Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0697%/8h= +76.3% APRpaid last 24h +0.124%

Price spread now: edgeX against tradeXYZ−0.149%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs+$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$440.440% of the position

Long on tradeXYZ Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.738%+$74 on $10k

Price spread, last 4 days (all we have)+0.665%+$66 · spread now −0.149%, 7d avg +0.042%

Together, before fees+1.403%+ Points / potential airdroptradeXYZ: Active · edgeX: Active · farm board+$140 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.191% cheaper against tradeXYZ than usual: you would sell low and buy high (spread −0.149% now, against its 7-day average of +0.042%). If the spread goes back, that is −$19 on $10k: about 22 hours of funding at the current rate (+$21 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	92.129	0.0050	pay 0.0006% / 1h	0m 53s	$68.7M	$41.4M	10x
Short	edgeX CRCLUSDC	91.992	0.0747	get 0.0373% / 4h	1h 00m	$23K	$249K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against tradeXYZ. 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 tradeXYZbpFee edgeXbpOrdersPrice spread, now −0.149%Rate

Funding earned: $146.35
Price spread: −0.149% → +0.042%: −$19.06
Slippage, 4 orders: −$16.97
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $83.32
Costs to cover: 0.440%
Break-even: 3.0 days

Slippage from tradeXYZ: live order book, 9 min ago; edgeX: live order book, 62 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 tradeXYZ live order book, 9 min ago	1.19 bp	10.3 bp −$10	11.8 bp −$118	doesn't fit	doesn't fit
Sell edgeX live order book, 62 min ago	5.98 bp	11.4 bp −$11	23.5 bp −$235	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	−0.1012%	8h	92.220	+0.099%	$16.2M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	91.930	−0.216%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.080	−0.053%	$908K	$501K	10x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.148	+0.020%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.182	+0.058%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.210	+0.088%	$105.1M	$386.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.220	+0.099%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.121	−0.009%	$421K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.210	+0.088%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.126	−0.003%	$2.5M	$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	92.034	−0.103%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.160	+0.034%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0006%	8h	92.220	+0.099%	$21.6M	$59.9M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	92.039	−0.097%	$2K	$24K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.120	−0.010%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.200	+0.077%	$978K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.010	−0.129%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0050%	1h	92.129	long leg	$68.7M	$41.4M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	92.112	−0.018%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.117	−0.013%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.020	−0.118%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0081%	8h	92.104	−0.027%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.116	−0.014%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.140	+0.012%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.000	−0.140%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.120	−0.010%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.150	+0.023%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	92.180	+0.055%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0183%	1h	92.176	+0.051%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0208%	1h	92.178	+0.053%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0218%	1h	92.053	−0.082%	$131K	$104K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0401%	1h	92.170	+0.045%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.435%	$5K	$19K	30x	as long as short
edgeX CRCLUSDCshort	+0.0747%	4h	91.992	−0.149%	$23K	$249K	10x