Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.012%

Price spread now: Phoenix against Aster+0.087%65s7-day average — · you sell dearer than you buy

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

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.087% dearer against Aster than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CRCLUSDT	91.804	0	get 0.0000% / 8h	4h 46m	$1.1M	$5.0M	20x
Short	Phoenix CRCL	91.884	0.0148	get 0.0018% / 1h	46m 19s	$27K	$83K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.087%Rate

Funding earned: $31.02
Price spread: +0.087% → 0.000%: $8.7
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $24.71
Costs to cover: 0.150%
Break-even: 1.4 days

Slippage unknown: Aster: live order book, 2 min ago; Phoenix: no order-book sample. 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 Aster live order book, 2 min ago	2.18 bp	7.2 bp −$7	22.9 bp −$229	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	−0.0945%	8h	91.860	+0.061%	$16.2M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.550	−0.277%	—	$31K	25x	as long as short
Aster CRCLUSDTlong	0.0000%	8h	91.804	long leg	$1.1M	$5.0M	20x
Extended CRCL_24_5-USD	0.0000%	1h	91.806	+0.002%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.820	+0.017%	$104.7M	$387.7M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.820	+0.017%	$15.0M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.802	−0.002%	$419K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.790	−0.015%	$7.3M	$26.9M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.929	+0.136%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.879	+0.081%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.790	−0.015%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0010%	8h	91.840	+0.039%	$22.0M	$60.6M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.800	−0.005%	$906K	$490K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.820	+0.017%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0028%	1h	91.839	+0.038%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.824	+0.022%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	+0.137%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.751	−0.058%	$68.5M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.766	−0.042%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.773	−0.034%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.790	−0.015%	$992K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0087%	8h	91.774	−0.033%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.760	−0.048%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.770	−0.037%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.780	−0.026%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.800	−0.005%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.853	+0.053%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.820	+0.017%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCLshort	+0.0148%	1h	91.884	+0.087%	$27K	$83K	10x
Lighter CRCL	+0.0216%	1h	91.823	+0.021%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0305%	1h	91.734	−0.077%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.573%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0622%	1h	91.840	+0.039%	$4K	$767K	10x	as long as short
edgeX CRCLUSDC	+0.0952%	4h	91.850	+0.050%	$51K	$276K	10x	as long as short