Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0414%/8h= −45.3% APRpaid last 24h −0.056%

Price spread now: KuCoin against Deribit−0.065%7-day average +0.009% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1181.182% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.096%−$10 on $10k

Price spread, last 4 days (all we have)+0.163%+$16 · spread now −0.065%, 7d avg +0.009%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and KuCoin is 0.075% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.096% in total (about -7.4% 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	91.750	0.0514	pay 0.0064% / 1h	24m 10s	$4K	$767K	10x
Short	KuCoin CRCLUSDTM	91.690	0.0100	get 0.0100% / 8h	5h 24m	$2.8M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$86.84
Price spread: −0.065% → +0.009%: −$7.46
Slippage, 4 orders: −$99.24
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$212.54
Costs to cover: 1.182%
Break-even: never at this rate

Slippage from Deribit: live order book, 40 min ago; KuCoin: 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, 40 min ago	0.54 bp	12.7 bp −$13	15.0 bp −$150	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	2.18 bp	29.6 bp −$30	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	−0.1304%	8h	91.800	+0.054%	$15.8M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.480	−0.294%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.470	−0.305%	$903K	$518K	10x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.728	−0.024%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.724	−0.029%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.745	−0.005%	$104.6M	$384.9M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.800	+0.054%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.690	−0.065%	$419K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.760	+0.011%	$7.1M	$26.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.576	−0.189%	$2.4M	$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	91.605	−0.158%	$65K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.730	−0.022%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0008%	8h	91.780	+0.033%	$21.6M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0019%	1h	91.624	−0.137%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.680	−0.076%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.774	+0.026%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.600	−0.163%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.696	−0.059%	$68.5M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.691	−0.064%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.698	−0.057%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.550	−0.218%	$974K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0069%	8h	91.695	−0.060%	$752	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.650	−0.109%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	91.690	−0.065%	$2.8M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.560	−0.207%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.700	−0.054%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.738	−0.014%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.670	−0.087%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0183%	1h	91.546	−0.222%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0192%	1h	91.633	−0.127%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0224%	1h	91.781	+0.034%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.130	+0.414%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0514%	1h	91.750	long leg	$4K	$767K	10x
edgeX CRCLUSDC	+0.0554%	4h	91.597	−0.167%	$23K	$248K	10x	as long as short