Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.049%

Price spread now: Phemex against Gate+0.054%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$1101.096% of the position

Long on Gate Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.274%−$27 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now +0.054%, 7d avg −0.024%

Together, before fees−0.383%−$38 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 0.078% dearer against Gate than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CRCL_USDT	91.780	0	get 0.0000% / 8h	4h 24m	$7.2M	$27.2M	50x
Short	Phemex CRCLUSDT	91.830	0	get 0.0000% / 4h	24m 30s	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Gate. 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 GatebpFee PhemexbpOrdersPrice spread, now +0.054%Rate

Funding earned: $0
Price spread: +0.054% → −0.024%: $7.85
Slippage, 4 orders: −$82.58
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$101.74
Costs to cover: 1.096%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Phemex: live order book, 3 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 Gate live order book, 4 min ago	1.63 bp	12.5 bp −$13	30.6 bp −$306	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.09 bp	44.9 bp −$45	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	−0.1023%	8h	91.810	+0.033%	$16.3M	$35.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.590	−0.207%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.792	+0.014%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.726	−0.059%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.759	−0.023%	$104.4M	$389.2M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.790	+0.011%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.756	−0.026%	$417K	$299K	10x	as long as short
Gate CRCL_USDTlong	0.0000%	8h	91.780	long leg	$7.2M	$27.2M	50x
Variational Omni CRCL	0.0000%	8h	91.818	+0.041%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.726	−0.058%	$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	91.830	+0.054%	$1.0M	$49K	10x
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.500	−0.305%	$903K	$489K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0019%	8h	91.760	−0.022%	$22.1M	$61.0M	50x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.740	−0.044%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.809	+0.032%	$973K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0032%	1h	91.796	+0.018%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.750	−0.033%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.742	−0.041%	$68.4M	$41.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.851	+0.077%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.851	+0.077%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.720	−0.065%	$1.0M	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0092%	8h	91.780	−0.001%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.750	−0.033%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.740	−0.044%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.780	0.000%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.860	+0.087%	$916	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.847	+0.073%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.910	+0.142%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.779	−0.001%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0168%	1h	91.814	+0.037%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0291%	1h	91.725	−0.060%	$130K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.534%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0621%	1h	91.880	+0.109%	$4K	$767K	10x	as long as short
edgeX CRCLUSDC	+0.0809%	4h	91.711	−0.075%	$51K	$275K	10x	as long as short