CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0197%/8h= +21.6% APRnext payment +$0.25 per $10,000 · paid last 24h +0.047%

Price spread now: Deribit against Phoenix+0.121%70s7-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 Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Deribit is 0.121% dearer against Phoenix than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 70 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	94.226	0.0296	pay 0.0037% / 1h	36m 07s	$28K	$92K	10x
Short	Deribit CRCL_USDC-PERPETUAL	94.340	0.0493	get 0.0062% / 1h	36m 07s	$4K	$771K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.121%Rate

Funding earned: $41.33
Price spread: +0.121% → 0.000%: $12.1
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $39.43
Costs to cover: 0.140%
Break-even: 0.3 days

Slippage unknown: Phoenix: no order-book sample; Deribit: live order book, 38 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 Deribit live order book, 38 min ago	0.53 bp	11.4 bp −$11	16.9 bp −$169	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.100	−0.134%	$941K	$619K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.350	+0.132%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.341	+0.122%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.300	+0.079%	$1.0M	$51K	10x	as long as short
Bybit CRCLUSDT	+0.0030%	8h	94.360	+0.142%	$15.5M	$25.8M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.350	+0.132%	$891K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.350	+0.132%	$1.4M	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.233	+0.008%	$2K	$22K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.200	−0.028%	—	$37K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.289	+0.067%	$71.7M	$42.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	94.294	+0.072%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.323	+0.103%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.170	−0.059%	$1.1M	$5.7M	10x	as long as short
Bitget CRCLUSDT	+0.0064%	8h	94.370	+0.153%	$17.0M	$34.9M	25x	as long as short
Pacifica CRCL	+0.0100%	1h	94.284	+0.061%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.360	+0.142%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.220	−0.006%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.340	+0.121%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.341	+0.122%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0110%	8h	94.371	+0.154%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	+0.111%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0157%	8h	94.350	+0.132%	$22.8M	$60.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0200%	1h	94.320	+0.100%	$1.1M	$5.3M	10x	as long as short
Binance CRCLUSDT	+0.0204%	8h	94.350	+0.132%	$109.3M	$387.3M	50x	as long as short
Aster CRCLUSDT	+0.0209%	8h	94.360	+0.142%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0231%	1h	94.280	+0.057%	$132K	$76K	3x	as long as short
Phoenix CRCLlong	+0.0296%	1h	94.226	long leg	$28K	$92K	10x
Lighter CRCL	+0.0304%	1h	94.369	+0.152%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0324%	8h	94.310	+0.089%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.535%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0464%	4h	94.309	+0.088%	$24K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0493%	1h	94.340	+0.121%	$4K	$771K	10x
Arcus CRCL-USD	+0.0521%	1h	94.260	+0.036%	$96K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.350	+0.132%	$430K	$299K	10x	as long as short