 1h	20m 28s	$67.5M	$43.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against Paradex. 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 ParadexbpFee tradeXYZbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$17.49
Price spread: −0.166% → 0.000%: −$16.63
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$56.12
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; tradeXYZ: live order book, 9 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 Paradex no order-book sample	—	—	—	—	—
Sell tradeXYZ live order book, 9 min ago	0.61 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit

Paradex: 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	−0.0104%	1h	91.630	−0.422%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	91.920	−0.107%	$17.7M	$36.0M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.170	+0.165%	$1.0M	$47K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.983	−0.038%	$993K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.020	+0.002%	$947K	$567K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0035%	1h	91.168	−0.924%	$2K	$29K	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0040%	8h	91.320	−0.759%	$71K	$1.1M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.890	−0.139%	$96K	$278K	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0050%	1h	91.865	−0.166%	$67.5M	$43.7M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	91.754	−0.287%	$379K	$999K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	−0.128%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.830	−0.204%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.927	−0.099%	$135K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.900	−0.128%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.100	−0.998%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.250	+0.252%	$920	$1K	10x	as long as short
Bybit CRCLUSDT	+0.0102%	8h	91.900	−0.128%	$15.1M	$26.7M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.297	+0.303%	$4	—	10x	as long as short
Gate CRCL_USDT	+0.0115%	8h	91.970	−0.052%	$7.8M	$26.7M	50x	as long as short
Paradex CRCL-USD-PERPlong	+0.0133%	8h	92.018	long leg	$423	$766	5x
edgeX CRCLUSDC	+0.0154%	4h	91.204	−0.884%	$52K	$270K	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	92.182	+0.178%	$2.4M	$3.3M	—	as long as short
Lighter CRCL	+0.0176%	1h	91.910	−0.117%	$3.0M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0233%	8h	92.059	+0.044%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	91.918	−0.109%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0250%	8h	91.880	−0.150%	$105.8M	$386.5M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.817	−0.218%	$27K	$66K	10x	as long as short
SoDEX CRCL-USD	+0.0264%	1h	91.812	−0.224%	$46K	$3K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0296%	8h	91.900	−0.128%	$22.4M	$61.8M	50x	as long as short
Nado CRCL-PERP	+0.0352%	1h	92.118	+0.109%	$135K	$109K	3x	as long as short
BloFin CRCL-USDT	+0.0359%	8h	92.300	+0.306%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	−0.107%	$40K	$170K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.870	−0.161%	$415K	$256K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1052%	1h	92.310	+0.317%	$5K	$760K	10x	as long as short