Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.032%

Price spread now: Phemex against Aster+0.139%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$970.975% of the position

Long on Aster Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.251%−$25 on $10k

Price spread, last 3 days (all we have)−0.194%−$19 · spread now +0.139%, 7d avg −0.021%

Together, before fees−0.445%+ Points / potential airdropAster: Stage 5 · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.159% dearer against Aster than usual: you sell high and buy low (spread +0.139% now, against its 7-day average of −0.021%): +$16 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CRCLUSDT	94.369	0.0083	pay 0.0083% / 8h	2h 09m	$1.1M	$4.8M	20x
Short	Phemex CRCLUSDT	94.500	0	get 0.0000% / 4h	2h 09m	$1.0M	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aster. 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 AsterbpFee PhemexbpOrdersPrice spread, now +0.139%Rate

Funding earned: −$17.44
Price spread: +0.139% → −0.021%: $15.94
Slippage, 4 orders: −$77.45
Fee Aster: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$98.95
Costs to cover: 0.975%
Break-even: never at this rate

Slippage from Aster: live order book, 4 min ago; Phemex: live order book, 3 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 Aster live order book, 4 min ago	1.06 bp	5.9 bp −$6	12.6 bp −$126	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.53 bp	41.1 bp −$41	doesn't fit	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
RISEx CRCL/USDC	0.0000%	1h	94.410	+0.043%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.420	+0.054%	$7.2M	$27.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	94.483	+0.120%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.480	+0.117%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.500	+0.139%	$1.0M	$50K	10x
QFEX CRCL-USD	+0.0020%	1h	94.420	+0.054%	$1.4M	$2.7M	10x	as long as short
edgeX CRCLUSDC	+0.0031%	4h	94.519	+0.158%	$24K	$268K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.338	−0.033%	$880K	$2.9M	10x	as long as short
Bybit CRCLUSDT	+0.0034%	8h	94.410	+0.043%	$15.5M	$25.9M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.433	+0.067%	$2K	$19K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	+0.001%	—	$45K	25x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	94.402	+0.035%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0048%	8h	94.410	+0.043%	$108.4M	$389.3M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.316	−0.056%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.409	+0.042%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.360	−0.010%	$1.1M	$5.9M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0052%	1h	94.300	−0.073%	$70.8M	$42.9M	10x	as long as short
Aster CRCLUSDTlong	+0.0083%	8h	94.369	long leg	$1.1M	$4.8M	20x
Pacifica CRCL	+0.0100%	1h	94.370	+0.001%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.380	+0.011%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.020%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.360	−0.010%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.329	−0.043%	$4	—	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	+0.022%	$939K	$743K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0147%	8h	94.423	+0.057%	$774	$740	5x	as long as short
BloFin CRCL-USDT	+0.0161%	8h	94.450	+0.086%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0201%	1h	94.302	−0.072%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0222%	8h	94.430	+0.064%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.507	+0.146%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.360	−0.010%	$3.1M	$2.4M	10x	as long as short
Bitget CRCLUSDT	+0.0327%	8h	94.430	+0.064%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.830	+0.488%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.370	+0.001%	$97K	$274K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1341%	1h	94.420	+0.054%	$4K	$771K	10x	as long as short