Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.027%

Price spread now: Phemex against SoDEX+0.014%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 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: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX CRCL-USD	94.757	0.0050	pay 0.0006% / 1h	41m 01s	$48K	$3K	10x
Short	Phemex CRCLUSDT	94.770	0	get 0.0000% / 4h	41m 01s	$1.0M	$52K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$10.5
Price spread: +0.014% → 0.000%: $1.37
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$29.13
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	1.05 bp	38.3 bp −$38	doesn't fit	doesn't fit	doesn't fit

SoDEX: 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
Gate CRCL_USDT	0.0000%	8h	94.770	+0.014%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.770	+0.014%	$1.0M	$52K	10x
QFEX CRCL-USD	+0.0022%	1h	94.730	−0.028%	$1.4M	$2.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.261%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.740	−0.018%	—	$45K	25x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	94.757	long leg	$48K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.720	−0.039%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.731	−0.027%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0059%	1h	94.703	−0.057%	$367K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0080%	1h	94.774	+0.018%	$894K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.700	−0.060%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.720	−0.039%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.720	−0.039%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.750	−0.007%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0104%	8h	94.760	+0.003%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.773	+0.017%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.663	−0.099%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0134%	8h	94.724	−0.035%	$777	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0177%	8h	94.871	+0.120%	$61K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.739	−0.019%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0193%	8h	94.771	+0.015%	$109.6M	$390.0M	50x	as long as short
Aster CRCLUSDT	+0.0205%	8h	94.776	+0.020%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0206%	8h	94.750	−0.007%	$22.9M	$60.7M	50x	as long as short
edgeX CRCLUSDC	+0.0223%	4h	94.814	+0.060%	$24K	$269K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0265%	1h	94.712	−0.047%	$71.1M	$42.9M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.749	−0.008%	$28K	$92K	10x	as long as short
Nado CRCL-PERP	+0.0306%	1h	94.657	−0.106%	$127K	$73K	3x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.810	+0.056%	$1.1M	$595K	20x	as long as short
Bitget CRCLUSDT	+0.0315%	8h	94.760	+0.003%	$16.9M	$35.4M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.847%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0448%	1h	94.789	+0.034%	$3.1M	$2.2M	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.710	−0.050%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.728	−0.030%	$432K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1123%	1h	94.780	+0.024%	$4K	$772K	10x	as long as short