Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.020%

Price spread now: Phemex against Coinbase International+0.033%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$970.966% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.308%−$31 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.033%, 7d avg +0.036%

Together, before fees−0.357%−$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.036%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	91.790	0.0016	pay 0.0002% / 1h	18m 22s	$906K	$490K	10x
Short	Phemex CRCLUSDT	91.820	0	get 0.0000% / 4h	18m 22s	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$3.36
Price spread: +0.033% → +0.036%: −$0.37
Slippage, 4 orders: −$74.64
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$100.37
Costs to cover: 0.966%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 40 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 Coinbase International live order book, 40 min ago	5.44 bp	10.4 bp −$10	16.3 bp −$163	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.72 bp	36.2 bp −$36	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	−0.0997%	8h	91.820	+0.033%	$16.5M	$35.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.560	−0.251%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.844	+0.059%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.776	−0.016%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.790	0.000%	$104.5M	$389.5M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.810	+0.022%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.810	+0.022%	$417K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.790	0.000%	$7.2M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.828	+0.041%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.950	+0.174%	$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
Coinbase International CRCL-PERP-INTXlong	+0.0016%	1h	91.790	long leg	$906K	$490K	10x
OKX CRCL-USDT-SWAP	+0.0023%	8h	91.830	+0.044%	$22.1M	$61.1M	50x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.780	−0.011%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.779	−0.012%	$973K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0034%	1h	91.782	−0.009%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.780	−0.011%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.738	−0.057%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.756	−0.037%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.802	+0.013%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.820	+0.033%	$1.0M	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0099%	8h	91.793	+0.004%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.720	−0.076%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.820	+0.033%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.750	−0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.780	−0.011%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.812	+0.023%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.860	+0.076%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.832	+0.046%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0184%	1h	91.786	−0.004%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0301%	1h	91.724	−0.072%	$130K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.400	+0.665%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0513%	1h	91.820	+0.033%	$4K	$767K	10x	as long as short
edgeX CRCLUSDC	+0.0735%	4h	91.815	+0.028%	$51K	$276K	10x	as long as short