Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0127%/8h= −13.9% APRpaid last 24h −0.032%

Price spread now: Orderly against Phoenix−0.003%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 Orderly

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

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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	91.113	0.0227	pay 0.0028% / 1h	21m 13s	$27K	$74K	10x
Short	Orderly PERP_CRCL_USDC_mythos	91.110	0.0100	get 0.0100% / 8h	21m 13s	$908	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.003%Rate

Funding earned: −$26.73
Price spread: −0.003% → 0.000%: −$0.33
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$40.06
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Phoenix and Orderly: 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	−0.0351%	8h	91.200	+0.095%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.830	−0.311%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.190	+0.085%	$7.9M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.160	+0.052%	$1.0M	$48K	10x	as long as short
edgeX CRCLUSDC	+0.0006%	4h	91.021	−0.101%	$52K	$270K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.172	+0.065%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.096	−0.019%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.080	−0.036%	$94K	$296K	10x	as long as short
Bybit CRCLUSDT	+0.0043%	8h	91.170	+0.063%	$14.8M	$26.5M	50x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.116	+0.003%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.980	−0.146%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	91.130	+0.019%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.000	−0.124%	$875K	$494K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0099%	1h	91.057	−0.061%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.119	+0.007%	$133K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.130	+0.019%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.040	−0.080%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	91.110	−0.003%	$908	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.134	+0.024%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0110%	8h	91.108	−0.005%	$2.4M	$3.2M	—	as long as short
Polymarket Perps CRCL-USD	+0.0150%	1h	91.128	+0.016%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0151%	8h	91.119	+0.006%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0177%	8h	91.143	+0.033%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	91.106	−0.008%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0193%	8h	91.148	+0.039%	$104.7M	$389.7M	50x	as long as short
Phoenix CRCLlong	+0.0227%	1h	91.113	long leg	$27K	$74K	10x
Lighter CRCL	+0.0248%	1h	91.171	+0.064%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0248%	8h	91.117	+0.005%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0267%	8h	91.140	+0.030%	$22.2M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	91.150	+0.041%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0428%	1h	91.024	−0.098%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.570	+0.502%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.156	+0.047%	$412K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0519%	1h	91.130	+0.019%	$5K	$769K	10x	as long as short