Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.024%

Price spread now: Bybit against Extended+0.047%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now +0.047%, 7d avg +0.052%

Together, before fees+0.028%+ Points / potential airdropExtended: Active · farm board+$3 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: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended CRCL_24_5-USD	91.926	0.0048	pay 0.0006% / 1h	16m 49s	$1.1M	$5.7M	10x
Short	Bybit CRCLUSDT	91.970	0	get 0.0000% / 8h	6h 16m	$15.0M	$25.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$10.08
Price spread: +0.047% → +0.052%: −$0.46
Slippage, 4 orders: −$15.02
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$41.56
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Extended: live order book, 2 min ago; Bybit: 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 Extended live order book, 2 min ago	0.49 bp	5.3 bp −$5	19.3 bp −$193	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.09 bp	10.5 bp −$10	18.8 bp −$188	doesn't fit	doesn't fit

CRCL on 33 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	−0.0806%	8h	92.090	+0.178%	$16.0M	$35.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0039%	1h	91.670	−0.279%	—	$40K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.700	−0.246%	$913K	$580K	10x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.970	+0.047%	$15.0M	$25.9M	50x
RISEx CRCL/USDC	0.0000%	1h	91.933	+0.007%	$420K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.020	+0.102%	$7.1M	$26.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.938	+0.013%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	−0.214%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.980	+0.058%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.872	−0.059%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.001	+0.081%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.830	−0.105%	$93K	$273K	10x	as long as short
Extended CRCL_24_5-USDlong	+0.0048%	1h	91.926	long leg	$1.1M	$5.7M	10x
Binance CRCLUSDT	+0.0050%	8h	91.940	+0.015%	$104.9M	$394.2M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.944	+0.019%	$69.1M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.862	−0.070%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.895	−0.034%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.730	−0.214%	$999K	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.920	−0.007%	$1.3M	$2.3M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0057%	8h	91.970	+0.047%	$21.8M	$60.4M	50x	as long as short
Aster CRCLUSDT	+0.0059%	8h	91.980	+0.058%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0074%	8h	91.964	+0.041%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.977	+0.054%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.990	+0.069%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	−0.225%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.900	−0.029%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.923	−0.004%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0153%	1h	91.894	−0.035%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	91.930	+0.004%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0200%	1h	91.984	+0.063%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.850	−0.083%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.624%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	−0.239%	$23K	$268K	10x	as long as short