Funding arb · Price arb /

CRDO

RWAall CRDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1022%/8h= −111.9% APRpaid last 24h −0.208%

Price spread now: Bybit against Paragon−0.091%7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$180as in the Funding arb table

Net, price: spread back to 7d avg − costs−$150as in the Price arb table

costs, in and out, $10k−$1351.353% of the position

Long on Paragon Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.446%−$45 on $10k

Price spread, last 4 days (all we have)+0.153%+$15 · spread now −0.091%, 7d avg +0.060%

Together, before fees−0.294%−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Bybit is 0.151% cheaper against Paragon than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.060%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.446% in total (about -23.3% 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	Paragon para:CRDO	183.03	0.1022	pay 0.0128% / 1h	9m 54s	$1.3M	$479K	10x
Short	Bybit CRDOUSDT	182.86	0	get 0.0000% / 8h	9m 54s	$689K	$751K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Paragon. 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 ParagonbpFee BybitbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$214.59
Price spread: −0.091% → +0.060%: −$15.09
Slippage, 4 orders: −$114.34
Fee Paragon: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$365.02
Costs to cover: 1.353%
Break-even: never at this rate

Slippage from Paragon: live order book, 7 min ago; Bybit: live order book, 25 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 Paragon live order book, 7 min ago	4.64 bp	29.1 bp −$29	59.2 bp −$592	doesn't fit	doesn't fit
Sell Bybit live order book, 25 min ago	4.64 bp	35.8 bp −$36	166.8 bp −$1,668	doesn't fit	doesn't fit

CRDO on 15 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 CRDOUSDT	−0.1063%	8h	182.99	−0.020%	$1.7M	$1.9M	20x	as long as short
QFEX CRDO-USD	−0.0043%	1h	182.75	−0.151%	$1.1M	$2.3M	10x	as long as short
Aster CRDOUSDT	0.0000%	8h	182.79	−0.129%	$37K	$10K	20x	as long as short
Binance CRDOUSDT	0.0000%	8h	182.78	−0.137%	$4.0M	$9.6M	20x	as long as short
Bybit CRDOUSDTshort	0.0000%	8h	182.86	−0.091%	$689K	$751K	25x
OKX CRDO-USDT-SWAP	0.0000%	8h	182.84	−0.102%	$907K	$1.7M	20x	as long as short
Gate CRDO_USDT	0.0000%	8h	182.81	−0.118%	$628K	$138K	20x	as long as short
Variational Omni CRDO	0.0000%	8h	182.54	−0.264%	$198K	$133K	—	as long as short
GRVT CRDO_USDT_Perp	0.0000%	8h	183.02	−0.003%	$624	$135K	10x	as long as short
SunX CRDO-USDT	0.0000%	8h	182.70	−0.178%	$990	$480K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX CRDO-USDT	0.0000%	8h	182.86	−0.091%	$8K	$41K	20x	as long as short
Extended CRDO_24_5-USD	+0.0040%	1h	182.91	−0.066%	$1K	—	5x	as long as short
Vest CRDO-USD-PERP	+0.0046%	1h	182.85	−0.096%	—	—	5x	as long as short
KuCoin CRDOUSDTM	+0.0100%	8h	182.81	−0.118%	$191K	$820K	20x	as long as short
Paragon para:CRDOlong	+0.1022%	1h	183.03	long leg	$1.3M	$479K	10x