Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0862%/8h= −94.4% APRpaid last 24h −0.022%

Price spread now: Bitget against Arcus+0.229%7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Arcus Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.132%−$13 · spread now +0.229%, 7d avg +0.088%

Together, before fees−0.202%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.140% dearer against Arcus than usual: you sell high and buy low (spread +0.229% now, against its 7-day average of +0.088%): +$14 on $10k if it goes back. Holding the pair costs −$26 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 3 days (−0.070% in total) that is about 7.0 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.070% in total (about -7.4% 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	Arcus CRCL-USD	91.860	0.0040	pay 0.0005% / 1h	16m 25s	$93K	$273K	10x
Short	Bitget CRCLUSDT	92.070	−0.0822	pay 0.0822% / 8h	6h 16m	$16.0M	$35.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Arcus. 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 ArcusbpFee BitgetbpOrdersPrice spread, now +0.229%Rate

Funding earned: −$181.08
Price spread: +0.229% → +0.088%: $14.03
Slippage, 4 orders: −$23.16
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$206.71
Costs to cover: 0.397%
Break-even: never at this rate

Slippage from Arcus: live order book, 52 min ago; Bitget: 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 Arcus live order book, 52 min ago	3.19 bp	11.0 bp −$11	13.9 bp −$139	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	1.63 bp	9.8 bp −$10	16.2 bp −$162	77.4 bp −$7,743	doesn't fit

CRCL on 33 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 CRCLUSDTshort	−0.0822%	8h	92.070	+0.229%	$16.0M	$35.6M	25x
Vest CRCL-USD-PERP	−0.0041%	1h	91.770	−0.098%	—	$40K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.700	−0.174%	$913K	$580K	10x	as long as short
Gate CRCL_USDT	−0.0004%	8h	92.060	+0.218%	$7.1M	$26.8M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.980	+0.131%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.950	+0.098%	$420K	$299K	10x	as long as short
Variational Omni CRCL	0.0000%	8h	91.938	+0.085%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	−0.142%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.980	+0.131%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.905	+0.049%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.001	+0.153%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USDlong	+0.0040%	1h	91.860	long leg	$93K	$273K	10x
Extended CRCL_24_5-USD	+0.0048%	1h	91.926	+0.072%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0050%	8h	91.950	+0.098%	$104.8M	$394.2M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.944	+0.091%	$69.1M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.956	+0.105%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.895	+0.038%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.730	−0.142%	$999K	$5.5M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0057%	8h	91.960	+0.109%	$21.8M	$60.4M	50x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.950	+0.098%	$1.3M	$2.3M	10x	as long as short
Aster CRCLUSDT	+0.0059%	8h	91.982	+0.132%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0073%	8h	91.981	+0.131%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.992	+0.144%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.990	+0.142%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	−0.152%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.940	+0.087%	$917	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.923	+0.068%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0153%	1h	91.935	+0.081%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	91.930	+0.076%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0200%	1h	91.984	+0.135%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.850	−0.011%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.697%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	−0.167%	$23K	$268K	10x	as long as short