Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0097%/8h= +10.7% APRpaid last 24h +0.022%

Price spread now: Phoenix against KuCoin+0.086%93s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.086% dearer against KuCoin than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 93 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	93.130	0.0100	pay 0.0100% / 8h	5h 47m	$2.6M	$1.6M	20x
Short	Phoenix CRCL	93.210	0.0197	get 0.0025% / 1h	47m 42s	$28K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.086%Rate

Funding earned: $20.45
Price spread: +0.086% → 0.000%: $8.59
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $10.04
Costs to cover: 0.190%
Break-even: 3.6 days

Slippage unknown: KuCoin: live order book, 2 min ago; Phoenix: no order-book sample. Net counts fees only.

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, 2 min ago	1.61 bp	48.4 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

CRCL on 34 exchanges

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	−0.0048%	1h	92.950	−0.193%	$869K	$749K	10x	as long as short
Vest CRCL-USD-PERP	−0.0004%	1h	93.090	−0.043%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	93.090	−0.043%	$15.0M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	93.130	0.000%	$18.6M	$33.4M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	93.100	−0.032%	$1.0M	$45K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	93.100	−0.032%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	93.075	−0.059%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	93.002	−0.137%	$67.9M	$40.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.122	−0.009%	$383K	$847K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	93.114	−0.017%	$47K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.200	+0.075%	$1.0M	$3.8M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	93.200	+0.075%	$1.3M	$1.6M	10x	as long as short
Injective CRCL/USDC PERP	+0.0072%	1h	92.090	−1.117%	$38K	$172K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0072%	1h	93.060	−0.075%	$5K	$415K	10x	as long as short
Gate CRCL_USDT	+0.0091%	8h	93.160	+0.032%	$7.5M	$25.3M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	93.180	+0.054%	$140K	$139K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	93.130	long leg	$2.6M	$1.6M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	93.110	−0.021%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.100	−0.032%	$928	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.122	−0.008%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0115%	8h	93.194	+0.069%	$429	$477	5x	as long as short
Phoenix CRCLshort	+0.0197%	1h	93.210	+0.086%	$28K	$66K	10x
Arcus CRCL-USD	+0.0214%	1h	93.180	+0.054%	$94K	$212K	10x	as long as short
Nado CRCL-PERP	+0.0271%	1h	93.171	+0.044%	$155K	$94K	3x	as long as short
Lighter CRCL	+0.0272%	1h	93.081	−0.053%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0308%	8h	93.171	+0.044%	$2.5M	$3.3M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0318%	8h	93.130	0.000%	$23.0M	$57.0M	50x	as long as short
Aster CRCLUSDT	+0.0385%	8h	93.140	+0.011%	$1.1M	$4.5M	20x	as long as short
Extended CRCL_24_5-USD	+0.0392%	1h	93.079	−0.054%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0395%	8h	93.100	−0.032%	$107.7M	$352.2M	50x	as long as short
BloFin CRCL-USDT	+0.0514%	8h	93.230	+0.107%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	93.230	+0.107%	$418K	$235K	10x	as long as short
edgeX CRCLUSDC	+0.0752%	4h	93.110	−0.022%	$53K	$269K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0793%	8h	93.146	+0.017%	$61K	$1.0M	10x	as long as short