Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0059%/8h= +6.4% APRpaid last 24h −0.017%

Price spread now: OKX against Arcus+0.065%7-day average +0.070% · 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−$29as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Arcus Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.036%−$4 on $10k

Price spread, last 4 days (all we have)+0.221%+$22 · spread now +0.065%, 7d avg +0.070%

Together, before fees+0.185%+$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.070%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus CRCL-USD	92.420	0.0214	pay 0.0027% / 1h	26m 35s	$93K	$205K	10x
Short	OKX CRCL-USDT-SWAP	92.480	0.0273	get 0.0273% / 8h	5h 26m	$22.7M	$56.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.065%Rate

Funding earned: $12.36
Price spread: +0.065% → +0.070%: −$0.53
Slippage, 4 orders: −$13.77
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$16.44
Costs to cover: 0.283%
Break-even: 16.3 days

Slippage from Arcus: live order book, 20 min ago; OKX: live order book, 5 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, 20 min ago	2.15 bp	7.1 bp −$7	8.9 bp −$89	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.54 bp	6.8 bp −$7	12.3 bp −$123	111.9 bp −$11.2K	doesn't fit

CRCL on 34 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
Coinbase International CRCL-PERP-INTX	−0.0048%	1h	92.570	+0.162%	$866K	$745K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.500	+0.087%	$15.0M	$25.0M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.520	+0.108%	$18.5M	$33.5M	25x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	92.450	+0.032%	$5K	$415K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.580	+0.173%	$1.0M	$45K	10x	as long as short
Vest CRCL-USD-PERP	+0.0015%	1h	92.450	+0.032%	—	$30K	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.484	+0.069%	$998K	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.581	+0.174%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.397	−0.025%	$67.5M	$39.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.550	+0.141%	$329K	$951K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	92.530	+0.119%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.420	0.000%	$994K	$3.8M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	92.520	+0.108%	$1.3M	$1.6M	10x	as long as short
Injective CRCL/USDC PERP	+0.0072%	1h	92.090	−0.357%	$38K	$172K	30x	as long as short
Gate CRCL_USDT	+0.0079%	8h	92.600	+0.195%	$7.5M	$25.5M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0091%	8h	92.451	+0.033%	$425	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.460	+0.043%	$138K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.510	+0.097%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.530	+0.119%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.560	+0.151%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.543	+0.133%	$4	—	10x	as long as short
edgeX CRCLUSDC	+0.0125%	4h	92.613	+0.208%	$53K	$268K	10x	as long as short
Phoenix CRCL	+0.0197%	1h	92.540	+0.130%	$27K	$66K	10x	as long as short
Arcus CRCL-USDlong	+0.0214%	1h	92.420	long leg	$93K	$205K	10x
Variational Omni CRCL	+0.0256%	8h	92.573	+0.166%	$2.5M	$3.2M	—	as long as short
OKX CRCL-USDT-SWAPshort	+0.0273%	8h	92.480	+0.065%	$22.7M	$56.4M	50x
Nado CRCL-PERP	+0.0291%	1h	92.451	+0.034%	$154K	$94K	3x	as long as short
Lighter CRCL	+0.0304%	1h	92.506	+0.093%	$2.9M	$2.1M	10x	as long as short
Binance CRCLUSDT	+0.0310%	8h	92.531	+0.120%	$106.6M	$349.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0312%	1h	92.482	+0.068%	$1.1M	$4.0M	10x	as long as short
Aster CRCLUSDT	+0.0320%	8h	92.580	+0.173%	$1.1M	$4.5M	20x	as long as short
BloFin CRCL-USDT	+0.0436%	8h	92.550	+0.141%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0482%	8h	92.620	+0.216%	$68K	$979K	10x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	92.597	+0.191%	$415K	$225K	10x	as long as short