Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0187%/8h= +20.4% APRpaid last 24h +0.009%

Price spread now: Phoenix against Binance+0.317%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.317% dearer against Binance than usual: you sell high and buy low: +$32 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.033% in total (about 1.7% a year). A funding rate is set anew for every payment. 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	Binance CRCLUSDT	90.860	0.0023	pay 0.0023% / 8h	2h 24m	$103.3M	$395.9M	50x
Short	Phoenix CRCL	91.148	0.0210	get 0.0026% / 1h	24m 53s	$27K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.317%Rate

Funding earned: $39.21
Price spread: +0.317% → 0.000%: $31.7
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $53.91
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Binance: live order book, 4 min ago; Phoenix: no order-book sample. 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 Binance live order book, 4 min ago	0.55 bp	6.4 bp −$6	12.1 bp −$121	37.7 bp −$3,767	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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
Bitget CRCLUSDT	−0.0969%	8h	90.940	+0.088%	$16.7M	$36.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0074%	1h	90.640	−0.242%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.870	+0.011%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	90.890	+0.033%	$7.5M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	90.870	+0.011%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.940	+0.088%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0009%	8h	90.862	+0.002%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDTlong	+0.0023%	8h	90.860	long leg	$103.3M	$395.9M	50x
Extended CRCL_24_5-USD	+0.0024%	1h	90.815	−0.050%	$1.0M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.934	+0.081%	$970K	$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
Aftermath Perps CRCLUSD	+0.0039%	1h	90.985	+0.137%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.920	+0.066%	$92K	$290K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.813	−0.052%	$67.9M	$43.5M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.944	+0.092%	$381K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.872	+0.013%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.840	−0.022%	$999K	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	90.960	+0.110%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	90.700	−0.176%	$883K	$598K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0090%	8h	90.972	+0.124%	$418	$905	5x	as long as short
BloFin CRCL-USDT	+0.0092%	8h	90.870	+0.011%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	90.970	+0.122%	$133K	$161K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.860	0.000%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.750	−0.121%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.910	+0.055%	$906	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.918	+0.063%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0105%	8h	91.230	+0.407%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0111%	8h	90.930	+0.077%	$22.0M	$62.0M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	90.950	+0.099%	$414K	$294K	10x	as long as short
edgeX CRCLUSDC	+0.0136%	4h	90.812	−0.053%	$52K	$277K	10x	as long as short
Lighter CRCL	+0.0208%	1h	90.941	+0.089%	$2.9M	$2.4M	10x	as long as short
Phoenix CRCLshort	+0.0210%	1h	91.148	+0.317%	$27K	$82K	10x
Nado CRCL-PERP	+0.0299%	1h	90.945	+0.094%	$133K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0300%	1h	90.930	+0.077%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.650	+0.869%	$5K	$19K	30x	as long as short