Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0492%/8h= −53.9% APRpaid last 24h −0.104%

Price spread now: Phemex against Deribit−0.053%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$1091.090% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.181%−$18 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now −0.053%, 7d avg +0.004%

Together, before fees−0.119%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Phemex is 0.057% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.181% in total (about -14.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	94.380	0.0492	pay 0.0062% / 1h	28m 52s	$4K	$769K	10x
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 Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$103.37
Price spread: −0.053% → +0.004%: −$5.73
Slippage, 4 orders: −$90.01
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$218.11
Costs to cover: 1.090%
Break-even: never at this rate

Slippage from Deribit: live order book, 45 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 Deribit live order book, 45 min ago	0.53 bp	10.3 bp −$10	14.3 bp −$143	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	−0.180%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.440	+0.064%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.420	+0.042%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.087%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.330	−0.053%	$1.0M	$49K	10x
Lighter RH CRCL	+0.0032%	1h	94.403	+0.024%	$889K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0033%	8h	94.450	+0.074%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.322	−0.061%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.350	−0.032%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.280	−0.106%	—	$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	94.343	−0.039%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.369	−0.012%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.373	−0.007%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.310	−0.074%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.350	−0.032%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	+0.042%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.085%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.390	+0.011%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.397	+0.018%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.412	+0.034%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.075%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	+0.058%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0151%	8h	94.470	+0.095%	$22.8M	$59.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.388	+0.008%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0193%	8h	94.423	+0.045%	$109.4M	$386.2M	50x	as long as short
Aster CRCLUSDT	+0.0199%	8h	94.402	+0.023%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.320	−0.063%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	+0.052%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.416	+0.038%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	−0.011%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.540%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0492%	1h	94.380	long leg	$4K	$769K	10x
Arcus CRCL-USD	+0.0521%	1h	94.360	−0.021%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.386	+0.007%	$431K	$299K	10x	as long as short