Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.010%

Price spread now: Binance against Phoenix+0.195%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 Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$3 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Binance is 0.195% dearer against Phoenix than usual: you sell high and buy low (spread +0.195% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.5 days. At the pace of the last 7 days (−0.035% in total) that is about 39 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	91.232	0.0245	pay 0.0031% / 1h	30m 53s	$27K	$82K	10x
Short	Binance CRCLUSDT	91.410	0.0099	get 0.0099% / 8h	1h 30m	$104.5M	$397.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.195%Rate

Funding earned: −$30.61
Price spread: +0.195% → 0.000%: $19.51
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$28.09
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 13 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 Binance live order book, 13 min ago	0.55 bp	6.4 bp −$6	10.7 bp −$107	30.1 bp −$3,009	122.2 bp −$61.1K

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
Bitget CRCLUSDT	−0.0721%	8h	91.430	+0.217%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0087%	1h	91.020	−0.232%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.420	+0.206%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.420	+0.206%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.259	+0.030%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.380	+0.162%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.399	+0.183%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.278	+0.050%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.260	+0.031%	$94K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.339	+0.117%	$46K	$3K	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	91.120	−0.123%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.035%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.330	+0.107%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0076%	1h	91.313	+0.089%	$67.5M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0085%	8h	91.424	+0.210%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0096%	1h	91.388	+0.171%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDTshort	+0.0099%	8h	91.410	+0.195%	$104.5M	$397.5M	50x
Pacifica CRCL	+0.0100%	1h	91.284	+0.057%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.320	+0.096%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.290	+0.064%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.380	+0.162%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.382	+0.164%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0133%	1h	91.316	+0.092%	$382K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0159%	8h	91.250	+0.020%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0186%	8h	91.369	+0.150%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0199%	8h	91.420	+0.206%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0219%	8h	91.390	+0.173%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCLlong	+0.0245%	1h	91.232	long leg	$27K	$82K	10x
RISEx CRCL/USDC	+0.0271%	1h	91.303	+0.078%	$416K	$268K	10x	as long as short
Lighter CRCL	+0.0288%	1h	91.414	+0.199%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0412%	1h	91.302	+0.077%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.720	+0.535%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0626%	1h	91.390	+0.173%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0795%	4h	91.298	+0.072%	$52K	$278K	10x	as long as short