Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.060%

Price spread now: tradeXYZ against BloFin−0.102%68s7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

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

costs, in and out, $10k−$370.372% of the position

Long on BloFin Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.323%−$32 on $10k

Price spread, last 4 days (all we have)+0.173%+$17 · spread now −0.102%, 7d avg −0.042%

Together, before fees−0.150%+ Points / potential airdroptradeXYZ: Active · farm board−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and tradeXYZ is 0.060% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.042%). Swap the legs. The two prices were read 68 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	BloFin CRCL-USDT	92.180	0.0120	pay 0.0120% / 8h	4h 59m	$1.1M	$1.3M	20x
Short	tradeXYZ xyz:CRCL	92.086	0.0050	get 0.0006% / 1h	59m 59s	$68.6M	$41.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against BloFin. 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 BloFinbpFee tradeXYZbpOrdersPrice spread, now −0.102%Rate

Funding earned: −$14.7
Price spread: −0.102% → −0.042%: −$6
Slippage, 4 orders: −$7.23
Fee BloFin: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$57.92
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; tradeXYZ: 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 BloFin live order book, 2 min ago	0.54 bp	8.6 bp −$9	12.7 bp −$127	27.8 bp −$2,780	doesn't fit
Sell tradeXYZ live order book, 10 min ago	1.19 bp	10.7 bp −$11	doesn't fit	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	−0.1001%	8h	92.140	−0.043%	$16.2M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0074%	1h	91.970	−0.228%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.080	−0.108%	$908K	$501K	10x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.155	−0.027%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.144	−0.039%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.110	−0.076%	$105.0M	$386.1M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.130	−0.054%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.208	+0.030%	$421K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.170	−0.011%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.126	−0.058%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CRCL_USDT_Perp	0.0000%	8h	92.034	−0.158%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.180	0.000%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0006%	8h	92.120	−0.065%	$21.6M	$59.8M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	92.065	−0.125%	$2K	$24K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.180	0.000%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.198	+0.020%	$978K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.050	−0.141%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0050%	1h	92.086	−0.102%	$68.6M	$41.4M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	92.150	−0.033%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.148	−0.035%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.020	−0.174%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0081%	8h	92.203	+0.025%	$756	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.199	+0.021%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.150	−0.033%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.000	−0.195%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.140	−0.043%	$919	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.169	−0.012%	$4	—	10x	as long as short
BloFin CRCL-USDTlong	+0.0120%	8h	92.180	long leg	$1.1M	$1.3M	20x
Phoenix CRCL	+0.0183%	1h	92.176	−0.004%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0208%	1h	92.167	−0.014%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0218%	1h	92.147	−0.036%	$131K	$104K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0293%	1h	92.170	−0.011%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.380%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0747%	4h	91.992	−0.204%	$23K	$249K	10x	as long as short