Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0222%/8h= −24.4% APRpaid last 24h −0.088%

Price spread now: Phemex against BloFin−0.509%719s7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$146as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$950.947% of the position

Long on BloFin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.517%−$52 on $10k

Price spread, last 3 days (all we have)+0.489%+$49 · spread now −0.509%, 7d avg −0.008%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.501% cheaper against BloFin than usual: you would sell low and buy high (−$50 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 719 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CRCL-USDT	92.330	0.0222	pay 0.0222% / 8h	6h 37m	$1.1M	$1.1M	20x
Short	Phemex CRCLUSDT	91.860	0	get 0.0000% / 4h	2h 37m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BloFin. 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 BloFinbpFee PhemexbpOrdersPrice spread, now −0.509%Rate

Funding earned: −$46.72
Price spread: −0.509% → −0.008%: −$50.1
Slippage, 4 orders: −$70.66
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$191.48
Costs to cover: 0.947%
Break-even: never at this rate

Slippage from BloFin: live order book, 15 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 BloFin live order book, 15 min ago	2.69 bp	9.3 bp −$9	15.5 bp −$155	49.3 bp −$4,932	doesn't fit
Sell Phemex live order book, 1 min ago	2.72 bp	36.0 bp −$36	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
Bitget CRCLUSDT	−0.0319%	8h	92.060	−0.292%	$16.0M	$35.4M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.650	−0.736%	$912K	$584K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.020	−0.336%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.947	−0.415%	$420K	$300K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.030	−0.325%	$7.2M	$26.4M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.790	−0.585%	$61K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.860	−0.509%	$1.0M	$49K	10x
Variational Omni CRCL	+0.0004%	8h	91.891	−0.476%	$2.5M	$3.2M	—	as long as short
Vest CRCL-USD-PERP	+0.0005%	1h	91.710	−0.672%	—	$37K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0026%	1h	91.985	−0.374%	$2K	$22K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.908	−0.457%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.870	−0.498%	$93K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.950	−0.412%	$69.3M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.919	−0.445%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.852	−0.518%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.617%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.930	−0.433%	$1.3M	$2.4M	10x	as long as short
Binance CRCLUSDT	+0.0078%	8h	91.991	−0.367%	$105.0M	$393.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.994	−0.364%	$1.1M	$5.7M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0081%	8h	92.060	−0.292%	$21.7M	$60.3M	50x	as long as short
Aster CRCLUSDT	+0.0082%	8h	91.878	−0.490%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0084%	8h	91.949	−0.413%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.960	−0.401%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.930	−0.433%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.780	−0.596%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.850	−0.520%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.861	−0.508%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0181%	1h	91.942	−0.420%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0186%	1h	91.860	−0.509%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.940	−0.422%	$3.0M	$2.4M	10x	as long as short
BloFin CRCL-USDTlong	+0.0222%	8h	92.330	long leg	$1.1M	$1.1M	20x
Phoenix CRCL	+0.0231%	1h	91.730	−0.650%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	−0.065%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0565%	4h	91.735	−0.645%	$23K	$267K	10x	as long as short