Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0560%/8h= +61.3% APRpaid last 24h +0.057%

Price spread now: Arcus against Phemex+0.021%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$1021.022% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.086%+$9 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.021%, 7d avg −0.056%

Together, before fees+0.070%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Arcus is 0.077% dearer against Phemex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.056%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.086% in total (about 9.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.420	0	get 0.0000% / 4h	2h 00m	$1.0M	$50K	10x
Short	Arcus CRCL-USD	94.440	0.0560	get 0.0070% / 1h	0m 52s	$97K	$274K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now +0.021%Rate

Funding earned: $117.52
Price spread: +0.021% → −0.056%: $7.71
Slippage, 4 orders: −$85.75
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $22.98
Costs to cover: 1.022%
Break-even: 5.6 days

Slippage from Phemex: live order book, 2 min ago; Arcus: live order book, 22 min ago.

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	1.06 bp	44.1 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 22 min ago	3.17 bp	5.4 bp −$5	8.0 bp −$80	doesn't fit	doesn't fit

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
RISEx CRCL/USDC	0.0000%	1h	94.472	+0.055%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.450	+0.032%	$7.2M	$27.8M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.417	−0.003%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.420	long leg	$1.0M	$50K	10x
Variational Omni CRCL	+0.0011%	8h	94.421	+0.001%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.450	+0.032%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0027%	8h	94.490	+0.074%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.477	+0.060%	$881K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.468	+0.051%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.400	−0.021%	—	$45K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.416	−0.004%	$70.8M	$42.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.419	−0.001%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.434	+0.015%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.350	−0.074%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	94.432	+0.012%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0064%	8h	94.449	+0.030%	$108.5M	$389.3M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0068%	1h	94.460	+0.042%	$4K	$771K	10x	as long as short
Aster CRCLUSDT	+0.0099%	8h	94.432	+0.013%	$1.1M	$4.8M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	94.430	+0.011%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.430	+0.011%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.074%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.410	−0.011%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.459	+0.041%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0135%	8h	94.482	+0.065%	$775	$740	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.032%	$939K	$743K	10x	as long as short
BloFin CRCL-USDT	+0.0184%	8h	94.460	+0.042%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0193%	1h	94.429	+0.009%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0204%	8h	94.440	+0.021%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.456	+0.038%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.492	+0.076%	$3.1M	$2.4M	10x	as long as short
Bitget CRCLUSDT	+0.0318%	8h	94.450	+0.032%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.530%	$5K	$20K	30x	as long as short
Arcus CRCL-USDshort	+0.0560%	1h	94.440	+0.021%	$97K	$274K	10x
edgeX CRCLUSDC	+0.0714%	4h	94.432	+0.012%	$24K	$268K	10x	as long as short