Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h +0.082%

Price spread now: edgeX against Arcus−0.287%54s7-day average +0.053% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.380% of the position

Long on Arcus Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.482%+$48 on $10k

Price spread, last 4 days (all we have)+0.582%+$58 · spread now −0.287%, 7d avg +0.053%

Together, before fees+1.064%+ Points / potential airdropedgeX: Active · farm board+$106 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and edgeX is 0.340% cheaper against Arcus than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of +0.053%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.482%, so the current rate has only just turned against you. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus CRCL-USD	94.500	0.0057	pay 0.0007% / 1h	58m 07s	$96K	$220K	10x
Short	edgeX CRCLUSDC	94.229	0.0040	get 0.0020% / 4h	58m 07s	$53K	$278K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.287%Rate

Funding earned: −$3.46
Price spread: −0.287% → +0.053%: −$34.03
Slippage, 4 orders: −$24.5
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$75.48
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Arcus: live order book, 48 min ago; edgeX: live order book, 48 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, 48 min ago	2.15 bp	7.1 bp −$7	8.9 bp −$89	doesn't fit	doesn't fit
Sell edgeX live order book, 48 min ago	6.46 bp	11.7 bp −$12	24.1 bp −$241	doesn't fit	doesn't fit

CRCL on 34 exchanges

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
Coinbase International CRCL-PERP-INTX	−0.0024%	1h	94.740	+0.254%	$864K	$798K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	95.040	+0.571%	$15.4M	$27.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	94.520	+0.021%	$420K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.090	+0.624%	$18.8M	$37.3M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.970	+0.497%	$1.0M	$47K	10x	as long as short
QFEX CRCL-USD	+0.0014%	1h	94.360	−0.148%	$1.4M	$1.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0027%	1h	94.580	+0.085%	—	$30K	25x	as long as short
Gate CRCL_USDT	+0.0031%	8h	94.980	+0.508%	$7.7M	$25.5M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0031%	1h	93.875	−0.662%	$2K	$29K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.932	+0.457%	$1.0M	$2.6M	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective CRCL/USDC PERP	+0.0033%	1h	92.090	−2.550%	$38K	$172K	30x	as long as short
edgeX CRCLUSDCshort	+0.0040%	4h	94.229	−0.287%	$53K	$278K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.530	+0.032%	$946K	$4.2M	10x	as long as short
Arcus CRCL-USDlong	+0.0057%	1h	94.500	long leg	$96K	$220K	10x
Paradex CRCL-USD-PERP	+0.0079%	8h	94.520	+0.021%	$435	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.466	−0.036%	$140K	$149K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.690	+0.201%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.440	−0.063%	$88K	$21K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.540	+0.042%	$745	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.701	+0.213%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	94.730	+0.243%	$2.6M	$3.2M	—	as long as short
Phoenix CRCL	+0.0197%	1h	94.573	+0.077%	$28K	$66K	10x	as long as short
Nado CRCL-PERP	+0.0204%	1h	94.628	+0.135%	$156K	$99K	3x	as long as short
tradeXYZ xyz:CRCL	+0.0205%	1h	95.047	+0.579%	$69.0M	$43.8M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0225%	8h	95.170	+0.709%	$23.2M	$64.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	94.734	+0.248%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0250%	8h	94.983	+0.512%	$108.9M	$376.9M	50x	as long as short
Aster CRCLUSDT	+0.0269%	8h	94.749	+0.263%	$1.2M	$4.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0289%	8h	94.746	+0.260%	$65K	$998K	10x	as long as short
BloFin CRCL-USDT	+0.0372%	8h	94.470	−0.032%	$1.1M	$1.7M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0402%	1h	94.586	+0.091%	$303K	$1.0M	10x	as long as short
Lighter CRCL	+0.0520%	1h	94.963	+0.490%	$3.3M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0805%	1h	94.880	+0.402%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.3613%	1h	94.662	+0.171%	$47K	$3K	10x	as long as short