Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0517%/8h= +56.6% APRpaid last 24h −0.009%

Price spread now: GRVT against Phoenix+0.018%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 GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

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

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds 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: +$16 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.067%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.067% in total (about -3.5% 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	92.745	0.0254	pay 0.0032% / 1h	1m 27s	$27K	$66K	10x
Short	GRVT CRCL_USDT_Perp	92.761	0.0771	get 0.0771% / 8h	7h 01m	$70K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.018%Rate

Funding earned: $108.52
Price spread: +0.018% → 0.000%: $1.75
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $94.27
Costs to cover: 0.160%
Break-even: 0.9 days

Slippage unknown: Phoenix: no order-book sample; GRVT: live order book, 1 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 GRVT live order book, 1 min ago	7.55 bp	14.1 bp −$14	doesn't fit	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
Vest CRCL-USD-PERP	−0.0074%	1h	92.540	−0.221%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.780	+0.038%	$17.9M	$35.1M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.720	−0.027%	$1.0M	$46K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.769	+0.026%	$995K	$2.5M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.510	−0.253%	$899K	$673K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	92.692	−0.057%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.700	−0.049%	$97K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.685	−0.065%	$68.0M	$42.7M	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.620	−0.135%	$1.1M	$4.3M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	92.650	−0.102%	$1.4M	$1.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CRCL_USDT	+0.0075%	8h	92.750	+0.005%	$7.3M	$28.1M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0090%	1h	92.739	−0.006%	$381K	$964K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.553	−0.207%	$136K	$140K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.690	−0.059%	$2.7M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.710	−0.038%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.710	−0.038%	$924	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.690	−0.060%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0169%	8h	92.704	−0.044%	$426	$766	5x	as long as short
Bybit CRCLUSDT	+0.0193%	8h	92.750	+0.005%	$15.1M	$26.2M	50x	as long as short
Lighter CRCL	+0.0208%	1h	92.754	+0.010%	$3.0M	$2.2M	10x	as long as short
Variational Omni CRCL	+0.0254%	8h	92.860	+0.124%	$2.4M	$3.2M	—	as long as short
Phoenix CRCLlong	+0.0254%	1h	92.745	long leg	$27K	$66K	10x
Aster CRCLUSDT	+0.0310%	8h	92.700	−0.049%	$1.1M	$5.0M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0313%	8h	92.770	+0.027%	$22.6M	$59.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0320%	1h	92.685	−0.065%	$1.1M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0323%	8h	92.720	−0.027%	$106.9M	$377.8M	50x	as long as short
Nado CRCL-PERP	+0.0363%	1h	92.650	−0.102%	$149K	$111K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.000	−0.803%	$39K	$172K	30x	as long as short
BloFin CRCL-USDT	+0.0441%	8h	92.760	+0.016%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	92.770	+0.027%	$415K	$255K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0614%	1h	92.660	−0.092%	$5K	$641K	10x	as long as short
SoDEX CRCL-USD	+0.0713%	1h	92.680	−0.070%	$46K	$3K	10x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0771%	8h	92.761	+0.018%	$70K	$1.1M	10x
edgeX CRCLUSDC	+0.0825%	4h	92.817	+0.078%	$53K	$269K	10x	as long as short