Funding you earn now, next payment 08:00 UTC−0.0204%/8h= −22.4% APRnext payment −$0.26 per $10,000 · paid last 24h −0.035%
Price spread now: tradeXYZ against Phoenix−0.121%81s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.099%−$10 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 tradeXYZ is 0.121% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 81 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.099% in total (about -5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.26 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 | 91.200 | 0.0254 | pay 0.0032% / 1h | 36m 14s | $27K | $66K | 10x |
| Short | tradeXYZ xyz:CRCL | 91.090 | 0.0050 | get 0.0006% / 1h | 36m 14s | $67.1M | $44.3M | 10x |
Phoenix CRCL
tradeXYZ xyz:CRCLFunding history
latest
Range statsloading…
Price spread between the two exchanges
tradeXYZ 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
- −$42.89
- Price spread: −0.121% → 0.000%
- −$12.06
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Net
- −$79.95
- Costs to cover
- 0.250%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; tradeXYZ: live order book, 13 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 tradeXYZ live order book, 13 min ago | 0.71 bp | 10.4 bp −$10 | 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 | −0.0095% | 1h | 90.900 | −0.329% | — | $31K | 25x | as long as short |
| Bitget CRCLUSDT | −0.0095% | 8h | 91.210 | +0.011% | $17.3M | $36.2M | 25x | as long as short |
| Bybit CRCLUSDT | 0.0000% | 8h | 91.200 | 0.000% | $14.9M | $26.5M | 50x | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 91.220 | +0.022% | $1.0M | $47K | 10x | as long as short |
| Gate CRCL_USDT | +0.0002% | 8h | 91.230 | +0.033% | $7.8M | $26.4M | 50x | as long as short |
| Lighter RH CRCL | +0.0032% | 1h | 91.182 | −0.020% | $981K | $2.4M | 10x | as long as short |
| Coinbase International CRCL-PERP-INTX | +0.0032% | 1h | 91.190 | −0.011% | $872K | $505K | 10x | as long as short |
| Aftermath Perps CRCLUSD | +0.0037% | 1h | 91.139 | −0.067% | $2K | $29K | 5x | as long as short |
| Arcus CRCL-USD | +0.0040% | 1h | 91.100 | −0.110% | $95K | $285K | 10x | as long as short |
| tradeXYZ xyz:CRCLshort | +0.0050% | 1h | 91.090 | −0.121% | $67.1M | $44.3M | 10x |
Vest CRCL-USD-PERP
Bitget CRCLUSDT
Bybit CRCLUSDT
Phemex CRCLUSDT
Gate CRCL_USDT
Lighter RH CRCL
Coinbase International CRCL-PERP-INTX
Aftermath Perps CRCLUSD
Arcus CRCL-USDShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 91.068 | −0.145% | $376K | $1.2M | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 91.170 | −0.033% | $46K | $3K | 10x | as long as short |
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 91.030 | −0.186% | $1.1M | $4.7M | 10x | as long as short |
| QFEX CRCL-USD | +0.0065% | 1h | 91.160 | −0.044% | $1.3M | $1.7M | 10x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 91.139 | −0.067% | $133K | $158K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 91.220 | +0.022% | $2.6M | $1.7M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 91.160 | −0.044% | $67K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 91.160 | −0.044% | $909 | $1K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 91.200 | 0.000% | $4 | — | 10x | as long as short |
| Paradex CRCL-USD-PERP | +0.0135% | 8h | 91.133 | −0.073% | $419 | $766 | 5x | as long as short |
| GRVT CRCL_USDT_Perp | +0.0152% | 8h | 91.220 | +0.022% | $62K | $1.1M | 10x | as long as short |
| Variational Omni CRCL | +0.0155% | 8h | 91.190 | −0.011% | $2.4M | $3.3M | — | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.0189% | 1h | 91.160 | −0.044% | $5K | $769K | 10x | as long as short |
| Aster CRCLUSDT | +0.0215% | 8h | 91.183 | −0.019% | $1.0M | $5.0M | 20x | as long as short |
| Lighter CRCL | +0.0224% | 1h | 91.180 | −0.022% | $2.9M | $2.1M | 10x | as long as short |
| Binance CRCLUSDT | +0.0231% | 8h | 91.159 | −0.045% | $104.8M | $387.3M | 50x | as long as short |
| Extended CRCL_24_5-USD | +0.0232% | 1h | 91.142 | −0.063% | $1.1M | $5.1M | 10x | as long as short |
| Phoenix CRCLlong | +0.0254% | 1h | 91.200 | long leg | $27K | $66K | 10x | |
| edgeX CRCLUSDC | +0.0262% | 4h | 91.189 | −0.012% | $52K | $269K | 10x | as long as short |
| OKX CRCL-USDT-SWAP | +0.0294% | 8h | 91.210 | +0.011% | $22.3M | $61.4M | 50x | as long as short |
| BloFin CRCL-USDT | +0.0351% | 8h | 91.200 | 0.000% | $1.1M | $1.7M | 20x | as long as short |
| Nado CRCL-PERP | +0.0374% | 1h | 91.094 | −0.116% | $134K | $109K | 3x | as long as short |
| Injective CRCL/USDC PERP | +0.0440% | 1h | 92.170 | +1.064% | $5K | $19K | 30x | as long as short |
| RISEx CRCL/USDC | +0.0501% | 1h | 91.160 | −0.044% | $412K | $258K | 10x | as long as short |
Polymarket Perps CRCL-USD
SoDEX CRCL-USD
Ondo Perps CRCL-USD.P
QFEX CRCL-USD
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
Paradex CRCL-USD-PERP
GRVT CRCL_USDT_Perp
Variational Omni CRCL
Deribit CRCL_USDC-PERPETUAL
Aster CRCLUSDT
Lighter CRCL
Binance CRCLUSDT
Extended CRCL_24_5-USD
edgeX CRCLUSDC
OKX CRCL-USDT-SWAP
BloFin CRCL-USDT
Nado CRCL-PERP
Injective CRCL/USDC PERP
RISEx CRCL/USDC