Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0223%/8h= +24.4% APRpaid last 24h +0.022%

Price spread now: Binance against tradeXYZ+0.082%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on tradeXYZ Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 2 days (all we have)−0.054%−$5 · spread now +0.082%, 7d avg +0.039%

Together, before fees+0.008%+ Points / potential airdroptradeXYZ: Active · farm board+$1 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 0.043% dearer against tradeXYZ than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.039%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.063% in total (about 3.3% 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	tradeXYZ xyz:CRCL	94.143	0.0006	pay 0.0001% / 1h	48m 13s	$71.6M	$42.3M	10x
Short	Binance CRCLUSDT	94.220	0.0228	get 0.0228% / 8h	7h 48m	$109.1M	$389.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against tradeXYZ. 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 tradeXYZbpFee BinancebpOrdersPrice spread, now +0.082%Rate

Funding earned: $46.73
Price spread: +0.082% → +0.039%: $4.32
Slippage, 4 orders: −$5.82
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Binance: 5 bp × 2 orders: −$10
Net: $17.23
Costs to cover: 0.338%
Break-even: 4.4 days

Slippage from tradeXYZ: live order book, 11 min ago; Binance: live order book, 10 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 tradeXYZ live order book, 11 min ago	0.85 bp	10.9 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.53 bp	6.4 bp −$6	9.2 bp −$92	40.3 bp −$4,035	173.2 bp −$86.6K

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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.200	+0.061%	$942K	$725K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.240	+0.103%	$15.5M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.250	+0.114%	$7.2M	$26.9M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.240	+0.103%	$1.0M	$52K	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0006%	1h	94.143	long leg	$71.6M	$42.3M	10x
Lighter RH CRCL	+0.0032%	1h	94.231	+0.093%	$890K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.210	+0.071%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.070	−0.078%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.244	+0.107%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.166	+0.024%	$365K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	94.183	+0.042%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.120	−0.024%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.195	+0.055%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.270	+0.135%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.210	+0.071%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.220	+0.082%	$939	$3K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	94.348	+0.218%	$70K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.216	+0.077%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0111%	8h	94.241	+0.104%	$773	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0158%	8h	94.230	+0.092%	$22.8M	$60.3M	50x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.210	+0.072%	$2.5M	$3.1M	—	as long as short
Bitget CRCLUSDT	+0.0185%	8h	94.240	+0.103%	$16.9M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0222%	1h	94.169	+0.028%	$131K	$76K	3x	as long as short
Binance CRCLUSDTshort	+0.0228%	8h	94.220	+0.082%	$109.1M	$389.4M	50x
Aster CRCLUSDT	+0.0232%	8h	94.240	+0.103%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.206	+0.067%	$1.1M	$4.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.366	+0.237%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.241	+0.104%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0352%	8h	94.220	+0.082%	$1.1M	$559K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.570	+0.454%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0493%	1h	94.230	+0.092%	$4K	$772K	10x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.220	+0.082%	$96K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.251	+0.114%	$430K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0861%	4h	94.390	+0.262%	$24K	$268K	10x	as long as short