CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0256%/8h= −28.1% APRnext payment −$0.32 per $10,000 · paid last 24h −0.029%

Price spread now: Arcus against Deribit+0.033%7-day average −0.046% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Deribit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.091%−$9 on $10k

Price spread, last 4 days (all we have)−0.057%−$6 · spread now +0.033%, 7d avg −0.046%

Together, before fees−0.148%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Arcus is 0.079% dearer against Deribit than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of −0.046%): +$8 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 25 hours. At the pace of the last 4 days (−0.091% in total) that is about 3.1 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.091% in total (about -9.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 per $10,000. 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	Deribit CRCL_USDC-PERPETUAL	91.520	0.0297	pay 0.0037% / 1h	44m 40s	$4K	$768K	10x
Short	Arcus CRCL-USD	91.550	0.0040	get 0.0005% / 1h	44m 40s	$93K	$291K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Deribit. 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 DeribitbpFee ArcusbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$53.83
Price spread: +0.033% → −0.046%: $7.88
Slippage, 4 orders: −$29.43
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$86.89
Costs to cover: 0.409%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Arcus: live order book, 4 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 Deribit live order book, 4 min ago	5.45 bp	9.0 bp −$9	13.6 bp −$136	doesn't fit	doesn't fit
Sell Arcus live order book, 4 min ago	3.82 bp	9.1 bp −$9	13.2 bp −$132	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	−0.0763%	8h	91.600	+0.087%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.280	−0.262%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.530	+0.011%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.570	+0.055%	$7.4M	$27.1M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.509	−0.012%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.540	+0.022%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0022%	8h	91.527	+0.008%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.524	+0.004%	$974K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.507	−0.015%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0034%	8h	91.532	+0.014%	$104.3M	$393.6M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0039%	4h	91.574	+0.059%	$52K	$278K	10x	as long as short
Arcus CRCL-USDshort	+0.0040%	1h	91.550	+0.033%	$93K	$291K	10x
Aftermath Perps CRCLUSD	+0.0042%	1h	91.532	+0.013%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.541	+0.023%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.522	+0.002%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.540	+0.022%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.550	+0.033%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.131%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0088%	1h	91.456	−0.070%	$68.2M	$42.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.493	−0.030%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.530	+0.011%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.520	0.000%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.550	+0.033%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.530	+0.011%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.529	+0.010%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.580	+0.066%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0117%	8h	91.570	+0.055%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.538	+0.019%	$417K	$295K	10x	as long as short
BloFin CRCL-USDT	+0.0133%	8h	91.550	+0.033%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.603	+0.091%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0288%	1h	91.521	+0.001%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0297%	1h	91.520	long leg	$4K	$768K	10x
Nado CRCL-PERP	+0.0337%	1h	91.474	−0.051%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.568%	$5K	$19K	30x	as long as short