Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.043%

Price spread now: KuCoin against Phemex−0.022%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$169as in the Price arb table

costs, in and out, $10k−$1671.667% of the position

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.320%+$32 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now −0.022%, 7d avg +0.003%

Together, before fees+0.378%+$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.025% cheaper against Phemex than usual: you would sell low and buy high (spread −0.022% now, against its 7-day average of +0.003%). If the spread goes back, that is −$3 on $10k: about 20 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.900	0	get 0.0000% / 4h	3h 18m	$1.0M	$48K	10x
Short	KuCoin CRCLUSDTM	91.880	0.0100	get 0.0100% / 8h	3h 18m	$2.7M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.022%Rate

Funding earned: $21
Price spread: −0.022% → +0.003%: −$2.52
Slippage, 4 orders: −$142.69
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$148.21
Costs to cover: 1.667%
Break-even: 56.4 days

Slippage from Phemex: live order book, 4 min ago; KuCoin: live order book, 4 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, 4 min ago	4.36 bp	39.3 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	1.09 bp	36.7 bp −$37	doesn't fit	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	−0.0689%	8h	91.920	+0.022%	$16.7M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0061%	1h	91.620	−0.305%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.900	0.000%	$14.8M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.960	+0.065%	$7.3M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.999	+0.108%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.900	long leg	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0017%	8h	91.902	+0.002%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.875	−0.028%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0025%	8h	91.901	+0.001%	$104.7M	$392.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.909	+0.010%	$974K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.814	−0.094%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	−0.044%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.141%	$911K	$519K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.835	−0.071%	$68.2M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.836	−0.070%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.878	−0.024%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.152%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.830	−0.076%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0067%	8h	91.791	−0.118%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0087%	8h	92.030	+0.141%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0095%	8h	91.920	+0.022%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.824	−0.082%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	91.880	−0.022%	$2.7M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.910	+0.011%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.870	−0.033%	$916	$2K	10x	as long as short
BloFin CRCL-USDT	+0.0101%	8h	91.880	−0.022%	$1.1M	$1.6M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.875	−0.027%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.815	−0.092%	$418K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.770	−0.141%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0226%	4h	91.934	+0.037%	$51K	$276K	10x	as long as short
Lighter CRCL	+0.0264%	1h	91.901	+0.001%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0358%	1h	91.785	−0.125%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.440	+0.588%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.880	−0.022%	$4K	$768K	10x	as long as short