CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0289%/8h= −31.6% APRnext payment −$0.36 per $10,000 · paid last 24h −0.089%

Price spread now: tradeXYZ against Deribit−0.002%7-day average −0.030% · 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−$38as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Deribit Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.135%−$14 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.002%, 7d avg −0.030%

Together, before fees−0.159%+ Points / potential airdroptradeXYZ: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. tradeXYZ is 0.028% dearer against Deribit than usual: you sell high and buy low (spread −0.002% now, against its 7-day average of −0.030%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 5 days (−0.135% in total) that is about 24 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.135% in total (about -9.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 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	91.270	0.0408	pay 0.0051% / 1h	31m 39s	$5K	$769K	10x
Short	tradeXYZ xyz:CRCL	91.268	0.0119	get 0.0015% / 1h	31m 39s	$67.6M	$43.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$60.68
Price spread: −0.002% → −0.030%: $2.77
Slippage, 4 orders: −$15.44
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$98.35
Costs to cover: 0.404%
Break-even: never at this rate

Slippage from Deribit: live order book, 7 min ago; tradeXYZ: live order book, 8 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, 7 min ago	6.00 bp	9.5 bp −$9	11.8 bp −$118	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 8 min ago	0.82 bp	10.2 bp −$10	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	−0.0261%	8h	91.410	+0.153%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.040	−0.252%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.390	+0.131%	$7.8M	$27.4M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.300	+0.033%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0031%	8h	91.350	+0.088%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.343	+0.080%	$980K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.398	+0.141%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.360	+0.099%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.281	+0.012%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.170	−0.110%	$1.1M	$4.8M	10x	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	91.330	+0.066%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.300	+0.033%	$889K	$392K	10x	as long as short
Variational Omni CRCL	+0.0097%	8h	91.457	+0.205%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.310	+0.044%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.330	+0.066%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.200	−0.077%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.290	+0.022%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.318	+0.053%	$4	—	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0119%	1h	91.268	−0.002%	$67.6M	$43.9M	10x
edgeX CRCLUSDC	+0.0124%	4h	91.531	+0.286%	$52K	$275K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0158%	1h	91.310	+0.044%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0161%	8h	91.302	+0.035%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0170%	8h	91.363	+0.102%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.298	+0.031%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0187%	8h	91.340	+0.076%	$105.0M	$389.7M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.689	+0.459%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0244%	8h	91.400	+0.142%	$61K	$1.1M	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.342	+0.079%	$2.9M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0260%	8h	91.360	+0.099%	$22.2M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0304%	8h	91.320	+0.055%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0408%	1h	91.270	long leg	$5K	$769K	10x
Nado CRCL-PERP	+0.0425%	1h	91.224	−0.050%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.811%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.332	+0.068%	$412K	$272K	10x	as long as short