Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0597%/8h= +65.4% APRpaid last 24h +0.057%

Price spread now: edgeX against Deribit+0.081%7-day average +0.001% · 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−$440.439% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.526%+$53 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now +0.081%, 7d avg +0.001%

Together, before fees+0.540%+ Points / potential airdropedgeX: Active · farm board+$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and edgeX is 0.080% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	94.360	0.0280	pay 0.0035% / 1h	21m 32s	$4K	$769K	10x
Short	edgeX CRCLUSDC	94.436	0.0878	get 0.0439% / 4h	3h 21m	$24K	$268K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.081%Rate

Funding earned: $125.47
Price spread: +0.081% → +0.001%: $8.02
Slippage, 4 orders: −$27.91
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $89.58
Costs to cover: 0.439%
Break-even: 2.0 days

Slippage from Deribit: live order book, 52 min ago; edgeX: live order book, 51 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, 52 min ago	0.53 bp	10.3 bp −$10	14.3 bp −$143	doesn't fit	doesn't fit
Sell edgeX live order book, 51 min ago	5.82 bp	11.0 bp −$11	22.7 bp −$227	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.159%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.340	−0.021%	$15.5M	$25.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.380	+0.021%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.506	+0.155%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.390	+0.032%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0023%	8h	94.360	0.000%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.356	−0.004%	$888K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	94.348	−0.013%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.350	−0.011%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.250	−0.117%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.310	−0.053%	$71.7M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.320	−0.042%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.357	−0.003%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.085%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.325	−0.038%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	+0.064%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.420	+0.064%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.370	+0.011%	$941	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0102%	8h	94.376	+0.017%	$774	$740	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.375	+0.016%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0117%	8h	94.489	+0.137%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0146%	8h	94.350	−0.011%	$22.8M	$59.3M	50x	as long as short
Binance CRCLUSDT	+0.0182%	8h	94.348	−0.013%	$109.3M	$385.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.342	−0.019%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0187%	8h	94.419	+0.062%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0224%	1h	94.302	−0.062%	$132K	$76K	3x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0280%	1h	94.360	long leg	$4K	$769K	10x
Lighter CRCL	+0.0288%	1h	94.376	+0.017%	$3.0M	$2.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.430	+0.074%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0305%	8h	94.460	+0.106%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.562%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.390	+0.032%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.350	−0.011%	$430K	$299K	10x	as long as short
edgeX CRCLUSDCshort	+0.0878%	4h	94.436	+0.081%	$24K	$268K	10x