Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0317%/8h= −34.7% APRpaid last 24h −0.026%

Price spread now: Phemex against Bitget+0.021%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1051.051% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.342%−$34 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now +0.021%, 7d avg −0.037%

Together, before fees−0.388%−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.058% dearer against Bitget than usual: you sell high and buy low (spread +0.021% now, against its 7-day average of −0.037%): +$6 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CRCLUSDT	94.820	0.0317	pay 0.0317% / 8h	42m 54s	$17.0M	$35.4M	25x
Short	Phemex CRCLUSDT	94.840	0	get 0.0000% / 4h	42m 54s	$1.0M	$51K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$66.57
Price spread: +0.021% → −0.037%: $5.79
Slippage, 4 orders: −$81.12
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$165.9
Costs to cover: 1.051%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Phemex: live order book, 5 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 Bitget live order book, 1 min ago	1.58 bp	10.2 bp −$10	16.9 bp −$169	52.2 bp −$5,219	doesn't fit
Sell Phemex live order book, 5 min ago	2.64 bp	45.8 bp −$46	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
Gate CRCL_USDT	0.0000%	8h	94.850	+0.032%	$7.3M	$27.5M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.840	+0.021%	$1.0M	$51K	10x
QFEX CRCL-USD	+0.0022%	1h	94.840	+0.021%	$1.4M	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.790	−0.032%	$943K	$725K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.770	−0.053%	—	$45K	25x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.730	−0.095%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.692	−0.135%	$2K	$21K	5x	as long as short
SoDEX CRCL-USD	+0.0064%	1h	94.797	−0.024%	$48K	$3K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0071%	1h	94.781	−0.041%	$367K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0088%	1h	94.851	+0.033%	$895K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.900	+0.084%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.730	−0.095%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.720	−0.105%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.810	−0.011%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0104%	8h	94.830	+0.011%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.839	+0.020%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.663	−0.165%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0136%	8h	94.871	+0.054%	$778	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0165%	8h	94.850	+0.032%	$62K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.823	+0.003%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0186%	8h	94.830	+0.011%	$109.6M	$389.7M	50x	as long as short
Aster CRCLUSDT	+0.0199%	8h	94.800	−0.021%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0206%	8h	94.840	+0.021%	$22.9M	$60.8M	50x	as long as short
edgeX CRCLUSDC	+0.0223%	4h	94.814	−0.006%	$24K	$269K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0274%	1h	94.785	−0.037%	$71.1M	$42.9M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.878	+0.061%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0306%	8h	94.830	+0.011%	$1.1M	$595K	20x	as long as short
Nado CRCL-PERP	+0.0310%	1h	94.807	−0.014%	$127K	$73K	3x	as long as short
Bitget CRCLUSDTlong	+0.0317%	8h	94.820	long leg	$17.0M	$35.4M	25x
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.780%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0456%	1h	94.873	+0.056%	$3.1M	$2.2M	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.840	+0.021%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.860	+0.042%	$433K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0805%	1h	94.890	+0.074%	$4K	$772K	10x	as long as short