Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: ApeX Omni against Phemex−0.264%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on ApeX Omni

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—needs both histories

Funding pays, the price is against you. ApeX Omni is 0.264% cheaper against Phemex than usual: you would sell low and buy high (spread −0.264% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 8.8 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.760	0	get 0.0000% / 4h	45m 20s	$1.0M	$52K	10x
Short	ApeX Omni CRCLUSDT	94.510	0.0100	get 0.0013% / 1h	45m 20s	$69K	$4K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.264%Rate

Funding earned: $21
Price spread: −0.264% → 0.000%: −$26.38
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$27.38
Costs to cover: 0.220%
Break-even: 16.1 days

Slippage unknown: Phemex: live order book, 2 min ago; ApeX Omni: 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 Phemex live order book, 2 min ago	2.64 bp	39.8 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni no order-book sample	—	—	—	—	—

ApeX Omni: 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	94.820	+0.063%	$7.3M	$27.5M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.760	long leg	$1.0M	$52K	10x
QFEX CRCL-USD	+0.0022%	1h	94.820	+0.063%	$1.4M	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.690	−0.074%	$942K	$724K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.650	−0.116%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.791	+0.033%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.730	−0.032%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.621	−0.147%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0081%	1h	94.796	+0.038%	$367K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.772	+0.013%	$76K	$99K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CRCLUSDTM	+0.0100%	8h	94.710	−0.053%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDTshort	+0.0100%	1h	94.510	−0.264%	$69K	$4K	50x
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.810	+0.053%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0103%	8h	94.870	+0.116%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.874	+0.120%	$4	—	10x	as long as short
Lighter RH CRCL	+0.0112%	1h	94.759	−0.001%	$893K	$2.9M	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.663	−0.102%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0135%	8h	94.874	+0.121%	$778	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	94.531	−0.242%	$63K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0176%	8h	94.870	+0.116%	$109.2M	$389.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	94.853	+0.098%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0187%	8h	94.800	+0.042%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0203%	8h	94.860	+0.106%	$22.9M	$60.8M	50x	as long as short
Phoenix CRCL	+0.0288%	1h	94.557	−0.214%	$28K	$92K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0291%	1h	94.813	+0.056%	$71.1M	$42.7M	10x	as long as short
BloFin CRCL-USDT	+0.0293%	8h	94.600	−0.169%	$1.1M	$589K	20x	as long as short
Nado CRCL-PERP	+0.0313%	1h	94.741	−0.020%	$127K	$73K	3x	as long as short
Bitget CRCLUSDT	+0.0314%	8h	94.850	+0.095%	$17.0M	$35.4M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.260	+0.528%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0464%	1h	94.835	+0.079%	$3.1M	$2.2M	10x	as long as short
edgeX CRCLUSDC	+0.0525%	4h	94.516	−0.258%	$24K	$268K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.830	+0.074%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.842	+0.086%	$433K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1016%	1h	94.930	+0.179%	$4K	$772K	10x	as long as short