Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.004%

Price spread now: Bybit against Pacifica−0.060%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$670.673% of the position

Long on Pacifica Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now −0.060%, 7d avg +0.040%

Together, before fees+0.206%+ Points / potential airdropPacifica: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.100% cheaper against Pacifica than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.072%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica CRCL	91.665	0.0100	pay 0.0013% / 1h	50m 02s	$134K	$162K	10x
Short	Bybit CRCLUSDT	91.610	0	get 0.0000% / 8h	2h 50m	$14.7M	$26.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Pacifica. 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 PacificabpFee BybitbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$21
Price spread: −0.060% → +0.040%: −$10.02
Slippage, 4 orders: −$48.33
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$98.35
Costs to cover: 0.673%
Break-even: never at this rate

Slippage from Pacifica: live order book, 44 min ago; Bybit: live order book, 4 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 Pacifica live order book, 44 min ago	6.53 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.55 bp	10.6 bp −$11	18.5 bp −$185	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	−0.0748%	8h	91.700	+0.038%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.390	−0.300%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.610	−0.060%	$14.7M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.630	−0.038%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.669	+0.004%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.630	−0.038%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0024%	8h	91.641	−0.026%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.630	−0.038%	$975K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.615	−0.054%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0034%	8h	91.590	−0.082%	$104.4M	$393.5M	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	91.600	−0.071%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.609	−0.061%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.635	−0.033%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.588	−0.084%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.600	−0.071%	$1.0M	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0053%	4h	91.553	−0.122%	$51K	$276K	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.660	−0.006%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0072%	1h	91.555	−0.120%	$68.1M	$42.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.289%	$911K	$521K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0096%	8h	91.642	−0.026%	$422	$905	5x	as long as short
Pacifica CRCLlong	+0.0100%	1h	91.665	long leg	$134K	$162K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	91.640	−0.027%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.520	−0.158%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.660	−0.006%	$914	$2K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	91.609	−0.061%	$62K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.630	−0.039%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0114%	8h	91.610	−0.060%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.675	+0.011%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0138%	8h	91.700	+0.038%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.482	−0.200%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0360%	1h	91.635	−0.033%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0370%	1h	91.585	−0.087%	$133K	$108K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0405%	1h	91.630	−0.038%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.420%	$5K	$19K	30x	as long as short