Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0310%/8h= +34.0% APRpaid last 24h +0.142%

Price spread now: edgeX against tradeXYZ+0.116%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs+$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$440.442% of the position

Long on tradeXYZ Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.750%+$75 on $10k

Price spread, last 4 days (all we have)+0.522%+$52 · spread now +0.116%, 7d avg +0.045%

Together, before fees+1.272%+ Points / potential airdroptradeXYZ: Active · edgeX: Active · farm board+$127 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and edgeX is 0.071% dearer against tradeXYZ than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	91.234	0.0120	pay 0.0015% / 1h	30m 53s	$67.6M	$43.9M	10x
Short	edgeX CRCLUSDC	91.340	0.0430	get 0.0215% / 4h	30m 53s	$52K	$276K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against tradeXYZ. 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 tradeXYZbpFee edgeXbpOrdersPrice spread, now +0.116%Rate

Funding earned: $65.14
Price spread: +0.116% → +0.045%: $7.11
Slippage, 4 orders: −$17.2
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $28.05
Costs to cover: 0.442%
Break-even: 4.0 days

Slippage from tradeXYZ: live order book, 9 min ago; edgeX: live order book, 7 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 tradeXYZ live order book, 9 min ago	0.82 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 7 min ago	6.01 bp	11.5 bp −$11	24.1 bp −$241	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	−0.0261%	8h	91.360	+0.138%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	91.040	−0.213%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.360	+0.138%	$7.8M	$27.4M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.300	+0.072%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0031%	8h	91.300	+0.072%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.306	+0.079%	$980K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.361	+0.139%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.360	+0.138%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.281	+0.052%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.170	−0.070%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.310	+0.083%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.200	−0.037%	$888K	$391K	10x	as long as short
Variational Omni CRCL	+0.0097%	8h	91.457	+0.245%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.310	+0.083%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.300	+0.072%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.250	+0.018%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.270	+0.039%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.299	+0.072%	$4	—	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0120%	1h	91.234	long leg	$67.6M	$43.9M	10x
Polymarket Perps CRCL-USD	+0.0161%	1h	91.284	+0.055%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0161%	8h	91.302	+0.075%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0170%	8h	91.340	+0.116%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.276	+0.046%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0187%	8h	91.300	+0.072%	$104.9M	$389.7M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.271	+0.041%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0244%	8h	91.400	+0.182%	$61K	$1.1M	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.305	+0.078%	$2.9M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0262%	8h	91.310	+0.083%	$22.2M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0307%	8h	91.300	+0.072%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0428%	1h	91.244	+0.011%	$134K	$109K	3x	as long as short
edgeX CRCLUSDCshort	+0.0430%	4h	91.340	+0.116%	$52K	$276K	10x
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.851%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.332	+0.108%	$412K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0737%	1h	91.280	+0.050%	$5K	$769K	10x	as long as short