Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.053%

Price spread now: Gate against Phemex−0.021%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$1151.149% of the position

Long on Phemex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.274%+$27 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now −0.021%, 7d avg +0.023%

Together, before fees+0.327%+$33 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: Gate is 0.044% cheaper against Phemex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.800	0	get 0.0000% / 4h	26m 33s	$1.0M	$51K	10x
Short	Gate CRCL_USDT	94.780	0	get 0.0000% / 8h	26m 33s	$7.2M	$27.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.021%Rate

Funding earned: $0
Price spread: −0.021% → +0.023%: −$4.39
Slippage, 4 orders: −$87.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$119.27
Costs to cover: 1.149%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Gate: 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	0.53 bp	43.9 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.58 bp	12.8 bp −$13	22.8 bp −$228	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
Gate CRCL_USDTshort	0.0000%	8h	94.780	−0.021%	$7.2M	$27.7M	50x
Phemex CRCLUSDTlong	0.0000%	4h	94.800	long leg	$1.0M	$51K	10x
QFEX CRCL-USD	+0.0022%	1h	94.730	−0.074%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.777	−0.024%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.306%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.710	−0.095%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.719	−0.085%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.767	−0.035%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.650	−0.158%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.762	−0.041%	$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	+0.0099%	8h	94.760	−0.042%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.710	−0.095%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.730	−0.074%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.670	−0.137%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.740	−0.063%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.783	−0.018%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0117%	8h	94.758	−0.045%	$777	$740	5x	as long as short
Variational Omni CRCL	+0.0165%	8h	94.744	−0.059%	$2.5M	$3.1M	—	as long as short
tradeXYZ xyz:CRCL	+0.0178%	1h	94.719	−0.085%	$71.1M	$42.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0196%	8h	94.740	−0.063%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0215%	8h	94.770	−0.032%	$61K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0224%	1h	94.733	−0.071%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0228%	8h	94.740	−0.063%	$109.8M	$390.0M	50x	as long as short
Aster CRCLUSDT	+0.0234%	8h	94.763	−0.039%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0275%	1h	94.632	−0.177%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.656	−0.152%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0304%	8h	94.760	−0.042%	$17.0M	$35.4M	25x	as long as short
BloFin CRCL-USDT	+0.0346%	8h	94.750	−0.053%	$1.1M	$599K	20x	as long as short
Lighter CRCL	+0.0368%	1h	94.795	−0.005%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.802%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.750	−0.053%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.760	−0.042%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0542%	4h	94.739	−0.064%	$24K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0594%	1h	94.840	+0.042%	$4K	$772K	10x	as long as short