Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.043%

Price spread now: Phemex against KuCoin−0.042%50s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$193as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1611.611% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.320%−$32 on $10k

Price spread, last 3 days (all we have)+0.006%+$1 · spread now −0.042%, 7d avg −0.003%

Together, before fees−0.314%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.039% cheaper against KuCoin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.003%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRCLUSDTM	94.310	0.0100	pay 0.0100% / 8h	1h 23m	$3.0M	$1.8M	20x
Short	Phemex CRCLUSDT	94.270	0	get 0.0000% / 4h	1h 23m	$1.0M	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against KuCoin. 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 KuCoinbpFee PhemexbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$21
Price spread: −0.042% → −0.003%: −$3.93
Slippage, 4 orders: −$137.11
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$186.03
Costs to cover: 1.611%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 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 KuCoin live order book, 4 min ago	1.59 bp	36.7 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.59 bp	44.4 bp −$44	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
Gate CRCL_USDT	0.0000%	8h	94.320	+0.011%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.270	−0.042%	$1.0M	$50K	10x
Lighter RH CRCL	+0.0032%	1h	94.352	+0.045%	$889K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.350	+0.042%	$1.4M	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.290	−0.021%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.284	−0.027%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.314	+0.004%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.296	−0.015%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.260	−0.053%	$1.1M	$5.9M	10x	as long as short
Bybit CRCLUSDT	+0.0076%	8h	94.360	+0.053%	$15.5M	$25.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.100	−0.223%	$936K	$740K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.280	−0.032%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	94.310	long leg	$3.0M	$1.8M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	94.190	−0.127%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.250	−0.064%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.323	+0.014%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.193	−0.124%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	+0.0129%	8h	94.323	+0.014%	$59K	$1.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0147%	8h	94.315	+0.005%	$773	$740	5x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.330	+0.021%	$430K	$310K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0160%	1h	94.327	+0.018%	$70.7M	$42.7M	10x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	94.312	+0.002%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0177%	8h	94.340	+0.032%	$108.5M	$388.6M	50x	as long as short
Aster CRCLUSDT	+0.0198%	8h	94.213	−0.103%	$1.1M	$4.8M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0209%	8h	94.340	+0.032%	$22.8M	$60.4M	50x	as long as short
Phoenix CRCL	+0.0212%	1h	94.322	+0.013%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.320	+0.011%	$97K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0260%	1h	94.253	−0.060%	$126K	$73K	3x	as long as short
Lighter CRCL	+0.0288%	1h	94.364	+0.057%	$3.0M	$2.3M	10x	as long as short
BloFin CRCL-USDT	+0.0292%	8h	94.330	+0.021%	$1.1M	$580K	20x	as long as short
Bitget CRCLUSDT	+0.0316%	8h	94.350	+0.042%	$16.6M	$35.1M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.477%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0599%	1h	94.290	−0.021%	$4K	$771K	10x	as long as short
edgeX CRCLUSDC	+0.0911%	4h	94.259	−0.054%	$24K	$267K	10x	as long as short