Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0318%/8h= −34.9% APRpaid last 24h −0.064%

Price spread now: Aster against Deribit+0.037%7-day average +0.019% · 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−$32as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.147%−$15 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now +0.037%, 7d avg +0.019%

Together, before fees−0.168%+ Points / potential airdropAster: Stage 5 · farm board−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.019%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.147% in total (about -10.9% 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	Deribit CRCL_USDC-PERPETUAL	91.500	0.0406	pay 0.0051% / 1h	26m 46s	$5K	$769K	10x
Short	Aster CRCLUSDT	91.534	0.0088	get 0.0088% / 8h	1h 26m	$1.0M	$5.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$66.87
Price spread: +0.037% → +0.019%: $1.8
Slippage, 4 orders: −$19.04
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$99.11
Costs to cover: 0.340%
Break-even: never at this rate

Slippage from Deribit: live order book, 17 min ago; Aster: live order book, 2 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 Deribit live order book, 17 min ago	6.02 bp	9.5 bp −$10	13.6 bp −$136	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	2.19 bp	8.0 bp −$8	10.8 bp −$108	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	−0.0698%	8h	91.570	+0.077%	$17.5M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.200	−0.328%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.510	+0.011%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.540	+0.044%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	−0.143%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.470	−0.033%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.513	+0.014%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.315	−0.202%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.360	−0.153%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.473	−0.030%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.390	−0.120%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.328%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.460	−0.044%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0073%	1h	91.487	−0.014%	$67.7M	$44.4M	10x	as long as short
Aster CRCLUSDTshort	+0.0088%	8h	91.534	+0.037%	$1.0M	$5.1M	20x
Pacifica CRCL	+0.0100%	1h	91.396	−0.114%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.450	−0.055%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.360	−0.153%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.500	0.000%	$912	$2K	10x	as long as short
Binance CRCLUSDT	+0.0100%	8h	91.500	0.000%	$104.5M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.488	−0.013%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.494	−0.007%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0127%	1h	91.479	−0.023%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0155%	8h	91.478	−0.024%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	−0.121%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0198%	8h	91.510	+0.011%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0220%	8h	91.470	−0.033%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.318	−0.199%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.517	+0.019%	$417K	$268K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.573	+0.080%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0402%	1h	91.432	−0.074%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0406%	1h	91.500	long leg	$5K	$769K	10x
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	+0.459%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0466%	4h	91.418	−0.090%	$52K	$276K	10x	as long as short