Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.027%

Price spread now: Phemex against tradeXYZ+0.096%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$970.969% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.195%−$20 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now +0.096%, 7d avg +0.034%

Together, before fees−0.266%+ Points / potential airdroptradeXYZ: Active · farm board−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.062% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.096% now, against its 7-day average of +0.034%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	91.352	0.0050	pay 0.0006% / 1h	51m 06s	$68.4M	$41.0M	10x
Short	Phemex CRCLUSDT	91.440	0	get 0.0000% / 4h	1h 51m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$10.5
Price spread: +0.096% → +0.034%: $6.23
Slippage, 4 orders: −$66.91
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$101.18
Costs to cover: 0.969%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 8 min ago; Phemex: live order book, 2 min ago.

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 tradeXYZ live order book, 8 min ago	1.03 bp	10.7 bp −$11	12.5 bp −$125	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.64 bp	36.6 bp −$37	doesn't fit	doesn't fit	doesn't fit

CRCL on 33 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	−0.1146%	8h	91.450	+0.107%	$15.7M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0074%	1h	91.250	−0.112%	—	$38K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.330	−0.024%	$901K	$540K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.360	+0.009%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.494	+0.156%	$418K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.420	+0.074%	$7.1M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	−0.049%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.480	+0.140%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.440	+0.096%	$1.0M	$49K	10x
Extended CRCL_24_5-USD	+0.0016%	1h	91.291	−0.066%	$1.1M	$5.7M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0017%	8h	91.316	−0.040%	$103.7M	$383.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	91.516	+0.180%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.460	+0.118%	$1.3M	$2.2M	10x	as long as short
Aster CRCLUSDT	+0.0027%	8h	91.417	+0.071%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0031%	8h	91.370	+0.020%	$21.7M	$58.7M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.440	+0.096%	$970K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.470	+0.129%	$93K	$270K	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0050%	1h	91.352	long leg	$68.4M	$41.0M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	91.474	+0.134%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.410	+0.063%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.400	+0.053%	$973K	$5.2M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	+0.027%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.555	+0.222%	$751	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.551	+0.218%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.480	+0.140%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	+0.162%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.410	+0.063%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.372	+0.022%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.382	+0.033%	$27K	$84K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.420	+0.074%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0191%	1h	91.465	+0.123%	$130K	$103K	3x	as long as short
Lighter CRCL	+0.0280%	1h	91.479	+0.139%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.600%	$5K	$19K	30x	as long as short