Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Orderly against Phemex−0.011%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	92.630	0	get 0.0000% / 4h	1h 07m	$1.0M	$45K	10x
Short	Orderly PERP_CRCL_USDC_mythos	92.620	0.0100	get 0.0100% / 8h	5h 07m	$923	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.011%Rate

Funding earned: $21
Price spread: −0.011% → 0.000%: −$1.08
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1.92
Costs to cover: 0.180%
Break-even: 6.4 days

Slippage unknown: Phemex: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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, 3 min ago	1.62 bp	46.5 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

CRCL on 34 exchanges

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	−0.0048%	1h	92.500	−0.140%	$865K	$744K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.660	+0.032%	$15.0M	$25.0M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.700	+0.076%	$18.5M	$33.3M	25x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	92.630	long leg	$1.0M	$45K	10x
Vest CRCL-USD-PERP	+0.0017%	1h	92.510	−0.130%	—	$30K	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.687	+0.062%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.619	−0.012%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.558	−0.078%	$67.6M	$39.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.610	−0.022%	$318K	$982K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.644	+0.015%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.530	−0.108%	$999K	$3.7M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	92.610	−0.022%	$1.3M	$1.6M	10x	as long as short
Gate CRCL_USDT	+0.0062%	8h	92.690	+0.065%	$7.5M	$25.7M	50x	as long as short
Injective CRCL/USDC PERP	+0.0072%	1h	92.090	−0.583%	$38K	$172K	30x	as long as short
Paradex CRCL-USD-PERP	+0.0077%	8h	92.647	+0.018%	$426	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.630	0.000%	$139K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.610	−0.022%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.540	−0.097%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	92.620	−0.011%	$923	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	92.646	+0.017%	$4	—	10x	as long as short
Phoenix CRCL	+0.0197%	1h	92.624	−0.006%	$27K	$66K	10x	as long as short
Variational Omni CRCL	+0.0203%	8h	92.521	−0.117%	$2.5M	$3.2M	—	as long as short
Arcus CRCL-USD	+0.0214%	1h	92.550	−0.086%	$93K	$202K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0229%	8h	92.670	+0.043%	$22.7M	$56.5M	50x	as long as short
Binance CRCLUSDT	+0.0262%	8h	92.660	+0.032%	$106.6M	$348.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0264%	1h	92.630	0.000%	$1.1M	$4.0M	10x	as long as short
Aster CRCLUSDT	+0.0276%	8h	92.640	+0.011%	$1.1M	$4.5M	20x	as long as short
Nado CRCL-PERP	+0.0279%	1h	92.545	−0.091%	$154K	$94K	3x	as long as short
Lighter CRCL	+0.0288%	1h	92.704	+0.080%	$3.0M	$2.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0290%	1h	92.640	+0.011%	$5K	$415K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0323%	8h	92.569	−0.066%	$59K	$987K	10x	as long as short
BloFin CRCL-USDT	+0.0387%	8h	92.640	+0.011%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	92.650	+0.022%	$415K	$225K	10x	as long as short
edgeX CRCLUSDC	+0.0993%	4h	92.539	−0.098%	$53K	$268K	10x	as long as short