Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.048%

Price spread now: Aster against Phemex−0.032%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1011.007% of the position

Long on Phemex Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.275%+$27 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now −0.032%, 7d avg +0.016%

Together, before fees+0.362%+ Points / potential airdropAster: Stage 5 · farm board+$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Aster is 0.048% cheaper against Phemex than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.660	0	get 0.0000% / 4h	41m 43s	$1.0M	$49K	10x
Short	Aster CRCLUSDT	91.631	0	get 0.0000% / 8h	4h 41m	$1.1M	$5.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.032%Rate

Funding earned: $0
Price spread: −0.032% → +0.016%: −$4.84
Slippage, 4 orders: −$80.7
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$105.53
Costs to cover: 1.007%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Aster: live order book, 2 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, 1 min ago	3.27 bp	38.1 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	1.63 bp	7.8 bp −$8	12.5 bp −$125	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
Bitget CRCLUSDT	−0.0955%	8h	91.680	+0.022%	$16.2M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.510	−0.164%	—	$31K	25x	as long as short
Aster CRCLUSDTshort	0.0000%	8h	91.631	−0.032%	$1.1M	$5.0M	20x
Extended CRCL_24_5-USD	0.0000%	1h	91.596	−0.070%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.640	−0.022%	$104.5M	$387.9M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.650	−0.011%	$14.9M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.706	+0.051%	$419K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.640	−0.022%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.818	+0.172%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.820	+0.175%	$64K	$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
Phemex CRCLUSDTlong	0.0000%	4h	91.660	long leg	$1.0M	$49K	10x
OKX CRCL-USDT-SWAP	+0.0013%	8h	91.670	+0.011%	$21.9M	$60.6M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.840	+0.196%	$906K	$491K	10x	as long as short
edgeX CRCLUSDC	+0.0021%	4h	91.784	+0.136%	$51K	$277K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.700	+0.044%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0029%	1h	91.778	+0.129%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.653	−0.008%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	+0.295%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.576	−0.092%	$68.3M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.684	+0.026%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.670	+0.011%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.750	+0.098%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0087%	8h	91.626	−0.037%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.612	−0.052%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.610	−0.055%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	+0.087%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.710	+0.055%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.692	+0.035%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.880	+0.240%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.817	+0.171%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.694	+0.037%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0302%	1h	91.653	−0.007%	$130K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.731%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0623%	1h	91.700	+0.044%	$4K	$767K	10x	as long as short