Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0235%/8h= +25.7% APRpaid last 24h +0.052%

Price spread now: BloFin against Phemex+0.053%59s7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1051.049% of the position

Long on Phemex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.492%+$49 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.053%, 7d avg +0.013%

Together, before fees+0.450%+$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.040% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.013%. The two prices were read 59 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	Phemex CRCLUSDT	94.400	0	get 0.0000% / 4h	1h 49m	$1.0M	$50K	10x
Short	BloFin CRCL-USDT	94.450	0.0235	get 0.0235% / 8h	1h 49m	$1.1M	$582K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.053%Rate

Funding earned: $49.27
Price spread: +0.053% → +0.013%: $4.01
Slippage, 4 orders: −$80.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$51.61
Costs to cover: 1.049%
Break-even: 14.3 days

Slippage from Phemex: live order book, 3 min ago; BloFin: live order book, 3 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, 3 min ago	2.65 bp	41.8 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.53 bp	11.6 bp −$12	18.6 bp −$186	75.1 bp −$7,512	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
Gate CRCL_USDT	0.0000%	8h	94.400	0.000%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.400	long leg	$1.0M	$50K	10x
QFEX CRCL-USD	+0.0033%	1h	94.390	−0.011%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.035%	$50K	$1.2M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.419	+0.020%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	−0.032%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.389	−0.012%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.127%	$1.1M	$5.9M	10x	as long as short
Variational Omni CRCL	+0.0066%	8h	94.407	+0.007%	$2.5M	$3.2M	—	as long as short
Bybit CRCLUSDT	+0.0068%	8h	94.440	+0.042%	$15.5M	$25.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0074%	1h	94.382	−0.019%	$357K	$1.1M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	−0.117%	$938K	$742K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.372	−0.029%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.470	+0.074%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.260	−0.148%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.400	0.000%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.418	+0.019%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	94.386	−0.015%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0121%	8h	94.400	0.000%	$108.4M	$388.5M	50x	as long as short
Aster CRCLUSDT	+0.0152%	8h	94.480	+0.085%	$1.1M	$4.8M	20x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.410	+0.011%	$431K	$309K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0177%	8h	94.450	+0.053%	$774	$740	5x	as long as short
Lighter RH CRCL	+0.0184%	1h	94.438	+0.040%	$881K	$2.9M	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.486	+0.091%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.430	+0.032%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0219%	8h	94.410	+0.011%	$22.8M	$60.5M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	+0.009%	$24K	$267K	10x	as long as short
BloFin CRCL-USDTshort	+0.0235%	8h	94.450	+0.053%	$1.1M	$582K	20x
tradeXYZ xyz:CRCL	+0.0286%	1h	94.375	−0.026%	$70.8M	$42.8M	10x	as long as short
Bitget CRCLUSDT	+0.0330%	8h	94.400	0.000%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0358%	1h	94.385	−0.016%	$126K	$74K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0386%	1h	94.440	+0.042%	$4K	$771K	10x	as long as short
Lighter CRCL	+0.0408%	1h	94.443	+0.046%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.940	+0.572%	$5K	$19K	30x	as long as short