Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0386%/8h= +42.3% APRpaid last 24h +0.139%

Price spread now: edgeX against Phoenix−0.039%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.676%+$68 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.039% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 8 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	94.456	0.0228	pay 0.0029% / 1h	3m 43s	$28K	$92K	10x
Short	edgeX CRCLUSDC	94.419	0.0614	get 0.0307% / 4h	2h 03m	$24K	$267K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.039%Rate

Funding earned: $81.06
Price spread: −0.039% → 0.000%: −$3.89
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $61.16
Costs to cover: 0.160%
Break-even: 1.7 days

Slippage unknown: Phoenix: no order-book sample; edgeX: live order book, 19 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 edgeX live order book, 19 min ago	10.05 bp	25.5 bp −$26	37.9 bp −$379	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
RISEx CRCL/USDC	0.0000%	1h	94.425	−0.033%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.420	−0.038%	$7.2M	$27.8M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.411	−0.048%	$50K	$1.2M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	94.420	−0.038%	$4K	$771K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.430	−0.028%	$1.0M	$50K	10x	as long as short
Variational Omni CRCL	+0.0011%	8h	94.421	−0.037%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.410	−0.049%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0027%	8h	94.450	−0.006%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.471	+0.016%	$881K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.443	−0.014%	$2K	$19K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	+0.0046%	1h	94.360	−0.102%	—	$45K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.412	−0.047%	$70.8M	$42.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.399	−0.060%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.403	−0.056%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.350	−0.112%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0056%	1h	94.400	−0.059%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0059%	8h	94.427	−0.030%	$108.4M	$389.3M	50x	as long as short
Aster CRCLUSDT	+0.0095%	8h	94.431	−0.027%	$1.1M	$4.8M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	94.398	−0.061%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.430	−0.028%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.360	−0.102%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.410	−0.049%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.416	−0.042%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0139%	8h	94.441	−0.016%	$774	$740	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.070%	$939K	$743K	10x	as long as short
BloFin CRCL-USDT	+0.0178%	8h	94.400	−0.059%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0196%	1h	94.425	−0.033%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0207%	8h	94.430	−0.028%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCLlong	+0.0228%	1h	94.456	long leg	$28K	$92K	10x
Lighter CRCL	+0.0288%	1h	94.489	+0.035%	$3.1M	$2.4M	10x	as long as short
Bitget CRCLUSDT	+0.0319%	8h	94.450	−0.006%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.491%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.430	−0.028%	$97K	$274K	10x	as long as short
edgeX CRCLUSDCshort	+0.0614%	4h	94.419	−0.039%	$24K	$267K	10x