Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0598%/8h= +65.5% APRpaid last 24h +0.104%

Price spread now: Deribit against Phemex+0.032%7-day average −0.004% · 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−$105as in the Price arb table

costs, in and out, $10k−$1091.090% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.181%+$18 on $10k

Price spread, last 3 days (all we have)−0.041%−$4 · spread now +0.032%, 7d avg −0.004%

Together, before fees+0.141%+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Deribit is 0.036% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.004%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.181% in total (about 14.1% 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	94.410	0	get 0.0000% / 4h	3h 28m	$1.0M	$49K	10x
Short	Deribit CRCL_USDC-PERPETUAL	94.440	0.0598	get 0.0075% / 1h	28m 06s	$4K	$769K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.032%Rate

Funding earned: $125.54
Price spread: +0.032% → −0.004%: $3.61
Slippage, 4 orders: −$90.01
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $20.14
Costs to cover: 1.090%
Break-even: 5.9 days

Slippage from Phemex: live order book, 5 min ago; Deribit: live order book, 46 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	1.06 bp	36.5 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 46 min ago	0.53 bp	11.4 bp −$11	16.9 bp −$169	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.212%	$942K	$622K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.460	+0.053%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.055%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.410	long leg	$1.0M	$49K	10x
Bybit CRCLUSDT	+0.0007%	8h	94.470	+0.064%	$15.5M	$25.7M	50x	as long as short
Bitget CRCLUSDT	+0.0031%	8h	94.460	+0.053%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.436	+0.028%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.333	−0.081%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.450	+0.042%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	−0.106%	—	$37K	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	94.372	−0.040%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.423	+0.014%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.443	+0.035%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.310	−0.106%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.400	−0.011%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	+0.011%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.117%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.450	+0.042%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.452	+0.045%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0106%	8h	94.486	+0.080%	$775	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.043%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	+0.026%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.440	+0.032%	$22.8M	$59.5M	50x	as long as short
Binance CRCLUSDT	+0.0192%	8h	94.452	+0.044%	$109.4M	$386.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.440	+0.031%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0197%	8h	94.435	+0.027%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.405	−0.005%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	+0.020%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.456	+0.049%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	−0.042%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.508%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.370	−0.042%	$96K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0598%	1h	94.440	+0.032%	$4K	$769K	10x
RISEx CRCL/USDC	+0.0677%	1h	94.471	+0.065%	$431K	$299K	10x	as long as short