Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0217%/8h= −23.7% APRpaid last 24h −0.042%

Price spread now: Phemex against OKX−0.011%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$990.994% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.255%−$25 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now −0.011%, 7d avg −0.014%

Together, before fees−0.291%−$29 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.014%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	94.410	0.0217	pay 0.0217% / 8h	1h 49m	$22.8M	$60.5M	50x
Short	Phemex CRCLUSDT	94.400	0	get 0.0000% / 4h	1h 49m	$1.0M	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$45.49
Price spread: −0.011% → −0.014%: $0.3
Slippage, 4 orders: −$77.45
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$144.64
Costs to cover: 0.994%
Break-even: never at this rate

Slippage from OKX: 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 OKX live order book, 4 min ago	0.53 bp	9.2 bp −$9	19.3 bp −$193	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.65 bp	41.7 bp −$42	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	94.410	0.000%	$7.2M	$27.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	94.400	−0.011%	$4K	$771K	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.400	−0.011%	$1.0M	$50K	10x
QFEX CRCL-USD	+0.0033%	1h	94.390	−0.021%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.024%	$50K	$1.2M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.419	+0.010%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	−0.042%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.399	−0.012%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.138%	$1.1M	$5.9M	10x	as long as short
Variational Omni CRCL	+0.0066%	8h	94.407	−0.003%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0068%	8h	94.460	+0.053%	$15.5M	$25.9M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0074%	1h	94.382	−0.030%	$357K	$1.1M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	−0.127%	$938K	$742K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.372	−0.040%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.470	+0.064%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.260	−0.159%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.400	−0.011%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.414	+0.004%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	94.386	−0.026%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0121%	8h	94.407	−0.003%	$108.4M	$388.5M	50x	as long as short
Aster CRCLUSDT	+0.0152%	8h	94.473	+0.067%	$1.1M	$4.8M	20x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.410	0.000%	$431K	$309K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0177%	8h	94.450	+0.042%	$774	$740	5x	as long as short
Lighter RH CRCL	+0.0184%	1h	94.453	+0.046%	$881K	$2.9M	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.486	+0.080%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.430	+0.021%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0217%	8h	94.410	long leg	$22.8M	$60.5M	50x
edgeX CRCLUSDC	+0.0225%	4h	94.409	−0.001%	$24K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0241%	8h	94.390	−0.021%	$1.1M	$581K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0286%	1h	94.375	−0.037%	$70.8M	$42.8M	10x	as long as short
Bitget CRCLUSDT	+0.0330%	8h	94.400	−0.011%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0358%	1h	94.385	−0.027%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0408%	1h	94.457	+0.050%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.466%	$5K	$19K	30x	as long as short