Funding arb · Price arb /

CRDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0923%/8h= +101.0% APRpaid last 24h +0.225%

Price spread now: Paragon against Bybit+0.148%7-day average −0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$1231.226% of the position

Long on Bybit Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.497%+$50 on $10k

Price spread, last 4 days (all we have)−0.246%−$25 · spread now +0.148%, 7d avg −0.058%

Together, before fees+0.251%+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and Paragon is 0.206% dearer against Bybit than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.058%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.497% in total (about 25.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRDOUSDT	186.37	0	get 0.0000% / 8h	4h 56m	$684K	$713K	25x
Short	Paragon para:CRDO	186.65	0.0923	get 0.0115% / 1h	56m 41s	$1.3M	$508K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Bybit. 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 BybitbpFee ParagonbpOrdersPrice spread, now +0.148%Rate

Funding earned: $193.75
Price spread: +0.148% → −0.058%: $20.58
Slippage, 4 orders: −$101.58
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Paragon: 5 bp × 2 orders: −$10
Net: $91.75
Costs to cover: 1.226%
Break-even: 3.7 days

Slippage from Bybit: live order book, 46 min ago; Paragon: 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 Bybit live order book, 46 min ago	2.69 bp	41.0 bp −$41	189.6 bp −$1,896	doesn't fit	doesn't fit
Sell Paragon live order book, 4 min ago	9.91 bp	40.5 bp −$41	58.1 bp −$581	doesn't fit	doesn't fit

CRDO on 15 exchanges

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
QFEX CRDO-USD	−0.0043%	1h	186.43	+0.032%	$1.1M	$2.2M	10x	as long as short
Aster CRDOUSDT	0.0000%	8h	186.33	−0.021%	$37K	$11K	20x	as long as short
Binance CRDOUSDT	0.0000%	8h	186.29	−0.043%	$4.1M	$9.8M	20x	as long as short
Bybit CRDOUSDTlong	0.0000%	8h	186.37	long leg	$684K	$713K	25x
OKX CRDO-USDT-SWAP	0.0000%	8h	186.30	−0.038%	$967K	$1.8M	20x	as long as short
Gate CRDO_USDT	0.0000%	8h	186.36	−0.005%	$645K	$140K	20x	as long as short
Bitget CRDOUSDT	0.0000%	8h	186.41	+0.021%	$1.8M	$1.9M	20x	as long as short
Variational Omni CRDO	0.0000%	8h	186.21	−0.085%	$203K	$131K	—	as long as short
SunX CRDO-USDT	0.0000%	8h	186.21	−0.086%	$1K	$374K	10x	as long as short
HTX CRDO-USDT	0.0000%	8h	186.29	−0.043%	$8K	$41K	20x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRDO_24_5-USD	+0.0040%	1h	186.17	−0.109%	$1K	—	5x	as long as short
Vest CRDO-USD-PERP	+0.0046%	1h	186.29	−0.043%	—	—	5x	as long as short
KuCoin CRDOUSDTM	+0.0100%	8h	186.42	+0.027%	$193K	$967K	20x	as long as short
GRVT CRDO_USDT_Perp	+0.0422%	8h	186.18	−0.102%	$344	$136K	10x	as long as short
Paragon para:CRDOshort	+0.0923%	1h	186.65	+0.148%	$1.3M	$508K	10x