Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1487%/8h= −162.8% APRpaid last 24h −0.096%

Price spread now: Bitget against edgeX−0.042%94s7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.416% of the position

Long on edgeX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.561%−$56 on $10k

Price spread, last 4 days (all we have)−0.460%−$46 · spread now −0.042%, 7d avg +0.028%

Together, before fees−1.022%+ Points / potential airdropedgeX: Active · farm board−$102 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$45 a day on $10k at the current rate, and Bitget is 0.070% cheaper against edgeX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.028%). Swap the legs. The two prices were read 94 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.561% in total (about -29.3% 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	edgeX CRCLUSDC	91.668	0.0180	pay 0.0090% / 4h	1h 26m	$23K	$248K	10x
Short	Bitget CRCLUSDT	91.630	−0.1307	pay 0.1307% / 8h	5h 26m	$15.8M	$34.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against edgeX. 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 edgeXbpFee BitgetbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$312.3
Price spread: −0.042% → +0.028%: −$7.02
Slippage, 4 orders: −$20.63
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$360.95
Costs to cover: 0.416%
Break-even: never at this rate

Slippage from edgeX: live order book, 37 min ago; Bitget: 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 edgeX live order book, 37 min ago	5.98 bp	11.6 bp −$12	23.7 bp −$237	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.64 bp	9.2 bp −$9	13.1 bp −$131	54.6 bp −$5,461	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 CRCLUSDTshort	−0.1307%	8h	91.630	−0.042%	$15.8M	$34.6M	25x
Vest CRCL-USD-PERP	−0.0077%	1h	91.360	−0.336%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.470	−0.216%	$903K	$518K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.576	−0.100%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.592	−0.083%	$104.5M	$385.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.630	−0.042%	$15.0M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.589	−0.086%	$418K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.630	−0.042%	$7.1M	$26.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.576	−0.100%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.701	+0.036%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.600	−0.074%	$1.0M	$49K	10x	as long as short
Aster CRCLUSDT	+0.0001%	8h	91.617	−0.056%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0006%	8h	91.640	−0.031%	$21.5M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0019%	1h	91.582	−0.095%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.550	−0.129%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.627	−0.045%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.590	−0.085%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.540	−0.140%	$68.4M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.572	−0.105%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.560	−0.118%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.570	−0.107%	$974K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0069%	8h	91.588	−0.088%	$751	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.552	−0.127%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.580	−0.096%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.820	+0.166%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.590	−0.085%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.579	−0.097%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.610	−0.064%	$1.1M	$1.3M	20x	as long as short
edgeX CRCLUSDClong	+0.0180%	4h	91.668	long leg	$23K	$248K	10x
Phoenix CRCL	+0.0183%	1h	91.684	+0.017%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0190%	1h	91.534	−0.146%	$130K	$104K	3x	as long as short
Lighter CRCL	+0.0208%	1h	91.628	−0.044%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.130	+0.504%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0624%	1h	91.640	−0.031%	$4K	$767K	10x	as long as short