Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0368%/8h= −40.3% APRpaid last 24h −0.078%

Price spread now: Phemex against Arcus+0.054%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1081.080% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.113%−$11 on $10k

Price spread, last 4 days (all we have)−0.059%−$6 · spread now +0.054%, 7d avg +0.045%

Together, before fees−0.172%−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.045%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.113% in total (about -10.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus CRCL-USD	92.550	0.0368	pay 0.0046% / 1h	10m 33s	$93K	$229K	10x
Short	Phemex CRCLUSDT	92.600	0	get 0.0000% / 4h	2h 10m	$1.0M	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$77.36
Price spread: +0.054% → +0.045%: $0.89
Slippage, 4 orders: −$91.48
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$184.46
Costs to cover: 1.080%
Break-even: never at this rate

Slippage from Arcus: live order book, 40 min ago; Phemex: live order book, just now.

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 Arcus live order book, 40 min ago	2.72 bp	8.9 bp −$9	12.0 bp −$120	doesn't fit	doesn't fit
Sell Phemex live order book, just now	0.54 bp	50.6 bp −$51	doesn't fit	doesn't fit	doesn't fit

CRCL on 34 exchanges

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	−0.0021%	1h	92.390	−0.173%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.600	+0.054%	$15.0M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.620	+0.076%	$18.1M	$33.7M	25x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	92.600	+0.054%	$1.0M	$45K	10x
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.490	−0.065%	$856K	$700K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.598	+0.052%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.510	−0.043%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.536	−0.015%	$67.7M	$40.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.574	+0.026%	$380K	$850K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.565	+0.016%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.400	−0.162%	$1.1M	$3.8M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0074%	1h	92.590	+0.043%	$5K	$470K	10x	as long as short
Gate CRCL_USDT	+0.0075%	8h	92.610	+0.065%	$7.4M	$25.9M	50x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.560	+0.011%	$1.3M	$1.6M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.510	−0.043%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.560	+0.011%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.550	0.000%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.590	+0.043%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.603	+0.057%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0109%	8h	92.568	+0.019%	$426	$477	5x	as long as short
Phoenix CRCL	+0.0199%	1h	92.631	+0.088%	$27K	$66K	10x	as long as short
Lighter CRCL	+0.0240%	1h	92.607	+0.062%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0287%	8h	92.574	+0.026%	$2.5M	$3.3M	—	as long as short
Nado CRCL-PERP	+0.0312%	1h	92.480	−0.076%	$151K	$112K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0328%	8h	92.610	+0.065%	$22.8M	$57.0M	50x	as long as short
Aster CRCLUSDT	+0.0359%	8h	92.560	+0.011%	$1.1M	$4.5M	20x	as long as short
Extended CRCL_24_5-USD	+0.0360%	1h	92.529	−0.023%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0366%	8h	92.573	+0.025%	$107.1M	$357.9M	50x	as long as short
Arcus CRCL-USDlong	+0.0368%	1h	92.550	long leg	$93K	$229K	10x
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.497%	$38K	$172K	30x	as long as short
edgeX CRCLUSDC	+0.0473%	4h	92.559	+0.010%	$53K	$270K	10x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.604	+0.058%	$415K	$243K	10x	as long as short
BloFin CRCL-USDT	+0.0484%	8h	92.540	−0.011%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0743%	8h	92.626	+0.082%	$70K	$1.0M	10x	as long as short