Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.087%

Price spread now: Phemex against BloFin+0.033%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$157as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$1051.050% of the position

Long on BloFin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.518%−$52 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.033%, 7d avg −0.008%

Together, before fees−0.518%−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.041% dearer against BloFin than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of −0.008%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 7 days (−0.518% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CRCL-USDT	91.790	0.0109	pay 0.0109% / 8h	5h 30m	$1.1M	$1.3M	20x
Short	Phemex CRCLUSDT	91.820	0	get 0.0000% / 4h	1h 30m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BloFin. 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 BloFinbpFee PhemexbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$22.87
Price spread: +0.033% → −0.008%: $4.07
Slippage, 4 orders: −$81
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$123.8
Costs to cover: 1.050%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Phemex: live order book, 2 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 BloFin live order book, 2 min ago	1.64 bp	7.9 bp −$8	9.5 bp −$95	23.2 bp −$2,318	doesn't fit
Sell Phemex live order book, 2 min ago	1.64 bp	43.1 bp −$43	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	−0.1314%	8h	91.750	−0.044%	$15.9M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	91.460	−0.360%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.690	−0.109%	$905K	$529K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.674	−0.127%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.730	−0.065%	$104.7M	$385.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.750	−0.044%	$15.0M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.700	−0.098%	$419K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.730	−0.065%	$7.1M	$26.6M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.746	−0.048%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.639	−0.165%	$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	+0.033%	$1.0M	$49K	10x
Aster CRCLUSDT	+0.0003%	8h	91.813	+0.025%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0012%	8h	91.740	−0.054%	$21.6M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0019%	1h	91.593	−0.215%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.690	−0.109%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.809	+0.021%	$975K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.630	−0.174%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.722	−0.074%	$68.5M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.697	−0.101%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.698	−0.100%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.800	+0.011%	$970K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0068%	8h	91.697	−0.101%	$752	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.728	−0.068%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.700	−0.098%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.610	−0.196%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.750	−0.044%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.756	−0.037%	$4	—	10x	as long as short
BloFin CRCL-USDTlong	+0.0109%	8h	91.790	long leg	$1.1M	$1.3M	20x
Nado CRCL-PERP	+0.0175%	1h	91.691	−0.107%	$131K	$104K	3x	as long as short
Phoenix CRCL	+0.0183%	1h	91.608	−0.198%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0208%	1h	91.721	−0.075%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.200	+0.447%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0590%	4h	91.601	−0.206%	$23K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0731%	1h	91.800	+0.011%	$4K	$767K	10x	as long as short