Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0910%/8h= +99.7% APRpaid last 24h +0.041%

Price spread now: Deribit against Gate+0.021%7-day average −0.027% · 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−$43as in the Price arb table

costs, in and out, $10k−$480.479% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.070%+$7 on $10k

Price spread, last 3 days (all we have)−0.059%−$6 · spread now +0.021%, 7d avg −0.027%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and Deribit is 0.048% dearer against Gate than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.027%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.070% in total (about 5.5% 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	Gate CRCL_USDT	94.900	0	get 0.0000% / 8h	43m 39s	$7.3M	$27.5M	50x
Short	Deribit CRCL_USDC-PERPETUAL	94.920	0.0910	get 0.0114% / 1h	43m 39s	$4K	$772K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now +0.021%Rate

Funding earned: $191.15
Price spread: +0.021% → −0.027%: $4.77
Slippage, 4 orders: −$25.89
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $148.03
Costs to cover: 0.479%
Break-even: 1.6 days

Slippage from Gate: live order book, 5 min ago; Deribit: live order book, 35 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 Gate live order book, 5 min ago	1.06 bp	12.8 bp −$13	25.2 bp −$252	doesn't fit	doesn't fit
Sell Deribit live order book, 35 min ago	0.53 bp	11.4 bp −$11	15.0 bp −$150	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_USDTlong	0.0000%	8h	94.900	long leg	$7.3M	$27.5M	50x
Phemex CRCLUSDT	0.0000%	4h	94.780	−0.126%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.840	−0.063%	$1.4M	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.690	−0.221%	$942K	$724K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.750	−0.158%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.864	−0.038%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.730	−0.179%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.627	−0.287%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0070%	1h	94.851	−0.052%	$367K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0088%	1h	94.926	+0.027%	$895K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.900	0.000%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.770	−0.137%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.510	−0.411%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.830	−0.074%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0104%	8h	94.870	−0.032%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.923	+0.024%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.663	−0.250%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0136%	8h	94.871	−0.031%	$778	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	94.531	−0.389%	$63K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.843	−0.060%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0186%	8h	94.900	0.000%	$109.7M	$389.6M	50x	as long as short
Aster CRCLUSDT	+0.0199%	8h	94.800	−0.105%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0206%	8h	94.870	−0.032%	$23.0M	$60.8M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0284%	1h	94.871	−0.031%	$71.3M	$42.8M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.557	−0.361%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0296%	8h	94.830	−0.074%	$1.1M	$595K	20x	as long as short
Nado CRCL-PERP	+0.0307%	1h	94.782	−0.125%	$127K	$73K	3x	as long as short
Bitget CRCLUSDT	+0.0317%	8h	94.850	−0.053%	$17.0M	$35.4M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.260	+0.379%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0456%	1h	94.937	+0.039%	$3.1M	$2.2M	10x	as long as short
edgeX CRCLUSDC	+0.0525%	4h	94.516	−0.405%	$24K	$268K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.840	−0.063%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.873	−0.028%	$433K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0910%	1h	94.920	+0.021%	$4K	$772K	10x