Funding you earn now, next payment 00:00 UTC−0.0196%/8h= −21.4% APRnext payment −$0.24 per $10,000 · paid last 24h −0.026%
Price spread now: Pacifica against Phoenix−0.128%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.072%−$7 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Pacifica is 0.128% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.072% in total (about -3.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 per $10,000. 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 | 94.311 | 0.0296 | pay 0.0037% / 1h | 9m 03s | $28K | $92K | 10x |
| Short | Pacifica CRCL | 94.190 | 0.0100 | get 0.0013% / 1h | 9m 03s | $75K | $96K | 10x |
Phoenix CRCL
Pacifica CRCLFunding history
latest
Range statsloading…
Price spread between the two exchanges
Pacifica 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
- −$41.11
- Price spread: −0.128% → 0.000%
- −$12.83
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Pacifica: 4 bp × 2 orders
- −$8
- Net
- −$68.94
- Costs to cover
- 0.150%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Pacifica: 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 Pacifica no order-book sample | — | — | — | — | — |
Phoenix and Pacifica: 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 | 94.100 | −0.224% | $941K | $621K | 10x | as long as short |
| Bybit CRCLUSDT | 0.0000% | 8h | 94.220 | −0.096% | $15.5M | $25.4M | 50x | as long as short |
| Gate CRCL_USDT | 0.0000% | 8h | 94.240 | −0.075% | $7.2M | $27.1M | 50x | as long as short |
| Bitget CRCLUSDT | 0.0000% | 8h | 94.230 | −0.086% | $16.9M | $34.3M | 25x | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 94.240 | −0.075% | $1.0M | $49K | 10x | as long as short |
| Lighter RH CRCL | +0.0032% | 1h | 94.207 | −0.110% | $887K | $2.8M | 10x | as long as short |
| Aftermath Perps CRCLUSD | +0.0038% | 1h | 94.181 | −0.138% | $2K | $22K | 5x | as long as short |
| QFEX CRCL-USD | +0.0042% | 1h | 94.190 | −0.128% | $1.4M | $2.5M | 10x | as long as short |
| Vest CRCL-USD-PERP | +0.0046% | 1h | 94.100 | −0.224% | — | $37K | 25x | as long as short |
| tradeXYZ xyz:CRCL | +0.0050% | 1h | 94.123 | −0.199% | $71.6M | $40.4M | 10x | as long as short |
Coinbase International CRCL-PERP-INTX
Bybit CRCLUSDT
Gate CRCL_USDT
Bitget CRCLUSDT
Phemex CRCLUSDT
Lighter RH CRCL
Aftermath Perps CRCLUSD
QFEX CRCL-USD
Vest CRCL-USD-PERP
tradeXYZ xyz:CRCLShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 94.191 | −0.127% | $365K | $1.1M | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 94.195 | −0.123% | $47K | $3K | 10x | as long as short |
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 94.140 | −0.181% | $1.1M | $5.7M | 10x | as long as short |
| GRVT CRCL_USDT_Perp | +0.0054% | 8h | 94.359 | +0.051% | $71K | $1.1M | 10x | as long as short |
| Variational Omni CRCL | +0.0091% | 8h | 94.279 | −0.033% | $2.5M | $3.1M | — | as long as short |
| Pacifica CRCLshort | +0.0100% | 1h | 94.190 | −0.128% | $75K | $96K | 10x | |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 94.240 | −0.075% | $3.0M | $1.9M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 94.240 | −0.075% | $69K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 94.210 | −0.107% | $939 | $3K | 10x | as long as short |
| Paradex CRCL-USD-PERP | +0.0101% | 8h | 94.238 | −0.077% | $773 | $740 | 5x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 94.212 | −0.105% | $4 | — | 10x | as long as short |
| OKX CRCL-USDT-SWAP | +0.0134% | 8h | 94.210 | −0.107% | $22.8M | $59.0M | 50x | as long as short |
| Extended CRCL_24_5-USD | +0.0168% | 1h | 94.201 | −0.116% | $1.1M | $5.5M | 10x | as long as short |
| Binance CRCLUSDT | +0.0168% | 8h | 94.190 | −0.129% | $109.1M | $385.3M | 50x | as long as short |
| Aster CRCLUSDT | +0.0172% | 8h | 94.249 | −0.065% | $1.1M | $4.9M | 20x | as long as short |
| Nado CRCL-PERP | +0.0227% | 1h | 94.161 | −0.159% | $131K | $76K | 3x | as long as short |
| BloFin CRCL-USDT | +0.0288% | 8h | 94.190 | −0.128% | $1.1M | $577K | 20x | as long as short |
| Phoenix CRCLlong | +0.0296% | 1h | 94.311 | long leg | $28K | $92K | 10x | |
| Lighter CRCL | +0.0320% | 1h | 94.237 | −0.078% | $3.0M | $2.3M | 10x | as long as short |
| Injective CRCL/USDC PERP | +0.0440% | 1h | 94.760 | +0.476% | $5K | $19K | 30x | as long as short |
| edgeX CRCLUSDC | +0.0517% | 4h | 94.284 | −0.029% | $24K | $267K | 10x | as long as short |
| Arcus CRCL-USD | +0.0521% | 1h | 94.260 | −0.054% | $96K | $271K | 10x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.0600% | 1h | 94.230 | −0.086% | $4K | $769K | 10x | as long as short |
| RISEx CRCL/USDC | +0.0677% | 1h | 94.270 | −0.043% | $430K | $297K | 10x | as long as short |
Polymarket Perps CRCL-USD
SoDEX CRCL-USD
Ondo Perps CRCL-USD.P
GRVT CRCL_USDT_Perp
Variational Omni CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Paradex CRCL-USD-PERP
Aevo CRCL-PERP
OKX CRCL-USDT-SWAP
Extended CRCL_24_5-USD
Binance CRCLUSDT
Aster CRCLUSDT
Nado CRCL-PERP
BloFin CRCL-USDT
Lighter CRCL
Injective CRCL/USDC PERP
edgeX CRCLUSDC
Arcus CRCL-USD
Deribit CRCL_USDC-PERPETUAL
RISEx CRCL/USDC