Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0846%/8h= +92.7% APRpaid last 24h +0.022%

Price spread now: Arcus against Bitget−0.282%50s7-day average −0.088% · 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−$400.397% of the position

Long on Bitget Short on Arcus

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)+0.186%+$19 · spread now −0.282%, 7d avg −0.088%

Together, before fees+0.256%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.194% cheaper against Bitget than usual: you would sell low and buy high (spread −0.282% now, against its 7-day average of −0.088%). If the spread goes back, that is −$19 on $10k: about 18 hours of funding at the current rate (+$25 a day). At the pace of the last 3 days (+0.070% in total) that is about 9.6 days. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

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	Bitget CRCLUSDT	92.090	−0.0806	get 0.0806% / 8h	6h 16m	$16.0M	$35.6M	25x
Short	Arcus CRCL-USD	91.830	0.0040	get 0.0005% / 1h	16m 47s	$93K	$273K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bitget. 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 BitgetbpFee ArcusbpOrdersPrice spread, now −0.282%Rate

Funding earned: $177.72
Price spread: −0.282% → −0.088%: −$19.4
Slippage, 4 orders: −$23.16
Fee Bitget: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $118.65
Costs to cover: 0.397%
Break-even: 2.3 days

Slippage from Bitget: live order book, 2 min ago; Arcus: live order book, 52 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 Bitget live order book, 2 min ago	1.63 bp	8.7 bp −$9	9.5 bp −$95	28.8 bp −$2,883	doesn't fit
Sell Arcus live order book, 52 min ago	3.19 bp	10.1 bp −$10	14.3 bp −$143	doesn't fit	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 CRCLUSDTlong	−0.0806%	8h	92.090	long leg	$16.0M	$35.6M	25x
Vest CRCL-USD-PERP	−0.0039%	1h	91.670	−0.456%	—	$40K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.700	−0.423%	$913K	$580K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.970	−0.130%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.933	−0.171%	$420K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.020	−0.076%	$7.1M	$26.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.938	−0.165%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	−0.391%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.980	−0.119%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.872	−0.237%	$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	−0.097%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USDshort	+0.0040%	1h	91.830	−0.282%	$93K	$273K	10x
Extended CRCL_24_5-USD	+0.0048%	1h	91.926	−0.178%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0050%	8h	91.940	−0.163%	$104.9M	$394.2M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.944	−0.159%	$69.1M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.862	−0.248%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.895	−0.212%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.730	−0.391%	$999K	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.920	−0.185%	$1.3M	$2.3M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0057%	8h	91.970	−0.130%	$21.8M	$60.4M	50x	as long as short
Aster CRCLUSDT	+0.0059%	8h	91.980	−0.120%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0074%	8h	91.964	−0.136%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.977	−0.123%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.990	−0.109%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	−0.402%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.900	−0.206%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.923	−0.182%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0153%	1h	91.894	−0.212%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	91.930	−0.174%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0200%	1h	91.984	−0.115%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.850	−0.261%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.445%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	−0.416%	$23K	$268K	10x	as long as short