Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.044%

Price spread now: Bybit against Arcus+0.196%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−$35as in the Price arb table

costs, in and out, $10k−$460.461% of the position

Long on Arcus Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.048%−$5 on $10k

Price spread, last 4 days (all we have)+0.265%+$27 · spread now +0.196%, 7d avg +0.088%

Together, before fees+0.218%+$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.108% dearer against Arcus than usual: you sell high and buy low (spread +0.196% now, against its 7-day average of +0.088%): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus CRCL-USD	91.980	0.0040	pay 0.0005% / 1h	12m 05s	$93K	$273K	10x
Short	Bybit CRCLUSDT	92.160	0	get 0.0000% / 8h	4h 12m	$14.9M	$26.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.196%Rate

Funding earned: −$8.46
Price spread: +0.196% → +0.088%: $10.77
Slippage, 4 orders: −$30.58
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$43.77
Costs to cover: 0.461%
Break-even: never at this rate

Slippage from Arcus: live order book, 46 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 Arcus live order book, 46 min ago	1.63 bp	14.9 bp −$15	18.9 bp −$189	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.09 bp	10.7 bp −$11	16.5 bp −$165	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	−0.0939%	8h	92.200	+0.239%	$16.6M	$35.2M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.870	−0.120%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.068	+0.096%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.134	+0.168%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.155	+0.191%	$104.9M	$390.0M	50x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	92.160	+0.196%	$14.9M	$26.4M	50x
RISEx CRCL/USDC	0.0000%	1h	92.110	+0.141%	$419K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.180	+0.217%	$7.2M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.929	−0.056%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.052	+0.079%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	92.040	+0.065%	$1.0M	$49K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.990	+0.011%	$908K	$491K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	92.130	+0.163%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.149	+0.184%	$977K	$2.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0034%	8h	92.180	+0.217%	$22.3M	$61.5M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.962	−0.019%	$2K	$25K	5x	as long as short
Arcus CRCL-USDlong	+0.0040%	1h	91.980	long leg	$93K	$273K	10x
tradeXYZ xyz:CRCL	+0.0050%	1h	92.075	+0.103%	$68.6M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.083	+0.112%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.136	+0.170%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.000	+0.022%	$1.0M	$5.2M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.040	+0.065%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.070	+0.098%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.990	+0.011%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.120	+0.152%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.123	+0.156%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0107%	8h	92.082	+0.110%	$424	$905	5x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	92.090	+0.120%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	92.044	+0.070%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0208%	1h	92.148	+0.183%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0223%	4h	91.994	+0.016%	$51K	$277K	10x	as long as short
Nado CRCL-PERP	+0.0307%	1h	92.035	+0.060%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.400	+0.457%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0728%	1h	92.120	+0.152%	$4K	$767K	10x	as long as short