Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.009%

Price spread now: Aftermath Perps against Orderly−0.038%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Aftermath Perps is 0.038% cheaper against Orderly than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	91.940	0.0100	pay 0.0100% / 8h	6h 16m	$917	$3K	10x
Short	Aftermath Perps CRCLUSD	91.905	0.0024	get 0.0003% / 1h	16m 11s	$2K	$23K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Orderly. 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 OrderlybpFee Aftermath PerpsbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$16.01
Price spread: −0.038% → 0.000%: −$3.85
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$34.86
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Aftermath Perps: no order-book sample. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Aftermath Perps no order-book sample	—	—	—	—	—

Orderly and Aftermath Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0822%	8h	92.030	+0.098%	$16.0M	$35.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0041%	1h	91.770	−0.185%	—	$40K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.700	−0.261%	$913K	$580K	10x	as long as short
Gate CRCL_USDT	−0.0004%	8h	92.060	+0.131%	$7.1M	$26.8M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.980	+0.044%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.950	+0.011%	$420K	$299K	10x	as long as short
Variational Omni CRCL	0.0000%	8h	91.938	−0.002%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	−0.228%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.990	+0.054%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSDshort	+0.0024%	1h	91.905	−0.038%	$2K	$23K	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.974	+0.037%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	−0.087%	$93K	$273K	10x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	91.928	−0.013%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0050%	8h	91.968	+0.031%	$104.9M	$394.2M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.944	+0.004%	$69.1M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.956	+0.017%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.924	−0.017%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.730	−0.228%	$999K	$5.5M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0057%	8h	91.960	+0.022%	$21.7M	$60.4M	50x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.950	+0.011%	$1.3M	$2.3M	10x	as long as short
Aster CRCLUSDT	+0.0059%	8h	91.977	+0.041%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0073%	8h	91.981	+0.044%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.992	+0.057%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.000	+0.065%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	−0.239%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.940	long leg	$917	$3K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.941	+0.001%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0153%	1h	91.935	−0.006%	$131K	$103K	3x	as long as short
Lighter CRCL	+0.0200%	1h	91.989	+0.053%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.850	−0.098%	$27K	$92K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0294%	1h	91.970	+0.033%	$4K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.609%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	−0.254%	$23K	$268K	10x	as long as short