Funding you earn now, next payment 02:00 UTC−0.0183%/8h= −20.0% APRpaid last 24h −0.010%
Price spread now: Gate against Phoenix+0.153%47s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.014%−$1 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. Gate is 0.153% dearer against Phoenix than usual: you sell high and buy low (spread +0.153% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.8 days. At the pace of the last 7 days (−0.014% in total) that is about 3 months. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.014% in total (about -0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix CRCL | 91.480 | 0.0183 | pay 0.0023% / 1h | 36m 41s | $27K | $84K | 10x |
| Short | Gate CRCL_USDT | 91.620 | 0 | get 0.0000% / 8h | 5h 36m | $7.1M | $26.6M | 50x |
Phoenix CRCL
Gate CRCL_USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Gate against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$38.39
- Price spread: +0.153% → 0.000%
- $15.3
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Net
- −$45.09
- Costs to cover
- 0.220%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 2 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 Gate live order book, 2 min ago | 3.28 bp | 12.4 bp −$12 | 26.6 bp −$266 | 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 | −0.1325% | 8h | 91.630 | +0.164% | $15.7M | $34.5M | 25x | as long as short |
| Vest CRCL-USD-PERP | −0.0076% | 1h | 91.310 | −0.186% | — | $35K | 25x | as long as short |
| Coinbase International CRCL-PERP-INTX | −0.0016% | 1h | 91.450 | −0.033% | $902K | $527K | 10x | as long as short |
| Extended CRCL_24_5-USD | 0.0000% | 1h | 91.591 | +0.121% | $1.1M | $5.7M | 10x | as long as short |
| Bybit CRCLUSDT | 0.0000% | 8h | 91.630 | +0.164% | $14.9M | $25.7M | 50x | as long as short |
| RISEx CRCL/USDC | 0.0000% | 1h | 91.616 | +0.148% | $418K | $297K | 10x | as long as short |
| Gate CRCL_USDTshort | 0.0000% | 8h | 91.620 | +0.153% | $7.1M | $26.6M | 50x | |
| Variational Omni CRCL | 0.0000% | 8h | 91.517 | +0.041% | $2.4M | $3.2M | — | as long as short |
| GRVT CRCL_USDT_Perp | 0.0000% | 8h | 91.574 | +0.102% | $65K | $1.1M | 10x | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 91.570 | +0.098% | $1.0M | $49K | 10x | as long as short |
Bitget CRCLUSDT
Vest CRCL-USD-PERP
Coinbase International CRCL-PERP-INTX
Extended CRCL_24_5-USD
Bybit CRCLUSDT
RISEx CRCL/USDC
Variational Omni CRCL
GRVT CRCL_USDT_Perp
Phemex CRCLUSDTShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance CRCLUSDT | +0.0002% | 8h | 91.600 | +0.132% | $104.3M | $384.3M | 50x | as long as short |
| BloFin CRCL-USDT | +0.0008% | 8h | 91.560 | +0.087% | $1.1M | $1.3M | 20x | as long as short |
| Aster CRCLUSDT | +0.0011% | 8h | 91.623 | +0.156% | $1.1M | $4.9M | 20x | as long as short |
| OKX CRCL-USDT-SWAP | +0.0015% | 8h | 91.630 | +0.164% | $21.5M | $59.3M | 50x | as long as short |
| Aftermath Perps CRCLUSD | +0.0021% | 1h | 91.468 | −0.013% | $2K | $23K | 5x | as long as short |
| QFEX CRCL-USD | +0.0023% | 1h | 91.550 | +0.077% | $1.3M | $2.1M | 10x | as long as short |
| Lighter RH CRCL | +0.0032% | 1h | 91.640 | +0.175% | $974K | $2.9M | 10x | as long as short |
| Arcus CRCL-USD | +0.0040% | 1h | 91.530 | +0.055% | $93K | $273K | 10x | as long as short |
| tradeXYZ xyz:CRCL | +0.0050% | 1h | 91.547 | +0.073% | $68.5M | $41.2M | 10x | as long as short |
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 91.572 | +0.101% | $355K | $1.1M | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 91.561 | +0.089% | $46K | $3K | 10x | as long as short |
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 91.470 | −0.011% | $996K | $5.2M | 10x | as long as short |
| Paradex CRCL-USD-PERP | +0.0068% | 8h | 91.613 | +0.145% | $751 | $740 | 5x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 91.562 | +0.090% | $132K | $157K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 91.580 | +0.109% | $2.8M | $1.9M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 91.530 | +0.055% | $67K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 91.580 | +0.109% | $913 | $2K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 91.581 | +0.110% | $4 | — | 10x | as long as short |
| Phoenix CRCLlong | +0.0183% | 1h | 91.480 | long leg | $27K | $84K | 10x | |
| Nado CRCL-PERP | +0.0187% | 1h | 91.505 | +0.027% | $130K | $104K | 3x | as long as short |
| Lighter CRCL | +0.0216% | 1h | 91.654 | +0.190% | $3.0M | $2.4M | 10x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.0296% | 1h | 91.620 | +0.153% | $4K | $767K | 10x | as long as short |
| edgeX CRCLUSDC | +0.0316% | 4h | 91.583 | +0.112% | $23K | $267K | 10x | as long as short |
| Injective CRCL/USDC PERP | +0.0440% | 1h | 92.200 | +0.787% | $5K | $19K | 30x | as long as short |
Binance CRCLUSDT
BloFin CRCL-USDT
Aster CRCLUSDT
OKX CRCL-USDT-SWAP
Aftermath Perps CRCLUSD
QFEX CRCL-USD
Lighter RH CRCL
Arcus CRCL-USD
tradeXYZ xyz:CRCL
Polymarket Perps CRCL-USD
SoDEX CRCL-USD
Ondo Perps CRCL-USD.P
Paradex CRCL-USD-PERP
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
Nado CRCL-PERP
Lighter CRCL
Deribit CRCL_USDC-PERPETUAL
edgeX CRCLUSDC
Injective CRCL/USDC PERP