Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0289%/8h= +31.7% APRpaid last 24h +0.010%

Price spread now: BloFin against Arcus0.000%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on Arcus Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.053%+$5 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now 0.000%, 7d avg +0.047%

Together, before fees+0.118%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.047% cheaper against Arcus than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.047%). If the spread goes back, that is −$5 on $10k: about 13 hours of funding at the current rate (+$9 a day). At the pace of the last 4 days (+0.053% in total) that is about 3.3 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.053% in total (about 5.1% 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	Arcus CRCL-USD	91.200	0.0040	pay 0.0005% / 1h	9m 21s	$95K	$296K	10x
Short	BloFin CRCL-USDT	91.200	0.0329	get 0.0329% / 8h	9m 21s	$1.1M	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Arcus. 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 ArcusbpFee BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $60.71
Price spread: 0.000% → +0.047%: −$4.7
Slippage, 4 orders: −$21.62
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $17.89
Costs to cover: 0.381%
Break-even: 4.9 days

Slippage from Arcus: live order book, 29 min ago; BloFin: live order book, 3 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 Arcus live order book, 29 min ago	1.64 bp	10.7 bp −$11	12.8 bp −$128	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	1.64 bp	7.7 bp −$8	13.2 bp −$132	33.7 bp −$3,365	85.0 bp −$42.5K

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	−0.0354%	8h	91.270	+0.077%	$17.3M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0081%	1h	90.930	−0.296%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.250	+0.055%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.230	+0.033%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.225	+0.027%	$982K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.179	−0.024%	$2K	$29K	5x	as long as short
Arcus CRCL-USDlong	+0.0040%	1h	91.200	long leg	$95K	$296K	10x
SoDEX CRCL-USD	+0.0050%	1h	91.180	−0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	−0.055%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0060%	8h	91.240	+0.044%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.220	+0.022%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.143%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0090%	1h	91.137	−0.069%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.190	−0.011%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.210	+0.011%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	−0.088%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.210	+0.011%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.225	+0.027%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	−0.007%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0154%	1h	91.201	+0.001%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0158%	8h	91.193	−0.008%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0193%	8h	91.239	+0.043%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.179	−0.023%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0209%	8h	91.210	+0.011%	$104.7M	$389.3M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.187	−0.014%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.222	+0.024%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0250%	8h	91.217	+0.018%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0284%	8h	91.230	+0.033%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDTshort	+0.0329%	8h	91.200	0.000%	$1.1M	$1.7M	20x
Nado CRCL-PERP	+0.0435%	1h	91.122	−0.085%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.592%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.227	+0.030%	$412K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0628%	1h	91.190	−0.011%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0810%	4h	91.207	+0.008%	$52K	$269K	10x	as long as short