Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0405%/8h= −44.4% APRpaid last 24h −0.019%

Price spread now: BloFin against Deribit+0.087%57s7-day average +0.004% · 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−$350.345% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.087%−$9 · spread now +0.087%, 7d avg +0.004%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.083% dearer against Deribit than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.004%): +$8 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 16 hours. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.007% in total (about 0.6% 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	91.850	0.0513	pay 0.0064% / 1h	14m 15s	$4K	$768K	10x
Short	BloFin CRCL-USDT	91.930	0.0107	get 0.0107% / 8h	3h 14m	$1.1M	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$85.14
Price spread: +0.087% → +0.004%: $8.32
Slippage, 4 orders: −$15.52
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$111.34
Costs to cover: 0.345%
Break-even: never at this rate

Slippage from Deribit: live order book, 40 min ago; BloFin: live order book, 8 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, 40 min ago	0.54 bp	7.3 bp −$7	10.3 bp −$103	doesn't fit	doesn't fit
Sell BloFin live order book, 8 min ago	0.55 bp	9.2 bp −$9	13.3 bp −$133	29.1 bp −$2,915	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	−0.0680%	8h	91.930	+0.087%	$16.6M	$35.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0061%	1h	91.640	−0.229%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.860	+0.011%	$14.8M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.930	+0.087%	$7.3M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.919	+0.075%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.900	+0.054%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0018%	8h	91.913	+0.069%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.844	−0.007%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0027%	8h	91.860	+0.011%	$104.6M	$392.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.869	+0.021%	$974K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.857	+0.008%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.870	+0.022%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.087%	$911K	$519K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.808	−0.046%	$68.3M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.850	0.000%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.828	−0.024%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.780	−0.076%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.870	+0.022%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.862	+0.014%	$423	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0092%	8h	91.970	+0.131%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	91.880	+0.033%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.881	+0.034%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.880	+0.033%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.850	0.000%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.870	+0.022%	$916	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.847	−0.003%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.890	+0.044%	$418K	$299K	10x	as long as short
BloFin CRCL-USDTshort	+0.0107%	8h	91.930	+0.087%	$1.1M	$1.6M	20x
Phoenix CRCL	+0.0182%	1h	91.884	+0.037%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0203%	4h	91.943	+0.102%	$51K	$277K	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.870	+0.022%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0353%	1h	91.825	−0.027%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.555%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0513%	1h	91.850	long leg	$4K	$768K	10x