Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h −0.023%

Price spread now: tradeXYZ against Binance−0.004%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Binance Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 2 days (all we have)−0.023%−$2 · spread now −0.004%, 7d avg −0.039%

Together, before fees−0.086%+ Points / potential airdroptradeXYZ: Active · farm board−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: tradeXYZ is 0.035% dearer against Binance than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CRCLUSDT	92.018	0.0049	pay 0.0049% / 8h	6h 14m	$104.9M	$394.1M	50x
Short	tradeXYZ xyz:CRCL	92.014	0.0050	get 0.0006% / 1h	14m 33s	$69.1M	$42.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against Binance. 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 BinancebpFee tradeXYZbpOrdersPrice spread, now −0.004%Rate

Funding earned: $0.14
Price spread: −0.004% → −0.039%: $3.47
Slippage, 4 orders: −$5.17
Fee Binance: 5 bp × 2 orders: −$10
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$29.56
Costs to cover: 0.332%
Break-even: 1477.6 days

Slippage from Binance: live order book, 14 min ago; tradeXYZ: 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 Binance live order book, 14 min ago	0.54 bp	5.9 bp −$6	8.7 bp −$87	30.7 bp −$3,073	188.0 bp −$94.0K
Sell tradeXYZ live order book, 5 min ago	1.04 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit

CRCL on 33 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	−0.0847%	8h	92.060	+0.046%	$16.1M	$35.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0044%	1h	91.810	−0.226%	—	$40K	25x	as long as short
Gate CRCL_USDT	−0.0025%	8h	92.030	+0.013%	$7.1M	$26.8M	50x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.700	−0.345%	$913K	$580K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.030	+0.013%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.001	−0.018%	$420K	$299K	10x	as long as short
Variational Omni CRCL	0.0000%	8h	91.928	−0.097%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	−0.313%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.010	−0.008%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.932	−0.093%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.050	+0.035%	$975K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.920	−0.106%	$93K	$273K	10x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	91.980	−0.041%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDTlong	+0.0049%	8h	92.018	long leg	$104.9M	$394.1M	50x
tradeXYZ xyz:CRCLshort	+0.0050%	1h	92.014	−0.004%	$69.1M	$42.1M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	91.978	−0.043%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.995	−0.025%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.970	−0.052%	$999K	$5.5M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0056%	8h	92.020	+0.003%	$21.8M	$60.4M	50x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.980	−0.041%	$1.3M	$2.3M	10x	as long as short
Aster CRCLUSDT	+0.0059%	8h	92.015	−0.003%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0072%	8h	92.016	−0.002%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.006	−0.013%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.010	−0.008%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	−0.323%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.000	−0.019%	$917	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.014	−0.004%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0152%	1h	91.943	−0.082%	$131K	$104K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	92.040	+0.024%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0200%	1h	92.041	+0.025%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.952	−0.071%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.524%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	−0.338%	$23K	$268K	10x	as long as short