Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Pacifica against Phemex−0.042%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 Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

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

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

Funding pays, the price is against you. Pacifica is 0.042% cheaper against Phemex than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 34 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	94.330	0	get 0.0000% / 4h	1h 20m	$1.0M	$50K	10x
Short	Pacifica CRCL	94.290	0.0100	get 0.0013% / 1h	20m 31s	$75K	$99K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.042%Rate

Funding earned: $21
Price spread: −0.042% → 0.000%: −$4.24
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$3.24
Costs to cover: 0.200%
Break-even: 8.1 days

Slippage unknown: Phemex: live order book, 2 min ago; Pacifica: 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, 2 min ago	0.53 bp	39.9 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica no order-book sample	—	—	—	—	—

Pacifica: 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 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_USDT	0.0000%	8h	94.350	+0.021%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.330	long leg	$1.0M	$50K	10x
Lighter RH CRCL	+0.0032%	1h	94.369	+0.041%	$889K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.370	+0.042%	$1.4M	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.320	−0.011%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.341	+0.012%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.317	−0.014%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.363	+0.035%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.260	−0.074%	$1.1M	$5.9M	10x	as long as short
Bybit CRCLUSDT	+0.0078%	8h	94.370	+0.042%	$15.5M	$25.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.100	−0.244%	$936K	$740K	10x	as long as short
Pacifica CRCLshort	+0.0100%	1h	94.290	−0.042%	$75K	$99K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	94.340	+0.011%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.190	−0.148%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.310	−0.021%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.385	+0.059%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.193	−0.145%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	+0.0129%	8h	94.323	−0.008%	$59K	$1.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0145%	8h	94.370	+0.042%	$774	$740	5x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.350	+0.021%	$430K	$310K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0165%	1h	94.318	−0.013%	$70.7M	$42.8M	10x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.322	−0.009%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0186%	8h	94.310	−0.021%	$108.4M	$388.5M	50x	as long as short
Aster CRCLUSDT	+0.0205%	8h	94.278	−0.055%	$1.1M	$4.8M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0208%	8h	94.290	−0.042%	$22.8M	$60.4M	50x	as long as short
Phoenix CRCL	+0.0212%	1h	94.411	+0.086%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.310	−0.021%	$97K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0256%	1h	94.308	−0.023%	$126K	$73K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.350	+0.021%	$4K	$772K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.387	+0.060%	$3.0M	$2.3M	10x	as long as short
BloFin CRCL-USDT	+0.0303%	8h	94.350	+0.021%	$1.1M	$580K	20x	as long as short
Bitget CRCLUSDT	+0.0319%	8h	94.360	+0.032%	$16.6M	$35.1M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.456%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0911%	4h	94.259	−0.076%	$24K	$267K	10x	as long as short