Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0246%/8h= +26.9% APRpaid last 24h +0.038%

Price spread now: OKX against tradeXYZ+0.125%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on tradeXYZ Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 7 days−0.032%−$3 · spread now +0.125%, 7d avg +0.076%

Together, before fees+0.073%+ Points / potential airdroptradeXYZ: Active · farm board+$7 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 OKX is 0.049% dearer against tradeXYZ than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.076%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.105% in total (about 5.5% 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	91.066	0.0050	pay 0.0006% / 1h	34m 56s	$67.1M	$44.3M	10x
Short	OKX CRCL-USDT-SWAP	91.180	0.0296	get 0.0296% / 8h	7h 34m	$22.3M	$61.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.125%Rate

Funding earned: $51.63
Price spread: +0.125% → +0.076%: $4.89
Slippage, 4 orders: −$8.33
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee OKX: 5 bp × 2 orders: −$10
Net: $20.19
Costs to cover: 0.363%
Break-even: 4.3 days

Slippage from tradeXYZ: live order book, 3 min ago; OKX: 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, 3 min ago	0.77 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.55 bp	7.6 bp −$8	13.3 bp −$133	102.3 bp −$10.2K	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
Vest CRCL-USD-PERP	−0.0096%	1h	90.880	−0.204%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0085%	8h	91.190	+0.136%	$17.3M	$36.1M	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.190	+0.136%	$14.9M	$26.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.180	+0.125%	$1.0M	$47K	10x	as long as short
Gate CRCL_USDT	+0.0008%	8h	91.220	+0.169%	$7.8M	$26.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.162	+0.105%	$981K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	+0.136%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.142	+0.084%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.110	+0.048%	$95K	$284K	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0050%	1h	91.066	long leg	$67.1M	$44.3M	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	91.114	+0.053%	$376K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.121	+0.060%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.030	−0.040%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.130	+0.070%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.159	+0.102%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.190	+0.136%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	+0.059%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.150	+0.092%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.131	+0.072%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0134%	8h	91.130	+0.070%	$419	$766	5x	as long as short
Variational Omni CRCL	+0.0152%	8h	91.180	+0.125%	$2.4M	$3.3M	—	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	91.220	+0.169%	$62K	$1.1M	10x	as long as short
Aster CRCLUSDT	+0.0215%	8h	91.190	+0.136%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0224%	1h	91.165	+0.109%	$2.9M	$2.1M	10x	as long as short
Binance CRCLUSDT	+0.0230%	8h	91.170	+0.114%	$104.8M	$386.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	91.156	+0.099%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.200	+0.147%	$27K	$66K	10x	as long as short
edgeX CRCLUSDC	+0.0262%	4h	91.189	+0.135%	$52K	$269K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0296%	8h	91.180	+0.125%	$22.3M	$61.4M	50x
BloFin CRCL-USDT	+0.0350%	8h	91.150	+0.092%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0375%	1h	91.084	+0.020%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.212%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.168	+0.112%	$412K	$258K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0519%	1h	91.150	+0.092%	$5K	$769K	10x	as long as short