Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0192%/8h= +21.0% APRpaid last 24h +0.024%

Price spread now: Extended against Bybit−0.040%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)−0.059%−$6 · spread now −0.040%, 7d avg −0.052%

Together, before fees−0.042%+ Points / potential airdropExtended: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.052%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.017% in total (about 0.9% 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	Bybit CRCLUSDT	94.490	0	get 0.0000% / 8h	7h 24m	$15.5M	$25.6M	50x
Short	Extended CRCL_24_5-USD	94.452	0.0192	get 0.0024% / 1h	24m 22s	$1.1M	$5.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.040%Rate

Funding earned: $40.32
Price spread: −0.040% → −0.052%: $1.23
Slippage, 4 orders: −$13.63
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $11.92
Costs to cover: 0.296%
Break-even: 4.9 days

Slippage from Bybit: live order book, 4 min ago; Extended: 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 Bybit live order book, 4 min ago	0.53 bp	9.2 bp −$9	15.4 bp −$154	doesn't fit	doesn't fit
Sell Extended live order book, 5 min ago	0.58 bp	5.4 bp −$5	22.1 bp −$221	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.296%	$942K	$622K	10x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	94.490	long leg	$15.5M	$25.6M	50x
Gate CRCL_USDT	0.0000%	8h	94.490	0.000%	$7.3M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.500	+0.011%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.470	−0.021%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0031%	8h	94.470	−0.021%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.469	−0.022%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	94.378	−0.119%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.440	−0.053%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.380	−0.116%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.403	−0.092%	$71.8M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.453	−0.039%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.512	+0.023%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.390	−0.106%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.404	−0.091%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.470	−0.021%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.410	−0.085%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.450	−0.042%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.449	−0.043%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.514	+0.026%	$775	$740	5x	as long as short
Variational Omni CRCL	+0.0117%	8h	94.489	−0.001%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.480	−0.011%	$22.8M	$59.4M	50x	as long as short
Binance CRCLUSDT	+0.0188%	8h	94.468	−0.023%	$109.5M	$385.9M	50x	as long as short
Extended CRCL_24_5-USDshort	+0.0192%	1h	94.452	−0.040%	$1.1M	$5.9M	10x
Aster CRCLUSDT	+0.0194%	8h	94.475	−0.016%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0231%	1h	94.471	−0.020%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.424	−0.070%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.484	−0.006%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0308%	8h	94.500	+0.011%	$1.1M	$561K	20x	as long as short
edgeX CRCLUSDC	+0.0385%	4h	94.442	−0.051%	$24K	$267K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.423%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.440	−0.053%	$97K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.474	−0.017%	$431K	$299K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0703%	1h	94.550	+0.063%	$4K	$769K	10x	as long as short