Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.026%

Price spread now: Phoenix against BloFin−0.155%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.224%−$22 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.155% cheaper against BloFin than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CRCL-USDT	91.330	0.0315	pay 0.0315% / 8h	18m 25s	$1.1M	$1.7M	20x
Short	Phoenix CRCL	91.188	0.0227	get 0.0028% / 1h	18m 25s	$27K	$74K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$18.45
Price spread: −0.155% → 0.000%: −$15.55
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$53
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 4 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 BloFin live order book, 4 min ago	2.74 bp	9.0 bp −$9	11.1 bp −$111	27.8 bp −$2,778	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	−0.0359%	8h	91.360	+0.033%	$17.5M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0079%	1h	90.970	−0.394%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.310	−0.022%	$7.9M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.320	−0.011%	$1.0M	$48K	10x	as long as short
edgeX CRCLUSDC	+0.0006%	4h	91.021	−0.339%	$52K	$270K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.282	−0.053%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.184	−0.160%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.170	−0.175%	$95K	$296K	10x	as long as short
Bybit CRCLUSDT	+0.0046%	8h	91.300	−0.033%	$14.8M	$26.5M	50x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.250	−0.088%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.200	−0.142%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	91.280	−0.055%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.050	−0.307%	$876K	$495K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0096%	1h	91.203	−0.139%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.250	−0.088%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.210	−0.131%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.040	−0.318%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.270	−0.066%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.286	−0.048%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0112%	8h	91.119	−0.231%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0153%	1h	91.266	−0.070%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0155%	8h	91.279	−0.056%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0181%	8h	91.308	−0.024%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0199%	8h	91.280	−0.055%	$104.8M	$389.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0200%	1h	91.257	−0.080%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCLshort	+0.0227%	1h	91.188	−0.155%	$27K	$74K	10x
GRVT CRCL_USDT_Perp	+0.0244%	8h	91.144	−0.203%	$70K	$1.1M	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.284	−0.050%	$2.9M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0275%	8h	91.300	−0.033%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDTlong	+0.0315%	8h	91.330	long leg	$1.1M	$1.7M	20x
Nado CRCL-PERP	+0.0430%	1h	91.214	−0.127%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.570	+0.263%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.295	−0.038%	$412K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0518%	1h	91.260	−0.077%	$5K	$769K	10x	as long as short