Funding arb · Price arb /

CRDO

RWAall CRDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1375%/8h= −150.5% APRpaid last 24h −0.190%

Price spread now: Bybit against Paragon−0.123%7-day average +0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$840.841% of the position

Long on Paragon Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.442%−$44 on $10k

Price spread, last 4 days (all we have)+0.222%+$22 · spread now −0.123%, 7d avg +0.068%

Together, before fees−0.220%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Bybit is 0.191% cheaper against Paragon than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.068%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.442% in total (about -23.0% 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	Paragon para:CRDO	185.26	0.1375	pay 0.0172% / 1h	16m 38s	$1.3M	$468K	10x
Short	Bybit CRDOUSDT	185.03	0	get 0.0000% / 8h	3h 16m	$703K	$737K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Paragon. 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 ParagonbpFee BybitbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$288.66
Price spread: −0.123% → +0.068%: −$19.13
Slippage, 4 orders: −$63.09
Fee Paragon: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$391.87
Costs to cover: 0.841%
Break-even: never at this rate

Slippage from Paragon: live order book, 11 min ago; Bybit: live order book, 33 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 Paragon live order book, 11 min ago	6.68 bp	12.7 bp −$13	40.2 bp −$402	doesn't fit	doesn't fit
Sell Bybit live order book, 33 min ago	3.99 bp	33.8 bp −$34	179.9 bp −$1,799	doesn't fit	doesn't fit

CRDO on 15 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 CRDOUSDT	−0.0443%	8h	185.22	−0.021%	$1.7M	$1.4M	20x	as long as short
QFEX CRDO-USD	−0.0009%	1h	184.88	−0.204%	$1.1M	$2.5M	10x	as long as short
Aster CRDOUSDT	0.0000%	8h	185.09	−0.090%	$37K	$11K	20x	as long as short
Binance CRDOUSDT	0.0000%	8h	184.92	−0.183%	$4.1M	$8.4M	20x	as long as short
Bybit CRDOUSDTshort	0.0000%	8h	185.03	−0.123%	$703K	$737K	25x
OKX CRDO-USDT-SWAP	0.0000%	8h	185.18	−0.042%	$930K	$1.4M	20x	as long as short
Gate CRDO_USDT	0.0000%	8h	184.89	−0.199%	$649K	$122K	20x	as long as short
Variational Omni CRDO	0.0000%	8h	185.64	+0.204%	$231K	$105K	—	as long as short
GRVT CRDO_USDT_Perp	0.0000%	8h	185.73	+0.254%	$678	$119K	10x	as long as short
SunX CRDO-USDT	0.0000%	8h	183.76	−0.809%	$867	$512K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX CRDO-USDT	0.0000%	8h	184.99	−0.145%	$8K	$40K	20x	as long as short
Extended CRDO_24_5-USD	+0.0040%	1h	184.97	−0.159%	$1K	—	5x	as long as short
Vest CRDO-USD-PERP	+0.0046%	1h	184.80	−0.248%	—	—	5x	as long as short
KuCoin CRDOUSDTM	+0.0100%	8h	184.94	−0.172%	$193K	$861K	20x	as long as short
Paragon para:CRDOlong	+0.1375%	1h	185.26	long leg	$1.3M	$468K	10x