Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.041%

Price spread now: Phemex against Phoenix−0.038%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 Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.274%−$27 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.038% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	94.456	0.0228	pay 0.0029% / 1h	0m 30s	$28K	$92K	10x
Short	Phemex CRCLUSDT	94.420	0	get 0.0000% / 4h	2h 00m	$1.0M	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$47.97
Price spread: −0.038% → 0.000%: −$3.81
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$70.78
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Phemex: 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 Phemex live order book, 2 min ago	1.06 bp	42.6 bp −$43	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
RISEx CRCL/USDC	0.0000%	1h	94.443	−0.013%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.450	−0.006%	$7.2M	$27.8M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.417	−0.041%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.420	−0.038%	$1.0M	$50K	10x
Variational Omni CRCL	+0.0011%	8h	94.421	−0.037%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.420	−0.038%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0027%	8h	94.430	−0.028%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.466	+0.011%	$881K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.468	+0.013%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.380	−0.080%	—	$45K	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	94.333	−0.130%	$70.7M	$42.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.330	−0.133%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.434	−0.023%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.350	−0.112%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	94.430	−0.028%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0067%	8h	94.402	−0.057%	$108.4M	$389.3M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0068%	1h	94.460	+0.004%	$4K	$771K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.404	−0.055%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.430	−0.028%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.112%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.410	−0.049%	$941	$3K	10x	as long as short
Aster CRCLUSDT	+0.0101%	8h	94.436	−0.021%	$1.1M	$4.8M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.459	+0.003%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0133%	8h	94.464	+0.008%	$775	$740	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.070%	$939K	$743K	10x	as long as short
BloFin CRCL-USDT	+0.0184%	8h	94.460	+0.004%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0193%	1h	94.290	−0.175%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0203%	8h	94.420	−0.038%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCLlong	+0.0228%	1h	94.456	long leg	$28K	$92K	10x
Lighter CRCL	+0.0280%	1h	94.483	+0.029%	$3.1M	$2.4M	10x	as long as short
Bitget CRCLUSDT	+0.0317%	8h	94.400	−0.059%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.491%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.440	−0.017%	$97K	$274K	10x	as long as short
edgeX CRCLUSDC	+0.0714%	4h	94.432	−0.026%	$24K	$268K	10x	as long as short