Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h +0.027%

Price spread now: tradeXYZ against Phemex−0.114%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1181.182% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 4 days (all we have)+0.088%+$9 · spread now −0.114%, 7d avg −0.035%

Together, before fees+0.285%+ Points / potential airdroptradeXYZ: Active · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.079% cheaper against Phemex than usual: you would sell low and buy high (spread −0.114% now, against its 7-day average of −0.035%). If the spread goes back, that is −$8 on $10k: about 3.0 days 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	91.250	0	get 0.0000% / 4h	7m 14s	$1.0M	$48K	10x
Short	tradeXYZ xyz:CRCL	91.146	0.0089	get 0.0011% / 1h	7m 14s	$67.2M	$44.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.114%Rate

Funding earned: $18.59
Price spread: −0.114% → −0.035%: −$7.87
Slippage, 4 orders: −$88.23
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$107.5
Costs to cover: 1.182%
Break-even: 47.5 days

Slippage from Phemex: live order book, just now; tradeXYZ: live order book, 12 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	1.10 bp	51.6 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 12 min ago	0.49 bp	9.9 bp −$10	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	−0.0355%	8h	91.300	+0.055%	$17.3M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	90.910	−0.373%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.260	+0.011%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.250	long leg	$1.0M	$48K	10x
Lighter RH CRCL	+0.0032%	1h	91.234	−0.018%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.170	−0.088%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.180	−0.077%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.204	−0.050%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	−0.110%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0061%	8h	91.250	0.000%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.170	−0.088%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.197%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0089%	1h	91.146	−0.114%	$67.2M	$44.3M	10x
Pacifica CRCL	+0.0100%	1h	91.150	−0.110%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.240	−0.011%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	−0.142%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.210	−0.044%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.228	−0.024%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	−0.062%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0152%	1h	91.209	−0.045%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0157%	8h	91.178	−0.079%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0195%	8h	91.244	−0.007%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.186	−0.070%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0211%	8h	91.210	−0.043%	$104.8M	$389.3M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.187	−0.069%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.231	−0.021%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0250%	8h	91.217	−0.036%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0285%	8h	91.240	−0.011%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0331%	8h	91.250	0.000%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0408%	1h	91.190	−0.066%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0433%	1h	91.131	−0.130%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.537%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.224	−0.028%	$412K	$268K	10x	as long as short
edgeX CRCLUSDC	+0.0810%	4h	91.207	−0.047%	$52K	$269K	10x	as long as short