Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0007%/8h= −0.8% APRpaid last 24h −0.034%

Price spread now: Phemex against Bybit−0.116%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1061.064% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.283%−$28 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.116%, 7d avg −0.027%

Together, before fees−0.218%−$22 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 0.089% cheaper against Bybit than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	94.440	0.0007	pay 0.0007% / 8h	7h 28m	$15.5M	$25.7M	50x
Short	Phemex CRCLUSDT	94.330	0	get 0.0000% / 4h	3h 28m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$1.47
Price spread: −0.116% → −0.027%: −$8.94
Slippage, 4 orders: −$83.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$116.84
Costs to cover: 1.064%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Phemex: live order book, 4 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 Bybit live order book, 5 min ago	0.53 bp	10.4 bp −$10	17.8 bp −$178	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.06 bp	50.8 bp −$51	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.244%	$942K	$622K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.470	+0.032%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.024%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.330	−0.116%	$1.0M	$49K	10x
Bybit CRCLUSDTlong	+0.0007%	8h	94.440	long leg	$15.5M	$25.7M	50x
Bitget CRCLUSDT	+0.0031%	8h	94.440	0.000%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.487	+0.050%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.322	−0.125%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.450	+0.011%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	−0.138%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.416	−0.025%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.423	−0.018%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.373	−0.071%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.310	−0.138%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.400	−0.042%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.430	−0.011%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.148%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.390	−0.053%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.397	−0.046%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0106%	8h	94.486	+0.048%	$775	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.011%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	−0.005%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.440	0.000%	$22.8M	$59.5M	50x	as long as short
Binance CRCLUSDT	+0.0192%	8h	94.463	+0.024%	$109.4M	$386.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.460	+0.021%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0197%	8h	94.453	+0.014%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.405	−0.037%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	−0.012%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.500	+0.064%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	−0.074%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.476%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0492%	1h	94.380	−0.064%	$4K	$769K	10x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.370	−0.074%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.471	+0.033%	$431K	$299K	10x	as long as short