Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0541%/8h= −59.2% APRpaid last 24h −0.067%

Price spread now: Aster against Deribit+0.039%7-day average +0.020% · 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−$36as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.155%−$15 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now +0.039%, 7d avg +0.020%

Together, before fees−0.223%+ Points / potential airdropAster: Stage 5 · farm board−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.155% in total (about -11.3% 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	Deribit CRCL_USDC-PERPETUAL	91.260	0.0737	pay 0.0092% / 1h	5m 12s	$5K	$769K	10x
Short	Aster CRCLUSDT	91.296	0.0197	get 0.0197% / 8h	5m 12s	$1.0M	$5.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$113.52
Price spread: +0.039% → +0.020%: $1.92
Slippage, 4 orders: −$22.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$149.32
Costs to cover: 0.377%
Break-even: never at this rate

Slippage from Deribit: live order book, 34 min ago; Aster: live order book, 3 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, 34 min ago	6.00 bp	9.5 bp −$9	11.8 bp −$118	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	2.74 bp	9.3 bp −$9	12.7 bp −$127	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	−0.0350%	8h	91.380	+0.131%	$17.3M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0084%	1h	90.970	−0.318%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.330	+0.077%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.280	+0.022%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.280	+0.022%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.231	−0.032%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.200	−0.066%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.276	+0.018%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	−0.055%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0062%	8h	91.300	+0.044%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.270	+0.011%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.208%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0089%	1h	91.211	−0.054%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.270	+0.011%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.260	0.000%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	−0.099%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.270	+0.011%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.291	+0.034%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0132%	8h	91.253	−0.008%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0152%	1h	91.256	−0.004%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0158%	8h	91.253	−0.007%	$420	$905	5x	as long as short
Aster CRCLUSDTshort	+0.0197%	8h	91.296	+0.039%	$1.0M	$5.0M	20x
Binance CRCLUSDT	+0.0213%	8h	91.295	+0.038%	$104.9M	$389.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	91.278	+0.020%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.260	0.000%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	91.227	−0.036%	$70K	$1.1M	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.276	+0.018%	$2.9M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0290%	8h	91.320	+0.066%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0333%	8h	91.320	+0.066%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0435%	1h	91.172	−0.097%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.526%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.280	+0.022%	$412K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0737%	1h	91.260	long leg	$5K	$769K	10x
edgeX CRCLUSDC	+0.0907%	4h	91.195	−0.071%	$52K	$270K	10x	as long as short