Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0827%/8h= −90.6% APRpaid last 24h −0.139%

Price spread now: Pacifica against edgeX−0.072%52s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$143as 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−$690.693% of the position

Long on edgeX Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.736%−$74 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now −0.072%, 7d avg −0.019%

Together, before fees−0.835%+ Points / potential airdropedgeX: Active · Pacifica: Active · farm board−$84 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Pacifica is 0.053% cheaper against edgeX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.019%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX CRCLUSDC	91.615	0.0927	pay 0.0464% / 4h	2h 46m	$52K	$278K	10x
Short	Pacifica CRCL	91.549	0.0100	get 0.0013% / 1h	46m 45s	$134K	$162K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.072%Rate

Funding earned: −$173.7
Price spread: −0.072% → −0.019%: −$5.33
Slippage, 4 orders: −$52.32
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$248.35
Costs to cover: 0.693%
Break-even: never at this rate

Slippage from edgeX: live order book, 1 min ago; Pacifica: live order book, 47 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, 1 min ago	6.01 bp	11.7 bp −$12	23.0 bp −$230	doesn't fit	doesn't fit
Sell Pacifica live order book, 47 min ago	6.53 bp	28.2 bp −$28	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	−0.0755%	8h	91.620	+0.005%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.310	−0.333%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.560	−0.060%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.580	−0.039%	$7.4M	$27.1M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.669	+0.059%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.590	−0.028%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0023%	8h	91.571	−0.048%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.573	−0.046%	$974K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.522	−0.101%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0034%	8h	91.547	−0.075%	$104.3M	$393.6M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.580	−0.039%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.553	−0.068%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.551	−0.070%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.542	−0.080%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.540	−0.082%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.560	−0.060%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.235%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0075%	1h	91.501	−0.125%	$68.1M	$42.9M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0078%	1h	91.540	−0.082%	$4K	$768K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0094%	8h	91.531	−0.092%	$421	$905	5x	as long as short
Pacifica CRCLshort	+0.0100%	1h	91.549	−0.072%	$134K	$162K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	91.530	−0.093%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.600	−0.017%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.560	−0.060%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.552	−0.069%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.680	+0.071%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0116%	8h	91.570	−0.049%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.550	−0.071%	$417K	$295K	10x	as long as short
BloFin CRCL-USDT	+0.0139%	8h	91.630	+0.016%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.658	+0.047%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.560	−0.060%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0348%	1h	91.555	−0.066%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.475%	$5K	$19K	30x	as long as short
edgeX CRCLUSDClong	+0.0927%	4h	91.615	long leg	$52K	$278K	10x