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 +0.053%

Price spread now: Extended against Phemex+0.104%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$890.890% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.302%+$30 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.104%, 7d avg −0.024%

Together, before fees+0.256%+ Points / potential airdropExtended: Active · farm board+$26 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: Extended is 0.127% dearer against Phemex than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.810	0	get 0.0000% / 4h	17m 31s	$1.0M	$49K	10x
Short	Extended CRCL_24_5-USD	91.905	0	get 0.0000% / 1h	17m 31s	$1.1M	$5.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.104%Rate

Funding earned: $0
Price spread: +0.104% → −0.024%: $12.75
Slippage, 4 orders: −$72.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$76.27
Costs to cover: 0.890%
Break-even: never at this rate

Slippage from Phemex: live order book, just now; Extended: live order book, 1 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, just now	2.72 bp	39.1 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	1.14 bp	5.9 bp −$6	18.2 bp −$182	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	−0.0993%	8h	91.960	+0.163%	$16.5M	$35.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.660	−0.163%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.909	+0.107%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USDshort	0.0000%	1h	91.905	+0.104%	$1.1M	$5.7M	10x
Binance CRCLUSDT	0.0000%	8h	91.938	+0.140%	$104.7M	$389.5M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.940	+0.142%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.934	+0.135%	$418K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.980	+0.185%	$7.2M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.828	+0.020%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.850	+0.044%	$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	91.810	long leg	$1.0M	$49K	10x
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.790	−0.022%	$906K	$490K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0024%	8h	91.950	+0.152%	$22.1M	$61.1M	50x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.910	+0.109%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.947	+0.149%	$974K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0034%	1h	91.782	−0.031%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.800	−0.011%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.860	+0.054%	$68.5M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.889	+0.086%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.802	−0.009%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.054%	$1.0M	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0065%	4h	91.827	+0.019%	$51K	$276K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	91.904	+0.102%	$423	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.880	+0.076%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.860	+0.054%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	−0.109%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.780	−0.033%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.792	−0.019%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.860	+0.054%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.825	+0.016%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0184%	1h	91.938	+0.139%	$3.0M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0295%	1h	91.800	−0.011%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0300%	1h	91.854	+0.048%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.400	+0.643%	$5K	$19K	30x	as long as short