Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.009%

Price spread now: Phoenix against Binance−0.105%55s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.105% cheaper against Binance than usual: you would sell low and buy high (spread −0.105% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 2.4 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.031% in total) that is about 24 days. The two prices were read 55 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	Binance CRCLUSDT	91.770	0	get 0.0000% / 8h	4h 40m	$104.6M	$388.0M	50x
Short	Phoenix CRCL	91.674	0.0148	get 0.0018% / 1h	40m 33s	$27K	$83K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.105%Rate

Funding earned: $31.02
Price spread: −0.105% → 0.000%: −$10.46
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $3.56
Costs to cover: 0.170%
Break-even: 6.2 days

Slippage unknown: Binance: live order book, 3 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 Binance live order book, 3 min ago	0.55 bp	7.0 bp −$7	11.4 bp −$114	36.8 bp −$3,682	198.9 bp −$99.5K
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	−0.0970%	8h	91.840	+0.076%	$16.2M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.490	−0.305%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.738	−0.035%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.767	−0.004%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDTlong	0.0000%	8h	91.770	long leg	$104.6M	$388.0M	50x
Bybit CRCLUSDT	0.0000%	8h	91.770	0.000%	$15.0M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.776	+0.007%	$418K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.770	0.000%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.678	−0.100%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.820	+0.054%	$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	91.690	−0.087%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0015%	8h	91.770	0.000%	$22.0M	$60.6M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.700	−0.076%	$905K	$490K	10x	as long as short
edgeX CRCLUSDC	+0.0023%	4h	91.866	+0.105%	$51K	$275K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.750	−0.022%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0029%	1h	91.744	−0.028%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.736	−0.037%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	+0.174%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.711	−0.064%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.723	−0.051%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.659	−0.121%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.750	−0.022%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0088%	8h	91.713	−0.062%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.730	−0.044%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.730	−0.044%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	−0.033%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.680	−0.098%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.679	−0.099%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.670	−0.109%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCLshort	+0.0148%	1h	91.674	−0.105%	$27K	$83K	10x
Lighter CRCL	+0.0200%	1h	91.809	+0.042%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0304%	1h	91.644	−0.138%	$130K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.190	+0.458%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0514%	1h	91.690	−0.087%	$4K	$767K	10x	as long as short