Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against Pacifica+0.020%7-day average — · you sell dearer than you buy

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

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

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

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.020% dearer against Pacifica than usual: you sell high and buy low (spread +0.020% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica CRCL	94.501	0.0100	pay 0.0013% / 1h	11m 43s	$75K	$99K	10x
Short	Phemex CRCLUSDT	94.520	0	get 0.0000% / 4h	2h 11m	$1.0M	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$21
Price spread: +0.020% → 0.000%: $2.03
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$38.97
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Pacifica: no order-book sample; Phemex: live order book, 1 min ago. 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 Pacifica no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	0.53 bp	41.1 bp −$41	doesn't fit	doesn't fit	doesn't fit

Pacifica: 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
Deribit CRCL_USDC-PERPETUAL	−0.0173%	1h	94.530	+0.031%	$4K	$771K	10x	as long as short
RISEx CRCL/USDC	0.0000%	1h	94.485	−0.016%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.490	−0.011%	$7.2M	$27.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	94.541	+0.042%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.530	+0.031%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.520	+0.020%	$1.0M	$50K	10x
QFEX CRCL-USD	+0.0020%	1h	94.450	−0.054%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0021%	8h	94.510	+0.010%	$15.5M	$25.9M	50x	as long as short
edgeX CRCLUSDC	+0.0031%	4h	94.519	+0.019%	$24K	$268K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.544	+0.046%	$882K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0040%	1h	94.477	−0.025%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0041%	8h	94.490	−0.011%	$108.5M	$389.3M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.455	−0.049%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.440	−0.064%	—	$45K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.510	+0.010%	$71.0M	$42.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.448	−0.056%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.474	−0.028%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.400	−0.107%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0081%	8h	94.530	+0.031%	$1.1M	$4.8M	20x	as long as short
Pacifica CRCLlong	+0.0100%	1h	94.501	long leg	$75K	$99K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	94.460	−0.043%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.160%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.470	−0.033%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.530	+0.031%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0131%	8h	94.481	−0.021%	$435	$570	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.117%	$939K	$743K	10x	as long as short
BloFin CRCL-USDT	+0.0160%	8h	94.500	−0.001%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0203%	1h	94.463	−0.040%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0218%	8h	94.470	−0.033%	$22.8M	$60.7M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.496	−0.005%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0272%	1h	94.544	+0.046%	$3.1M	$2.4M	10x	as long as short
Bitget CRCLUSDT	+0.0325%	8h	94.510	+0.010%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.830	+0.348%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.500	−0.001%	$97K	$274K	10x	as long as short