Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0628%/8h= +68.8% APRpaid last 24h +0.057%

Price spread now: Deribit against KuCoin+0.065%7-day average −0.009% · 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−$112as in the Price arb table

costs, in and out, $10k−$1191.193% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.100%+$10 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now +0.065%, 7d avg −0.009%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Deribit is 0.074% dearer against KuCoin than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.009%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.100% in total (about 7.6% 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	KuCoin CRCLUSDTM	92.030	0.0100	pay 0.0100% / 8h	4h 10m	$2.7M	$1.9M	20x
Short	Deribit CRCL_USDC-PERPETUAL	92.090	0.0728	get 0.0091% / 1h	10m 37s	$4K	$767K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now +0.065%Rate

Funding earned: $131.93
Price spread: +0.065% → −0.009%: $7.41
Slippage, 4 orders: −$100.29
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $20.05
Costs to cover: 1.193%
Break-even: 5.9 days

Slippage from KuCoin: live order book, 6 min ago; Deribit: live order book, 48 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 KuCoin live order book, 6 min ago	2.17 bp	43.8 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 48 min ago	2.71 bp	13.8 bp −$14	15.6 bp −$156	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	−0.0913%	8h	92.150	+0.130%	$16.6M	$35.2M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.860	−0.185%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.003	−0.029%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.078	+0.052%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.110	+0.087%	$104.9M	$390.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.120	+0.098%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.105	+0.082%	$419K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.150	+0.130%	$7.3M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.128	+0.106%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.052	+0.024%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	92.020	−0.011%	$1.0M	$49K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.990	−0.043%	$908K	$491K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	92.070	+0.043%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.125	+0.103%	$976K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.997	−0.036%	$2K	$25K	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0037%	8h	92.130	+0.109%	$22.3M	$61.5M	50x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.020	−0.011%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.992	−0.041%	$68.6M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.069	+0.042%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.071	+0.045%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.000	−0.033%	$1.0M	$5.2M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.050	+0.022%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	92.030	long leg	$2.7M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.990	−0.043%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.070	+0.043%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.066	+0.039%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0112%	8h	92.079	+0.053%	$424	$905	5x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	92.100	+0.076%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	92.044	+0.015%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0216%	1h	92.080	+0.054%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0223%	4h	91.994	−0.039%	$51K	$277K	10x	as long as short
Nado CRCL-PERP	+0.0311%	1h	92.026	−0.005%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.560	+0.576%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0728%	1h	92.090	+0.065%	$4K	$767K	10x