Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0127%/8h= −13.9% APRpaid last 24h +0.053%

Price spread now: edgeX against Deribit−0.049%75s7-day average +0.008% · you buy dearer than you sell

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−$420.418% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.498%+$50 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.049%, 7d avg +0.008%

Together, before fees+0.615%+ Points / potential airdropedgeX: Active · farm board+$62 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and edgeX is 0.057% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.008%). Swap the legs. Mind the row above: over the last 5 days funding on this pair paid +0.498%, so the current rate has only just turned against you. The two prices were read 75 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	Deribit CRCL_USDC-PERPETUAL	91.230	0.0738	pay 0.0092% / 1h	9m 35s	$5K	$769K	10x
Short	edgeX CRCLUSDC	91.186	0.0610	get 0.0305% / 4h	9m 35s	$52K	$271K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$26.74
Price spread: −0.049% → +0.008%: −$5.67
Slippage, 4 orders: −$25.76
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$74.17
Costs to cover: 0.418%
Break-even: never at this rate

Slippage from Deribit: live order book, 29 min ago; edgeX: live order book, 28 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, 29 min ago	6.00 bp	9.5 bp −$9	11.8 bp −$118	doesn't fit	doesn't fit
Sell edgeX live order book, 28 min ago	6.01 bp	11.5 bp −$11	24.1 bp −$241	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	−0.0354%	8h	91.290	+0.066%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	90.940	−0.318%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.250	+0.022%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.240	+0.011%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.225	−0.005%	$982K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.206	−0.026%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.200	−0.033%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.210	−0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	−0.088%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0060%	8h	91.240	+0.011%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.220	−0.011%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.175%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0090%	1h	91.139	−0.100%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.190	−0.044%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.210	−0.022%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.230	0.000%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.230	0.000%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.242	+0.013%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	−0.040%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0154%	1h	91.209	−0.023%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0158%	8h	91.193	−0.041%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0193%	8h	91.231	+0.001%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.188	−0.046%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0209%	8h	91.210	−0.022%	$104.7M	$389.4M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.164	−0.072%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.221	−0.010%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	91.335	+0.115%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0284%	8h	91.230	0.000%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0327%	8h	91.210	−0.022%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0433%	1h	91.122	−0.119%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.559%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.227	−0.003%	$412K	$269K	10x	as long as short
edgeX CRCLUSDCshort	+0.0610%	4h	91.186	−0.049%	$52K	$271K	10x
Deribit CRCL_USDC-PERPETUALlong	+0.0738%	1h	91.230	long leg	$5K	$769K	10x