Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0175%/8h= −19.1% APRpaid last 24h −0.062%

Price spread now: Phemex against Paradex−0.021%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.021% cheaper against Paradex than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex CRCL-USD-PERP	94.410	0.0175	pay 0.0175% / 8h	1h 47m	$774	$740	5x
Short	Phemex CRCLUSDT	94.390	0	get 0.0000% / 4h	1h 47m	$1.0M	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Paradex. 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 ParadexbpFee PhemexbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$36.71
Price spread: −0.021% → 0.000%: −$2.09
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$54.8
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Phemex: live order book, 5 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 Paradex no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	2.65 bp	41.7 bp −$42	doesn't fit	doesn't fit	doesn't fit

Paradex: 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
Gate CRCL_USDT	0.0000%	8h	94.410	0.000%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.390	−0.021%	$1.0M	$50K	10x
QFEX CRCL-USD	+0.0033%	1h	94.360	−0.053%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.025%	$50K	$1.2M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.280	−0.137%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.383	−0.028%	$2K	$19K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.349	−0.064%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.137%	$1.1M	$5.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0063%	1h	94.296	−0.120%	$357K	$1.1M	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	+0.0073%	8h	94.430	+0.021%	$15.5M	$25.9M	50x	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	94.380	−0.032%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	+0.011%	$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	94.360	−0.053%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.375	−0.037%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	94.393	−0.017%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0125%	8h	94.411	+0.002%	$108.4M	$388.4M	50x	as long as short
Aster CRCLUSDT	+0.0156%	8h	94.420	+0.010%	$1.1M	$4.8M	20x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.429	+0.020%	$431K	$309K	10x	as long as short
Lighter RH CRCL	+0.0160%	1h	94.447	+0.039%	$881K	$2.9M	10x	as long as short
Paradex CRCL-USD-PERPlong	+0.0175%	8h	94.410	long leg	$774	$740	5x
Phoenix CRCL	+0.0212%	1h	94.486	+0.081%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.410	0.000%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0217%	8h	94.440	+0.032%	$22.8M	$60.5M	50x	as long as short
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	+0.0274%	1h	94.371	−0.041%	$70.8M	$42.8M	10x	as long as short
Bitget CRCLUSDT	+0.0328%	8h	94.410	0.000%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0342%	1h	94.239	−0.181%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0400%	1h	94.465	+0.059%	$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
Deribit CRCL_USDC-PERPETUAL	+0.0705%	1h	94.370	−0.042%	$4K	$771K	10x	as long as short