Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against ApeX Omni+0.149%7-day average — · you sell dearer than you buy

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

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.149% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.149% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni CRCLUSDT	94.260	0.0100	pay 0.0013% / 1h	49m 00s	$69K	$5K	50x
Short	Phemex CRCLUSDT	94.400	0	get 0.0000% / 4h	1h 49m	$1.0M	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now +0.149%Rate

Funding earned: −$21
Price spread: +0.149% → 0.000%: $14.85
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.15
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: ApeX Omni: no order-book sample; Phemex: live order book, 4 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 ApeX Omni no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.65 bp	41.7 bp −$42	doesn't fit	doesn't fit	doesn't fit

ApeX Omni: 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
Gate CRCL_USDT	0.0000%	8h	94.390	+0.138%	$7.2M	$27.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	94.400	+0.149%	$4K	$771K	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.400	+0.149%	$1.0M	$50K	10x
QFEX CRCL-USD	+0.0033%	1h	94.390	+0.138%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.184%	$50K	$1.2M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.419	+0.169%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	+0.117%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.399	+0.147%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	+0.021%	$1.1M	$5.9M	10x	as long as short
Variational Omni CRCL	+0.0066%	8h	94.407	+0.156%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0068%	8h	94.380	+0.127%	$15.5M	$25.9M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0074%	1h	94.382	+0.129%	$357K	$1.1M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	+0.032%	$938K	$742K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.372	+0.119%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.400	+0.149%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDTlong	+0.0100%	1h	94.260	long leg	$69K	$5K	50x
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.400	+0.149%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.414	+0.163%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	94.340	+0.085%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0121%	8h	94.343	+0.088%	$108.3M	$388.5M	50x	as long as short
Aster CRCLUSDT	+0.0152%	8h	94.412	+0.162%	$1.1M	$4.8M	20x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.410	+0.159%	$431K	$309K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0177%	8h	94.450	+0.202%	$774	$740	5x	as long as short
Lighter RH CRCL	+0.0184%	1h	94.453	+0.205%	$881K	$2.9M	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.486	+0.240%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.430	+0.180%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0217%	8h	94.390	+0.138%	$22.8M	$60.5M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	+0.158%	$24K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0241%	8h	94.390	+0.138%	$1.1M	$581K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0275%	1h	94.381	+0.128%	$70.8M	$42.8M	10x	as long as short
Bitget CRCLUSDT	+0.0330%	8h	94.370	+0.117%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0358%	1h	94.385	+0.132%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0408%	1h	94.457	+0.209%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.626%	$5K	$19K	30x	as long as short