Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.051%

Price spread now: Phemex against Binance−0.011%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$880.879% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.258%−$26 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now −0.011%, 7d avg +0.011%

Together, before fees−0.247%−$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.022% cheaper against Binance than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CRCLUSDT	91.830	0	get 0.0000% / 8h	4h 19m	$104.6M	$389.5M	50x
Short	Phemex CRCLUSDT	91.820	0	get 0.0000% / 4h	19m 23s	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → +0.011%: −$2.23
Slippage, 4 orders: −$65.92
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$90.15
Costs to cover: 0.879%
Break-even: never at this rate

Slippage from Binance: live order book, 9 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 Binance live order book, 9 min ago	0.55 bp	6.6 bp −$7	9.0 bp −$90	35.4 bp −$3,535	186.6 bp −$93.3K
Sell Phemex live order book, 3 min ago	2.72 bp	36.2 bp −$36	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
Bitget CRCLUSDT	−0.0999%	8h	91.870	+0.044%	$16.4M	$35.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.590	−0.261%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.879	+0.054%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.806	−0.026%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDTlong	0.0000%	8h	91.830	long leg	$104.6M	$389.5M	50x
Bybit CRCLUSDT	0.0000%	8h	91.850	+0.022%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.844	+0.015%	$417K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.880	+0.054%	$7.2M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.828	−0.002%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.950	+0.131%	$65K	$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 CRCLUSDTshort	0.0000%	4h	91.820	−0.011%	$1.0M	$49K	10x
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.790	−0.044%	$906K	$490K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0024%	8h	91.850	+0.022%	$22.1M	$61.1M	50x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.820	−0.011%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.838	+0.009%	$973K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0034%	1h	91.823	−0.008%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.800	−0.033%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.774	−0.061%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.818	−0.013%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.802	−0.030%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.820	−0.011%	$1.0M	$5.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.820	−0.011%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.820	−0.011%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.750	−0.087%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.810	−0.022%	$915	$2K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	91.830	0.000%	$422	$905	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.812	−0.020%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.860	+0.033%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.832	+0.002%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0184%	1h	91.846	+0.017%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0302%	1h	91.774	−0.061%	$130K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.400	+0.621%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0513%	1h	91.820	−0.011%	$4K	$767K	10x	as long as short
edgeX CRCLUSDC	+0.0735%	4h	91.815	−0.016%	$51K	$276K	10x	as long as short