Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0216%/8h= −23.7% APRpaid last 24h +0.002%

Price spread now: Gate against Extended−0.019%7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on Extended Short on Gate

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)−0.384%−$38 · spread now −0.019%, 7d avg +0.041%

Together, before fees−0.403%+ Points / potential airdropExtended: Active · farm board−$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Gate is 0.060% cheaper against Extended than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.041%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.019% in total (about -1.0% 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	Extended CRCL_24_5-USD	95.319	0.0216	pay 0.0027% / 1h	31m 44s	$1.2M	$3.5M	10x
Short	Gate CRCL_USDT	95.300	0	get 0.0000% / 8h	3h 31m	$7.2M	$27.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.019%Rate

Funding earned: −$45.36
Price spread: −0.019% → +0.041%: −$6.05
Slippage, 4 orders: −$17.01
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$88.42
Costs to cover: 0.370%
Break-even: never at this rate

Slippage from Extended: live order book, 3 min ago; Gate: live order book, 3 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, 3 min ago	0.63 bp	5.6 bp −$6	40.5 bp −$405	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	1.05 bp	14.9 bp −$15	30.5 bp −$305	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
Gate CRCL_USDTshort	0.0000%	8h	95.300	−0.019%	$7.2M	$27.2M	50x
Phemex CRCLUSDT	0.0000%	4h	95.250	−0.072%	$1.1M	$51K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	95.283	−0.037%	$854K	$2.9M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	95.110	−0.219%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	95.170	−0.156%	$358K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	95.160	−0.166%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.130	−0.198%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0055%	1h	95.088	−0.242%	$2K	$18K	5x	as long as short
QFEX CRCL-USD	+0.0070%	1h	95.230	−0.093%	$1.4M	$2.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.280	−0.040%	$78K	$97K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CRCLUSDTM	+0.0100%	8h	95.210	−0.114%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.960	−0.376%	$70K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.260	−0.061%	$950	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.239	−0.084%	$4	—	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0136%	1h	95.190	−0.135%	$951K	$728K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0138%	8h	95.059	−0.272%	$48K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0143%	8h	95.051	−0.280%	$2.5M	$3.2M	—	as long as short
Bybit CRCLUSDT	+0.0143%	8h	95.270	−0.051%	$15.6M	$25.8M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0174%	8h	95.286	−0.034%	$724	$428	5x	as long as short
Extended CRCL_24_5-USDlong	+0.0216%	1h	95.319	long leg	$1.2M	$3.5M	10x
Aster CRCLUSDT	+0.0216%	8h	95.203	−0.121%	$1.1M	$4.8M	20x	as long as short
Binance CRCLUSDT	+0.0219%	8h	95.270	−0.051%	$109.9M	$385.1M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0253%	1h	95.275	−0.046%	$71.8M	$42.3M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	95.148	−0.179%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0330%	8h	95.070	−0.261%	$1.1M	$579K	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0341%	8h	95.290	−0.030%	$23.0M	$60.7M	50x	as long as short
RISEx CRCL/USDC	+0.0344%	1h	95.220	−0.103%	$423K	$303K	10x	as long as short
Nado CRCL-PERP	+0.0373%	1h	95.077	−0.254%	$131K	$68K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.470	+0.159%	$5K	$20K	30x	as long as short
Bitget CRCLUSDT	+0.0462%	8h	95.310	−0.009%	$17.0M	$35.0M	25x	as long as short
Lighter CRCL	+0.0480%	1h	95.320	+0.002%	$3.1M	$2.4M	10x	as long as short
Arcus CRCL-USD	+0.0746%	1h	95.200	−0.124%	$102K	$264K	10x	as long as short
edgeX CRCLUSDC	+0.0822%	4h	95.064	−0.268%	$24K	$267K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1011%	1h	95.320	+0.002%	$4K	$787K	10x	as long as short