Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0147%/8h= −16.1% APRpaid last 24h +0.003%

Price spread now: OKX against Phoenix+0.012%76s7-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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$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 76 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	94.429	0.0296	pay 0.0037% / 1h	28m 06s	$28K	$92K	10x
Short	OKX CRCL-USDT-SWAP	94.440	0.0149	get 0.0149% / 8h	7h 28m	$22.8M	$59.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$30.89
Price spread: +0.012% → 0.000%: $1.16
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$46.72
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; OKX: 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 OKX live order book, 1 min ago	0.53 bp	7.7 bp −$8	13.8 bp −$138	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	94.210	−0.232%	$942K	$622K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.460	+0.033%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.035%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.410	−0.020%	$1.0M	$49K	10x	as long as short
Bybit CRCLUSDT	+0.0007%	8h	94.470	+0.043%	$15.5M	$25.7M	50x	as long as short
Bitget CRCLUSDT	+0.0031%	8h	94.460	+0.033%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.436	+0.007%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.333	−0.101%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.450	+0.022%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	−0.126%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.372	−0.060%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.423	−0.006%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.443	+0.015%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.310	−0.126%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.400	−0.031%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	−0.010%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.137%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.450	+0.022%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.452	+0.025%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0106%	8h	94.486	+0.060%	$775	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.023%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	+0.006%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0149%	8h	94.440	+0.012%	$22.8M	$59.5M	50x
Binance CRCLUSDT	+0.0192%	8h	94.452	+0.024%	$109.4M	$386.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.440	+0.011%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0197%	8h	94.435	+0.007%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.405	−0.025%	$132K	$76K	3x	as long as short
Phoenix CRCLlong	+0.0296%	1h	94.429	long leg	$28K	$92K	10x
Lighter CRCL	+0.0296%	1h	94.456	+0.029%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	−0.062%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.488%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.370	−0.062%	$96K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0598%	1h	94.440	+0.012%	$4K	$769K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.471	+0.045%	$431K	$299K	10x	as long as short