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 +0.044%

Price spread now: Arcus against Bybit+0.297%46s7-day average −0.088% · 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—prices read too far apart to compare

costs, in and out, $10k−$410.405% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.049%+$5 on $10k

Price spread, last 4 days (all we have)−0.599%−$60 · spread now +0.297%, 7d avg −0.088%

Together, before fees−0.550%−$55 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Arcus is 0.385% dearer against Bybit than usual: you sell high and buy low: +$39 more if the spread goes back to its 7-day average of −0.088%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	90.770	0	get 0.0000% / 8h	2h 26m	$14.5M	$26.9M	50x
Short	Arcus CRCL-USD	91.040	0.0040	get 0.0005% / 1h	26m 50s	$93K	$291K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bybit. 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 BybitbpFee ArcusbpOrdersPrice spread, now +0.297%Rate

Funding earned: $8.46
Price spread: +0.297% → −0.088%: $38.52
Slippage, 4 orders: −$25.05
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $6.43
Costs to cover: 0.405%
Break-even: 1.7 days

Slippage from Bybit: live order book, 2 min ago; Arcus: live order book, 22 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 Bybit live order book, 2 min ago	0.55 bp	8.8 bp −$9	16.1 bp −$161	doesn't fit	doesn't fit
Sell Arcus live order book, 22 min ago	3.82 bp	9.1 bp −$9	13.2 bp −$132	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	−0.0928%	8h	90.870	+0.110%	$16.6M	$36.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0073%	1h	90.560	−0.231%	—	$31K	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	90.770	long leg	$14.5M	$26.9M	50x
Gate CRCL_USDT	0.0000%	8h	90.850	+0.088%	$7.5M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.161	+0.431%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.820	+0.055%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	90.829	+0.065%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0024%	8h	90.770	0.000%	$103.2M	$395.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	90.755	−0.017%	$1.0M	$5.7M	10x	as long as short
edgeX CRCLUSDC	+0.0027%	4h	91.211	+0.485%	$52K	$278K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	90.819	+0.054%	$969K	$2.9M	10x	as long as short
Arcus CRCL-USDshort	+0.0040%	1h	91.040	+0.297%	$93K	$291K	10x
Aftermath Perps CRCLUSD	+0.0041%	1h	91.073	+0.334%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.742	−0.031%	$67.8M	$43.5M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.770	0.000%	$380K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.800	+0.033%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.840	+0.077%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	90.800	+0.033%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	90.800	+0.033%	$895K	$576K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0081%	1h	90.750	−0.022%	$4K	$768K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0090%	8h	90.781	+0.013%	$418	$905	5x	as long as short
BloFin CRCL-USDT	+0.0096%	8h	90.820	+0.055%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	90.814	+0.049%	$133K	$161K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.810	+0.044%	$2.6M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.130	+0.397%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.790	+0.022%	$905	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.781	+0.012%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0105%	8h	91.230	+0.506%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0110%	8h	90.820	+0.055%	$21.9M	$61.7M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	90.810	+0.044%	$413K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.148	+0.416%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0216%	1h	90.820	+0.055%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0305%	1h	90.735	−0.038%	$132K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.650	+0.969%	$5K	$19K	30x	as long as short