Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.002%

Price spread now: GRVT against tradeXYZ+0.222%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on tradeXYZ Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 7 days−0.150%−$15 · spread now +0.222%, 7d avg +0.080%

Together, before fees−0.140%+ Points / potential airdroptradeXYZ: Active · GRVT: Active · farm board−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.142% dearer against tradeXYZ than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	91.185	0.0101	pay 0.0013% / 1h	39m 17s	$67.5M	$44.4M	10x
Short	GRVT CRCL_USDT_Perp	91.388	0.0189	get 0.0189% / 8h	1h 39m	$67K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.222%Rate

Funding earned: $18.5
Price spread: +0.222% → +0.080%: $14.23
Slippage, 4 orders: −$9.15
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$3.43
Costs to cover: 0.362%
Break-even: 8.3 days

Slippage from tradeXYZ: live order book, 10 min ago; GRVT: live order book, 4 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, 10 min ago	1.10 bp	10.7 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	1.10 bp	7.5 bp −$7	12.3 bp −$123	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	−0.0720%	8h	91.320	+0.148%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0086%	1h	90.990	−0.214%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.240	+0.060%	$14.6M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.280	+0.104%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.349	+0.180%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.280	+0.104%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.256	+0.078%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.290	+0.115%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.252	+0.073%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.140	−0.049%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	+0.016%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.240	+0.060%	$1.3M	$1.8M	10x	as long as short
Lighter RH CRCL	+0.0072%	1h	91.283	+0.107%	$975K	$2.7M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0079%	1h	91.220	+0.038%	$5K	$769K	10x	as long as short
Aster CRCLUSDT	+0.0083%	8h	91.281	+0.105%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0096%	8h	91.230	+0.049%	$104.3M	$397.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0096%	1h	91.216	+0.034%	$1.0M	$5.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.217	+0.035%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.260	+0.082%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.200	+0.016%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.250	+0.071%	$910	$2K	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0101%	1h	91.185	long leg	$67.5M	$44.4M	10x
Aevo CRCL-PERP	+0.0104%	1h	91.240	+0.060%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0141%	1h	91.232	+0.052%	$382K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0166%	8h	91.245	+0.065%	$420	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0189%	8h	91.240	+0.060%	$22.2M	$62.6M	50x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0189%	8h	91.388	+0.222%	$67K	$1.1M	10x
BloFin CRCL-USDT	+0.0213%	8h	91.390	+0.225%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.215	+0.033%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.258	+0.081%	$415K	$268K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.267	+0.090%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0428%	1h	91.202	+0.019%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.810	+0.685%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0709%	4h	91.353	+0.184%	$52K	$277K	10x	as long as short