Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0060%/8h= −6.5% APRpaid last 24h +0.048%

Price spread now: Arcus against Orderly−0.120%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 Arcus

What this pair did over the last

the charts below follow

Funding, last 4 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 Arcus is 0.120% cheaper against Orderly than usual: you would sell low and buy high (−$12 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	91.930	0.0100	pay 0.0100% / 8h	3h 05m	$917	$2K	10x
Short	Arcus CRCL-USD	91.820	0.0040	get 0.0005% / 1h	5m 48s	$93K	$272K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$12.54
Price spread: −0.120% → 0.000%: −$11.97
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$35.01
Costs to cover: 0.105%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Arcus: live order book, 48 min ago. 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 Arcus live order book, 48 min ago	2.71 bp	10.4 bp −$10	11.7 bp −$117	doesn't fit	doesn't fit

Orderly: 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 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	−0.0679%	8h	91.990	+0.065%	$16.7M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.680	−0.272%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.910	−0.022%	$14.8M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.030	+0.109%	$7.4M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.949	+0.021%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.890	−0.044%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0013%	8h	91.942	+0.013%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0023%	8h	91.920	−0.011%	$104.7M	$392.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.945	+0.016%	$1.2M	$5.6M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.945	+0.016%	$974K	$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
Aftermath Perps CRCLUSD	+0.0039%	1h	91.863	−0.073%	$2K	$26K	5x	as long as short
Arcus CRCL-USDshort	+0.0040%	1h	91.820	−0.120%	$93K	$272K	10x
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.174%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.839	−0.099%	$68.1M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.923	−0.008%	$386K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.911	−0.021%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.650	−0.305%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.950	+0.022%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0074%	8h	91.931	+0.002%	$423	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0084%	8h	91.800	−0.141%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0085%	8h	91.840	−0.098%	$1.1M	$1.6M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	91.960	+0.033%	$22.3M	$61.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.951	+0.023%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.890	−0.044%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	−0.207%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.930	long leg	$917	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.932	+0.002%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.950	+0.022%	$419K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.797	−0.145%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.940	+0.011%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0347%	1h	91.834	−0.105%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.468%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0730%	1h	91.930	0.000%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	−0.088%	$51K	$276K	10x	as long as short