Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h −0.002%

Price spread now: Aster against Phoenix+0.166%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Aster is 0.166% dearer against Phoenix than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	92.437	0.0254	pay 0.0032% / 1h	13m 19s	$27K	$66K	10x
Short	Aster CRCLUSDT	92.590	0.0292	get 0.0292% / 8h	7h 13m	$1.1M	$5.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +0.166%Rate

Funding earned: $7.97
Price spread: +0.166% → 0.000%: $16.55
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: $9.52
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Aster: live order book, 5 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Aster live order book, 5 min ago	2.71 bp	8.6 bp −$9	12.9 bp −$129	doesn't fit	doesn't fit

Phoenix: 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
Vest CRCL-USD-PERP	−0.0095%	1h	92.340	−0.105%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.580	+0.155%	$17.9M	$35.6M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.530	+0.101%	$1.0M	$46K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.593	+0.169%	$999K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.430	−0.008%	$946K	$575K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	92.233	−0.221%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.660	+0.241%	$97K	$274K	10x	as long as short
edgeX CRCLUSDC	+0.0047%	4h	92.417	−0.022%	$53K	$271K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.558	+0.131%	$67.9M	$43.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.595	+0.171%	$383K	$998K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.600	+0.176%	$1.1M	$4.6M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	92.660	+0.241%	$1.4M	$1.7M	10x	as long as short
Gate CRCL_USDT	+0.0087%	8h	92.600	+0.176%	$7.7M	$27.1M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.690	+0.274%	$136K	$143K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.590	+0.166%	$2.7M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.330	−0.116%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.550	+0.122%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.565	+0.138%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0171%	8h	92.600	+0.176%	$15.1M	$26.6M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0173%	8h	92.746	+0.334%	$427	$766	5x	as long as short
Variational Omni CRCL	+0.0217%	8h	92.582	+0.156%	$2.4M	$3.2M	—	as long as short
Lighter CRCL	+0.0224%	1h	92.587	+0.162%	$3.0M	$2.1M	10x	as long as short
Phoenix CRCLlong	+0.0254%	1h	92.437	long leg	$27K	$66K	10x
Deribit CRCL_USDC-PERPETUAL	+0.0291%	1h	92.500	+0.068%	$5K	$720K	10x	as long as short
Aster CRCLUSDTshort	+0.0292%	8h	92.590	+0.166%	$1.1M	$5.0M	20x
OKX CRCL-USDT-SWAP	+0.0303%	8h	92.590	+0.166%	$22.7M	$60.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0304%	1h	92.535	+0.106%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0305%	8h	92.570	+0.143%	$107.5M	$382.4M	50x	as long as short
Nado CRCL-PERP	+0.0362%	1h	92.555	+0.127%	$149K	$116K	3x	as long as short
BloFin CRCL-USDT	+0.0425%	8h	92.560	+0.133%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.000	−0.473%	$39K	$172K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	92.695	+0.279%	$415K	$257K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0820%	8h	92.397	−0.043%	$72K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0923%	1h	92.560	+0.133%	$46K	$3K	10x	as long as short