Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0451%/8h= +49.3% APRpaid last 24h +0.142%

Price spread now: edgeX against tradeXYZ+0.212%7-day average +0.042% · 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−$26as in the Price arb table

costs, in and out, $10k−$430.430% of the position

Long on tradeXYZ Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.751%+$75 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now +0.212%, 7d avg +0.042%

Together, before fees+0.815%+ Points / potential airdroptradeXYZ: Active · edgeX: Active · farm board+$82 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and edgeX is 0.170% dearer against tradeXYZ than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	91.769	0.0050	pay 0.0006% / 1h	41m 00s	$68.1M	$41.8M	10x
Short	edgeX CRCLUSDC	91.963	0.0501	get 0.0250% / 4h	3h 41m	$51K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.212%Rate

Funding earned: $94.62
Price spread: +0.212% → +0.042%: $16.99
Slippage, 4 orders: −$16.04
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $68.56
Costs to cover: 0.430%
Break-even: 1.9 days

Slippage from tradeXYZ: live order book, 9 min ago; edgeX: live order book, 12 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, 9 min ago	0.60 bp	9.7 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 12 min ago	5.97 bp	11.5 bp −$12	23.9 bp −$239	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	−0.0703%	8h	91.910	+0.154%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.580	−0.206%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.850	+0.088%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.930	+0.175%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.849	+0.087%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.820	+0.056%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0007%	8h	91.802	+0.036%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0012%	8h	91.850	+0.088%	$104.6M	$391.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.788	+0.021%	$1.2M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.824	+0.060%	$973K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.867	+0.107%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	+0.099%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	+0.132%	$907K	$510K	10x	as long as short
BloFin CRCL-USDT	+0.0049%	8h	91.810	+0.045%	$1.1M	$1.6M	20x	as long as short
tradeXYZ xyz:CRCLlong	+0.0050%	1h	91.769	long leg	$68.1M	$41.8M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	91.791	+0.024%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.820	+0.056%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.097%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.810	+0.045%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	+0.196%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0075%	8h	91.900	+0.143%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.817	+0.052%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.790	+0.023%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	+0.165%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	−0.010%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.798	+0.031%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.821	+0.057%	$417K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0127%	8h	91.784	+0.016%	$422	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.905	+0.148%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.818	+0.053%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0362%	1h	91.776	+0.008%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.644%	$5K	$19K	30x	as long as short
edgeX CRCLUSDCshort	+0.0501%	4h	91.963	+0.212%	$51K	$275K	10x
Deribit CRCL_USDC-PERPETUAL	+0.0513%	1h	91.780	+0.012%	$4K	$768K	10x	as long as short