Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0185%/8h= −20.2% APRpaid last 24h −0.051%

Price spread now: Phemex against Binance+0.014%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

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

costs, in and out, $10k−$940.935% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.258%−$26 on $10k

Price spread, last 2 days (all we have)−0.019%−$2 · spread now +0.014%, 7d avg −0.009%

Together, before fees−0.276%−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.022% dearer against Binance than usual: you sell high and buy low (spread +0.014% now, against its 7-day average of −0.009%): +$2 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CRCLUSDT	94.377	0.0185	pay 0.0185% / 8h	7h 21m	$109.4M	$386.0M	50x
Short	Phemex CRCLUSDT	94.390	0	get 0.0000% / 4h	3h 21m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$38.78
Price spread: +0.014% → −0.009%: $2.23
Slippage, 4 orders: −$71.54
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$130.08
Costs to cover: 0.935%
Break-even: never at this rate

Slippage from Binance: live order book, 7 min ago; Phemex: live order book, 1 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 Binance live order book, 7 min ago	0.53 bp	6.7 bp −$7	10.1 bp −$101	29.4 bp −$2,940	157.8 bp −$78.9K
Sell Phemex live order book, 1 min ago	4.77 bp	41.0 bp −$41	doesn't fit	doesn't fit	doesn't fit

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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.177%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.370	−0.008%	$15.5M	$25.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.400	+0.024%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.506	+0.136%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.390	+0.014%	$1.0M	$49K	10x
Bitget CRCLUSDT	+0.0026%	8h	94.390	+0.014%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.366	−0.012%	$888K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	94.348	−0.031%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.390	+0.014%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.270	−0.114%	—	$37K	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	94.322	−0.058%	$71.7M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.340	−0.039%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.357	−0.021%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.380	+0.003%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.391	+0.015%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	+0.045%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.410	+0.035%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.370	−0.008%	$941	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0103%	8h	94.401	+0.025%	$774	$740	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.375	−0.002%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0117%	8h	94.489	+0.119%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0146%	8h	94.380	+0.003%	$22.8M	$59.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.369	−0.009%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDTlong	+0.0185%	8h	94.377	long leg	$109.4M	$386.0M	50x
Aster CRCLUSDT	+0.0190%	8h	94.418	+0.043%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0226%	1h	94.311	−0.070%	$132K	$76K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.360	−0.018%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.373	−0.004%	$3.0M	$2.2M	10x	as long as short
edgeX CRCLUSDC	+0.0294%	4h	94.484	+0.113%	$24K	$268K	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.424	+0.050%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0305%	8h	94.460	+0.088%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.543%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.420	+0.045%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.368	−0.010%	$430K	$299K	10x	as long as short