Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1101%/8h= +120.6% APRpaid last 24h +0.113%

Price spread now: edgeX against Bitget−0.128%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$420.424% of the position

Long on Bitget Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.574%+$57 on $10k

Price spread, last 4 days (all we have)+0.272%+$27 · spread now −0.128%, 7d avg −0.029%

Together, before fees+0.847%+ Points / potential airdropedgeX: Active · farm board+$85 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.099% cheaper against Bitget than usual: you would sell low and buy high (spread −0.128% now, against its 7-day average of −0.029%). If the spread goes back, that is −$10 on $10k: about 7 hours of funding at the current rate (+$33 a day). At the pace of the last 7 days (+0.574% in total) that is about 29 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.574% in total (about 29.9% 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	91.610	−0.0349	get 0.0349% / 8h	55m 14s	$17.6M	$37.0M	25x
Short	edgeX CRCLUSDC	91.493	0.0752	get 0.0376% / 4h	55m 14s	$52K	$276K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.128%Rate

Funding earned: $231.27
Price spread: −0.128% → −0.029%: −$9.93
Slippage, 4 orders: −$21.43
Fee Bitget: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $178.91
Costs to cover: 0.424%
Break-even: 1.6 days

Slippage from Bitget: live order book, 4 min ago; edgeX: live order book, 47 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, 4 min ago	2.18 bp	9.5 bp −$10	14.5 bp −$145	48.3 bp −$4,834	doesn't fit
Sell edgeX live order book, 47 min ago	6.02 bp	11.6 bp −$12	23.8 bp −$238	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 CRCLUSDTlong	−0.0349%	8h	91.610	long leg	$17.6M	$37.0M	25x
Vest CRCL-USD-PERP	−0.0080%	1h	91.210	−0.437%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.550	−0.065%	$7.8M	$27.2M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.540	−0.076%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0010%	8h	91.540	−0.076%	$14.8M	$26.6M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.590	−0.022%	$979K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.475	−0.148%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.500	−0.120%	$98K	$293K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.514	−0.105%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.360	−0.273%	$1.1M	$5.0M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CRCL	+0.0066%	8h	91.488	−0.133%	$2.4M	$3.3M	—	as long as short
QFEX CRCL-USD	+0.0071%	1h	91.460	−0.164%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.229%	$890K	$420K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.477	−0.145%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.540	−0.076%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.470	−0.153%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.500	−0.120%	$912	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.554	−0.061%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0145%	8h	91.557	−0.058%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0159%	8h	91.493	−0.128%	$105.1M	$395.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0160%	1h	91.543	−0.073%	$1.0M	$5.0M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0161%	1h	91.432	−0.194%	$67.7M	$44.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0175%	1h	91.470	−0.153%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0180%	8h	91.456	−0.168%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0231%	8h	91.548	−0.068%	$69K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0244%	8h	91.580	−0.033%	$22.3M	$62.1M	50x	as long as short
Phoenix CRCL	+0.0245%	1h	91.481	−0.141%	$27K	$74K	10x	as long as short
BloFin CRCL-USDT	+0.0279%	8h	91.530	−0.087%	$1.1M	$1.7M	20x	as long as short
Lighter CRCL	+0.0288%	1h	91.561	−0.053%	$2.9M	$2.3M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0297%	1h	91.470	−0.153%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0392%	1h	91.416	−0.211%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.890	+0.306%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.485	−0.136%	$415K	$267K	10x	as long as short
edgeX CRCLUSDCshort	+0.0752%	4h	91.493	−0.128%	$52K	$276K	10x