Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.029%

Price spread now: Gate against Arcus+0.186%7-day average +0.078% · 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−$40as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on Arcus Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.104%−$10 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now +0.186%, 7d avg +0.078%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.107% dearer against Arcus than usual: you sell high and buy low (spread +0.186% now, against its 7-day average of +0.078%): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.9 days. At the pace of the last 4 days (−0.104% in total) that is about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus CRCL-USD	91.580	0.0040	pay 0.0005% / 1h	5m 58s	$93K	$289K	10x
Short	Gate CRCL_USDT	91.750	0	get 0.0000% / 8h	2h 05m	$7.7M	$27.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.186%Rate

Funding earned: −$8.46
Price spread: +0.186% → +0.078%: $10.74
Slippage, 4 orders: −$31.07
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$48.29
Costs to cover: 0.506%
Break-even: never at this rate

Slippage from Arcus: live order book, 43 min ago; Gate: 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, 43 min ago	3.82 bp	12.9 bp −$13	14.9 bp −$149	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.55 bp	16.5 bp −$17	30.0 bp −$300	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	−0.0880%	8h	91.800	+0.240%	$17.2M	$36.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0081%	1h	91.430	−0.164%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.730	+0.164%	$14.7M	$26.8M	50x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	91.750	+0.186%	$7.7M	$27.7M	50x
Variational Omni CRCL	0.0000%	8h	91.539	−0.045%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.700	+0.131%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.746	+0.181%	$978K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.516	−0.070%	$2K	$27K	5x	as long as short
Arcus CRCL-USDlong	+0.0040%	1h	91.580	long leg	$93K	$289K	10x
Aster CRCLUSDT	+0.0043%	8h	91.622	+0.045%	$1.0M	$5.1M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	91.727	+0.161%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.650	+0.076%	$1.1M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.670	+0.098%	$1.3M	$1.8M	10x	as long as short
Extended CRCL_24_5-USD	+0.0056%	1h	91.720	+0.153%	$1.0M	$5.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0057%	1h	91.698	+0.129%	$384K	$1.3M	10x	as long as short
Binance CRCLUSDT	+0.0058%	8h	91.745	+0.180%	$104.8M	$397.5M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.590	+0.011%	$892K	$606K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0076%	1h	91.695	+0.126%	$67.9M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.650	+0.076%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.620	+0.044%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.470	−0.120%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.720	+0.153%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.718	+0.151%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.676	+0.105%	$417K	$277K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0134%	8h	91.536	−0.048%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0146%	8h	91.642	+0.068%	$422	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0156%	8h	91.790	+0.229%	$22.3M	$62.8M	50x	as long as short
BloFin CRCL-USDT	+0.0176%	8h	91.750	+0.186%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.699	+0.130%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0264%	1h	91.749	+0.185%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0338%	1h	91.655	+0.082%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.150	+0.622%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0552%	4h	91.496	−0.092%	$52K	$277K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0841%	1h	91.720	+0.153%	$5K	$769K	10x	as long as short