Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.007%

Price spread now: Bybit against tradeXYZ+0.060%7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$400.405% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 7 days+0.068%+$7 · spread now +0.060%, 7d avg +0.094%

Together, before fees+0.154%+ Points / potential airdroptradeXYZ: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.034% cheaper against tradeXYZ than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.094%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.086%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	91.525	0.0076	pay 0.0009% / 1h	26m 23s	$67.7M	$44.4M	10x
Short	Bybit CRCLUSDT	91.580	0	get 0.0000% / 8h	1h 26m	$14.7M	$26.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$15.86
Price spread: +0.060% → +0.094%: −$3.39
Slippage, 4 orders: −$11.48
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$59.73
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 3 min ago; Bybit: live order book, 2 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, 3 min ago	0.49 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.09 bp	10.4 bp −$10	22.1 bp −$221	doesn't fit	doesn't fit

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	−0.0690%	8h	91.630	+0.115%	$17.5M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.280	−0.268%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.580	+0.060%	$14.7M	$26.6M	50x
Gate CRCL_USDT	0.0000%	8h	91.540	+0.016%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	−0.170%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.470	−0.060%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.562	+0.040%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.348	−0.194%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.400	−0.137%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.473	−0.057%	$46K	$3K	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	91.410	−0.126%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.355%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.550	+0.027%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0076%	1h	91.525	long leg	$67.7M	$44.4M	10x
Aster CRCLUSDT	+0.0088%	8h	91.568	+0.047%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.452	−0.080%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.490	−0.038%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.360	−0.180%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.500	−0.027%	$912	$2K	10x	as long as short
Binance CRCLUSDT	+0.0101%	8h	91.561	+0.039%	$104.6M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.515	−0.011%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.494	−0.034%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0128%	1h	91.545	+0.022%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0153%	8h	91.528	+0.003%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	−0.149%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0200%	8h	91.610	+0.093%	$22.3M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0220%	8h	91.470	−0.060%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.318	−0.226%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.562	+0.041%	$417K	$268K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.573	+0.052%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0399%	1h	91.482	−0.047%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0406%	1h	91.500	−0.027%	$5K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	+0.432%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0466%	4h	91.418	−0.117%	$52K	$276K	10x	as long as short