Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1497%/8h= −163.9% APRpaid last 24h −0.078%

Price spread now: Bybit against Deribit+0.054%7-day average +0.031% · 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−$37as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.139%−$14 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now +0.054%, 7d avg +0.031%

Together, before fees−0.132%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.023% dearer against Deribit than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of +0.031%): +$2 on $10k if it goes back. Holding the pair costs −$45 a day in funding at the current rate, which eats that in about 1 hour. At the pace of the last 5 days (−0.139% in total) that is about 20 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.139% in total (about -10.2% 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	91.750	0.1497	pay 0.0187% / 1h	18m 19s	$5K	$769K	10x
Short	Bybit CRCLUSDT	91.800	0	get 0.0000% / 8h	1h 18m	$14.7M	$26.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$314.35
Price spread: +0.054% → +0.031%: $2.34
Slippage, 4 orders: −$21.57
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$351.58
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from Deribit: live order book, 26 min ago; Bybit: 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 Deribit live order book, 26 min ago	6.02 bp	9.5 bp −$10	13.6 bp −$136	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.64 bp	10.1 bp −$10	17.8 bp −$178	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	−0.0557%	8h	91.860	+0.120%	$17.6M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.520	−0.251%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.800	+0.054%	$14.7M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.810	+0.065%	$7.8M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.790	+0.044%	$1.0M	$48K	10x	as long as short
Variational Omni CRCL	+0.0013%	8h	91.789	+0.042%	$2.4M	$3.2M	—	as long as short
Lighter RH CRCL	+0.0032%	1h	91.715	−0.038%	$980K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.658	−0.100%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.700	−0.054%	$94K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.804	+0.059%	$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	91.690	−0.065%	$1.1M	$5.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	+0.044%	$894K	$616K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.770	+0.022%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0092%	1h	91.739	−0.012%	$67.9M	$44.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.750	0.000%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.670	−0.087%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	−0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	+0.011%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.764	+0.016%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0106%	8h	91.760	+0.011%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0119%	8h	91.818	+0.074%	$104.9M	$398.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	91.767	+0.018%	$1.0M	$5.0M	10x	as long as short
edgeX CRCLUSDC	+0.0127%	4h	91.661	−0.097%	$52K	$277K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0136%	1h	91.769	+0.021%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0164%	8h	91.734	−0.017%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0193%	8h	91.680	−0.076%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0215%	8h	91.860	+0.120%	$22.3M	$62.9M	50x	as long as short
BloFin CRCL-USDT	+0.0239%	8h	91.810	+0.065%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.610	−0.153%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.749	−0.001%	$418K	$268K	10x	as long as short
Lighter CRCL	+0.0280%	1h	91.712	−0.041%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0404%	1h	91.602	−0.161%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.220	+0.512%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.1497%	1h	91.750	long leg	$5K	$769K	10x