Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0105%/8h= +11.5% APRpaid last 24h +0.029%

Price spread now: GRVT against Phemex+0.297%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$990.986% of the position

Long on Phemex Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$21 on $10k

Price spread, last 4 days (all we have)−0.192%−$19 · spread now +0.297%, 7d avg +0.046%

Together, before fees+0.013%+ Points / potential airdropGRVT: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.250% dearer against Phemex than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	90.960	0	get 0.0000% / 4h	2h 27m	$1.0M	$48K	10x
Short	GRVT CRCL_USDT_Perp	91.230	0.0105	get 0.0105% / 8h	2h 27m	$62K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.297%Rate

Funding earned: $22.05
Price spread: +0.297% → +0.046%: $25.01
Slippage, 4 orders: −$77.63
Fee Phemex: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$51.57
Costs to cover: 0.986%
Break-even: 23.4 days

Slippage from Phemex: live order book, just now; GRVT: 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	5.51 bp	45.7 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 1 min ago	0.55 bp	13.2 bp −$13	22.7 bp −$227	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	−0.0928%	8h	90.870	−0.099%	$16.6M	$36.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0073%	1h	90.560	−0.440%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.790	−0.187%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	90.840	−0.132%	$7.5M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.161	+0.221%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	90.960	long leg	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0011%	8h	90.826	−0.147%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0024%	8h	90.772	−0.206%	$103.2M	$395.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	90.775	−0.204%	$1.0M	$5.7M	10x	as long as short
edgeX CRCLUSDC	+0.0027%	4h	91.211	+0.276%	$52K	$278K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	90.835	−0.137%	$968K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.040	+0.088%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.073	+0.124%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.729	−0.254%	$67.8M	$43.5M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.770	−0.209%	$380K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.910	−0.055%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.840	−0.132%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	90.800	−0.176%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	90.790	−0.187%	$909K	$527K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0080%	1h	90.910	−0.055%	$4K	$768K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0090%	8h	90.781	−0.196%	$418	$905	5x	as long as short
BloFin CRCL-USDT	+0.0100%	8h	91.250	+0.319%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	90.814	−0.160%	$133K	$161K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.810	−0.165%	$2.6M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.130	+0.187%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.790	−0.187%	$905	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.901	−0.065%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0105%	8h	91.230	+0.297%	$62K	$1.1M	10x
OKX CRCL-USDT-SWAP	+0.0110%	8h	90.770	−0.209%	$21.9M	$61.7M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	90.810	−0.165%	$413K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.148	+0.207%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0216%	1h	90.839	−0.133%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0305%	1h	90.735	−0.247%	$132K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+1.187%	$5K	$19K	30x	as long as short