Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.026%

Price spread now: Bybit against Phoenix+0.017%95s7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

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: −$4 a day on $10k at the current rate. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	91.884	0.0148	pay 0.0018% / 1h	43m 49s	$27K	$83K	10x
Short	Bybit CRCLUSDT	91.900	0	get 0.0000% / 8h	4h 43m	$15.0M	$26.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$31.02
Price spread: +0.017% → 0.000%: $1.74
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$47.28
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: 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 Bybit live order book, 5 min ago	1.09 bp	10.2 bp −$10	17.8 bp −$178	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
Bitget CRCLUSDT	−0.0952%	8h	91.950	+0.072%	$16.2M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.630	−0.276%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.943	+0.064%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.876	−0.009%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.900	+0.018%	$104.8M	$387.9M	50x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.900	+0.017%	$15.0M	$26.3M	50x
RISEx CRCL/USDC	0.0000%	1h	91.892	+0.009%	$420K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.990	+0.115%	$7.3M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.818	−0.072%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.879	−0.005%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.880	−0.004%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0013%	8h	91.910	+0.028%	$22.0M	$60.6M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.800	−0.091%	$906K	$490K	10x	as long as short
edgeX CRCLUSDC	+0.0021%	4h	91.784	−0.108%	$51K	$277K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.840	−0.048%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0029%	1h	91.889	+0.006%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.941	+0.062%	$975K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	+0.050%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.839	−0.049%	$68.5M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.847	−0.040%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.851	−0.036%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.750	−0.146%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0087%	8h	91.859	−0.027%	$423	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.840	−0.048%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.870	−0.015%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.730	−0.168%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.950	+0.072%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.933	+0.053%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.790	−0.102%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCLlong	+0.0148%	1h	91.884	long leg	$27K	$83K	10x
Lighter CRCL	+0.0216%	1h	91.950	+0.072%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0301%	1h	91.819	−0.071%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.485%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.950	+0.072%	$4K	$767K	10x	as long as short