Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h +0.017%

Price spread now: OKX against Extended+0.163%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Extended Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 7 days−0.217%−$22 · spread now +0.163%, 7d avg +0.055%

Together, before fees−0.231%+ Points / potential airdropExtended: Active · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.108% dearer against Extended than usual: you sell high and buy low (spread +0.163% now, against its 7-day average of +0.055%): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 13 days. At the pace of the last 7 days (−0.014% in total) that is about 54 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended CRCL_24_5-USD	94.546	0.0248	pay 0.0031% / 1h	59m 00s	$1.1M	$4.0M	10x
Short	OKX CRCL-USDT-SWAP	94.700	0.0221	get 0.0221% / 8h	4h 59m	$23.0M	$63.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.163%Rate

Funding earned: −$5.76
Price spread: +0.163% → +0.055%: $10.81
Slippage, 4 orders: −$13.43
Fee Extended: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$23.39
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from Extended: live order book, 3 min ago; OKX: 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	0.90 bp	5.4 bp −$5	25.6 bp −$256	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.53 bp	8.2 bp −$8	16.5 bp −$165	173.7 bp −$17.4K	doesn't fit

CRCL on 34 exchanges

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
Coinbase International CRCL-PERP-INTX	−0.0024%	1h	94.290	−0.271%	$860K	$795K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.620	+0.078%	$15.3M	$27.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	94.244	−0.320%	$419K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	94.710	+0.174%	$18.7M	$36.9M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.440	−0.112%	$1.0M	$47K	10x	as long as short
Vest CRCL-USD-PERP	+0.0025%	1h	94.320	−0.239%	—	$30K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0030%	1h	93.672	−0.924%	$2K	$29K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.598	+0.055%	$1.0M	$2.6M	10x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	92.090	−2.598%	$38K	$172K	30x	as long as short
Gate CRCL_USDT	+0.0038%	8h	94.510	−0.038%	$7.6M	$25.4M	50x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0040%	4h	94.229	−0.335%	$53K	$278K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.050	−0.524%	$946K	$4.2M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	94.070	−0.503%	$1.4M	$1.7M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0077%	8h	94.068	−0.506%	$433	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.085	−0.487%	$140K	$149K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.450	−0.101%	$2.5M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.440	−0.112%	$88K	$21K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.360	−0.197%	$744	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.504	−0.044%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0175%	1h	94.450	−0.101%	$68.6M	$43.7M	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	94.730	+0.195%	$2.6M	$3.2M	—	as long as short
Lighter CRCL	+0.0176%	1h	94.633	+0.092%	$3.2M	$2.3M	10x	as long as short
Phoenix CRCL	+0.0197%	1h	94.573	+0.029%	$28K	$66K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.230	−0.334%	$95K	$218K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0221%	8h	94.700	+0.163%	$23.0M	$63.2M	50x
Extended CRCL_24_5-USDlong	+0.0248%	1h	94.546	long leg	$1.1M	$4.0M	10x
Binance CRCLUSDT	+0.0249%	8h	94.562	+0.017%	$108.4M	$374.6M	50x	as long as short
Aster CRCLUSDT	+0.0269%	8h	94.474	−0.076%	$1.2M	$4.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0289%	8h	94.746	+0.211%	$65K	$998K	10x	as long as short
BloFin CRCL-USDT	+0.0372%	8h	94.470	−0.080%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0405%	1h	94.279	−0.282%	$155K	$103K	3x	as long as short
Polymarket Perps CRCL-USD	+0.0503%	1h	94.326	−0.233%	$304K	$1.0M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0808%	1h	94.620	+0.078%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.3070%	1h	94.463	−0.088%	$47K	$3K	10x	as long as short