Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h +0.030%

Price spread now: Phoenix against Orderly+0.247%66s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 0.247% dearer against Orderly than usual: you sell high and buy low: +$25 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 66 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	Orderly PERP_CRCL_USDC_mythos	91.460	0.0100	pay 0.0100% / 8h	1h 56m	$912	$2K	10x
Short	Phoenix CRCL	91.686	0.0210	get 0.0026% / 1h	56m 15s	$27K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now +0.247%Rate

Funding earned: $23.03
Price spread: +0.247% → 0.000%: $24.71
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $34.74
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Orderly and 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 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	−0.0751%	8h	91.550	+0.098%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.220	−0.262%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.480	+0.022%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.550	+0.098%	$7.8M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.718	+0.282%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.490	+0.033%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.486	+0.028%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.540	+0.087%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.448	−0.013%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.410	−0.055%	$1.1M	$5.2M	10x	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	+0.0056%	1h	91.470	+0.011%	$891K	$605K	10x	as long as short
Aster CRCLUSDT	+0.0059%	8h	91.526	+0.073%	$1.0M	$5.1M	20x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.450	−0.011%	$1.3M	$1.8M	10x	as long as short
Extended CRCL_24_5-USD	+0.0072%	1h	91.456	−0.004%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0073%	8h	91.510	+0.055%	$104.6M	$397.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.460	0.000%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.510	+0.055%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.590	+0.142%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.460	long leg	$912	$2K	10x
Lighter RH CRCL	+0.0104%	1h	91.508	+0.052%	$977K	$2.7M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.477	+0.018%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0158%	8h	91.730	+0.295%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0166%	8h	91.470	+0.011%	$421	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0173%	8h	91.480	+0.022%	$22.2M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0190%	8h	91.560	+0.109%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCLshort	+0.0210%	1h	91.686	+0.247%	$27K	$82K	10x
tradeXYZ xyz:CRCL	+0.0241%	1h	91.447	−0.014%	$67.7M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0257%	1h	91.475	+0.016%	$383K	$1.3M	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.540	+0.087%	$417K	$271K	10x	as long as short
Lighter CRCL	+0.0360%	1h	91.505	+0.049%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.601%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0500%	1h	91.403	−0.062%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0625%	1h	91.490	+0.033%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0851%	4h	91.640	+0.197%	$52K	$276K	10x	as long as short