Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.027%

Price spread now: Binance against Phemex−0.011%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1031.030% of the position

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.233%+$23 on $10k

Price spread, last 2 days (all we have)+0.024%+$2 · spread now −0.011%, 7d avg +0.008%

Together, before fees+0.257%+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.008%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.750	0	get 0.0000% / 4h	22m 51s	$1.0M	$51K	10x
Short	Binance CRCLUSDT	94.740	0.0234	get 0.0234% / 8h	22m 51s	$109.8M	$390.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.011%Rate

Funding earned: $49.19
Price spread: −0.011% → +0.008%: −$1.85
Slippage, 4 orders: −$81
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$55.66
Costs to cover: 1.030%
Break-even: 14.9 days

Slippage from Phemex: live order book, 5 min ago; Binance: live order book, 6 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, 5 min ago	0.53 bp	43.9 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.53 bp	6.5 bp −$7	8.5 bp −$85	30.8 bp −$3,076	94.9 bp −$47.4K

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	94.750	0.000%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.750	long leg	$1.0M	$51K	10x
QFEX CRCL-USD	+0.0022%	1h	94.730	−0.021%	$1.4M	$2.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.777	+0.028%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.253%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.670	−0.084%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.693	−0.060%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.721	−0.031%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.610	−0.148%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0053%	1h	94.722	−0.029%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0097%	8h	94.770	+0.021%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.660	−0.095%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.730	−0.021%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.640	−0.116%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.720	−0.032%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.731	−0.020%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0114%	8h	94.716	−0.035%	$777	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0169%	1h	94.717	−0.035%	$71.1M	$42.9M	10x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.744	−0.006%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0196%	8h	94.760	+0.011%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0223%	8h	94.781	+0.032%	$61K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.726	−0.025%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDTshort	+0.0234%	8h	94.740	−0.011%	$109.8M	$390.1M	50x
Aster CRCLUSDT	+0.0239%	8h	94.730	−0.021%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0271%	1h	94.630	−0.127%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.774	+0.025%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0303%	8h	94.750	0.000%	$17.0M	$35.4M	25x	as long as short
Lighter CRCL	+0.0344%	1h	94.791	+0.043%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0354%	8h	94.680	−0.074%	$1.1M	$600K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.855%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.710	−0.042%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.756	+0.007%	$432K	$303K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0806%	1h	94.780	+0.032%	$4K	$772K	10x	as long as short
edgeX CRCLUSDC	+0.0815%	4h	94.703	−0.050%	$24K	$267K	10x	as long as short