Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0279%/8h= +30.6% APRpaid last 24h +0.055%

Price spread now: Deribit against Binance−0.033%7-day average +0.007% · 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−$34as in the Price arb table

costs, in and out, $10k−$300.305% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.164%+$16 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now −0.033%, 7d avg +0.007%

Together, before fees+0.262%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.040% cheaper against Binance than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.007%). If the spread goes back, that is −$4 on $10k: about 11 hours of funding at the current rate (+$8 a day). At the pace of the last 5 days (+0.164% in total) that is about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CRCLUSDT	91.960	0.0015	pay 0.0015% / 8h	3h 43m	$104.8M	$390.7M	50x
Short	Deribit CRCL_USDC-PERPETUAL	91.930	0.0294	get 0.0037% / 1h	43m 35s	$4K	$768K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.033%Rate

Funding earned: $58.69
Price spread: −0.033% → +0.007%: −$4
Slippage, 4 orders: −$13.46
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $24.23
Costs to cover: 0.305%
Break-even: 4.1 days

Slippage from Binance: live order book, 15 min ago; Deribit: live order book, 10 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 Binance live order book, 15 min ago	0.54 bp	6.1 bp −$6	9.0 bp −$90	32.1 bp −$3,207	doesn't fit
Sell Deribit live order book, 10 min ago	0.54 bp	10.6 bp −$11	14.3 bp −$143	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	−0.0697%	8h	92.030	+0.076%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.730	−0.250%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.970	+0.011%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.040	+0.087%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.979	+0.021%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.980	+0.022%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0009%	8h	91.989	+0.032%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDTlong	+0.0015%	8h	91.960	long leg	$104.8M	$390.7M	50x
Extended CRCL_24_5-USD	+0.0016%	1h	91.944	−0.017%	$1.2M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.929	−0.034%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.930	−0.033%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.076%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.899	−0.066%	$68.2M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.934	−0.028%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.938	−0.024%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	−0.065%	$1.0M	$5.2M	10x	as long as short
Lighter RH CRCL	+0.0056%	1h	91.989	+0.032%	$975K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.980	+0.022%	$1.3M	$1.9M	10x	as long as short
BloFin CRCL-USDT	+0.0068%	8h	92.010	+0.054%	$1.1M	$1.4M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	−0.012%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0074%	8h	92.010	+0.054%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.967	+0.008%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.940	−0.022%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.900	−0.065%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.940	−0.022%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.927	−0.036%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.976	+0.018%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0129%	8h	91.944	−0.017%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.939	−0.023%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0280%	1h	91.993	+0.036%	$3.0M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0294%	1h	91.930	−0.033%	$4K	$768K	10x
Nado CRCL-PERP	+0.0371%	1h	91.895	−0.070%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.550	+0.642%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0529%	4h	92.039	+0.086%	$51K	$277K	10x	as long as short