Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h −0.021%

Price spread now: Phoenix against Paradex+0.043%106s7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.043% dearer against Paradex than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 106 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	Paradex CRCL-USD-PERP	94.415	0.0136	pay 0.0136% / 8h	1h 59m	$774	$740	5x
Short	Phoenix CRCL	94.456	0.0228	get 0.0029% / 1h	59m 31s	$28K	$92K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.043%Rate

Funding earned: $19.47
Price spread: +0.043% → 0.000%: $4.33
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $12.8
Costs to cover: 0.110%
Break-even: 2.4 days

Slippage unknown: Paradex: 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Paradex 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
Gate CRCL_USDT	0.0000%	8h	94.400	−0.016%	$7.2M	$27.4M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.450	+0.037%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.410	−0.005%	$1.0M	$50K	10x	as long as short
Variational Omni CRCL	+0.0017%	8h	94.462	+0.049%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.390	−0.027%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0029%	8h	94.430	+0.016%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.356	−0.063%	$880K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.399	−0.017%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.380	−0.037%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.330	−0.090%	$357K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	94.423	+0.008%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.290	−0.133%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	94.387	−0.030%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0069%	8h	94.424	+0.009%	$108.4M	$389.3M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.262	−0.163%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.350	−0.069%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.069%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.350	−0.069%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.368	−0.050%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0105%	8h	94.365	−0.053%	$1.1M	$4.8M	20x	as long as short
Paradex CRCL-USD-PERPlong	+0.0136%	8h	94.415	long leg	$774	$740	5x
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.027%	$939K	$743K	10x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.410	−0.005%	$431K	$310K	10x	as long as short
BloFin CRCL-USDT	+0.0184%	8h	94.460	+0.048%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0193%	1h	94.290	−0.132%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0203%	8h	94.400	−0.016%	$22.8M	$60.6M	50x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.380	−0.037%	$97K	$274K	10x	as long as short
Phoenix CRCLshort	+0.0228%	1h	94.456	+0.043%	$28K	$92K	10x
Lighter CRCL	+0.0288%	1h	94.346	−0.073%	$3.1M	$2.2M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0317%	1h	94.298	−0.124%	$70.7M	$42.9M	10x	as long as short
Bitget CRCLUSDT	+0.0317%	8h	94.430	+0.016%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.535%	$5K	$20K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0492%	1h	94.400	−0.016%	$4K	$771K	10x	as long as short
edgeX CRCLUSDC	+0.0995%	4h	94.463	+0.050%	$24K	$268K	10x	as long as short