Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.038%

Price spread now: Phemex against Coinbase International+0.106%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$1000.995% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.315%−$31 on $10k

Price spread, last 3 days (all we have)−0.128%−$13 · spread now +0.106%, 7d avg +0.032%

Together, before fees−0.442%−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.073% dearer against Coinbase International than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of +0.032%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.6 days. At the pace of the last 7 days (−0.315% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	94.510	0.0032	pay 0.0004% / 1h	12m 48s	$940K	$723K	10x
Short	Phemex CRCLUSDT	94.610	0	get 0.0000% / 4h	12m 48s	$1.0M	$52K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$6.72
Price spread: +0.106% → +0.032%: $7.33
Slippage, 4 orders: −$77.5
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$98.89
Costs to cover: 0.995%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 66 min ago; Phemex: live order book, 5 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 Coinbase International live order book, 66 min ago	4.24 bp	9.7 bp −$10	15.7 bp −$157	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.06 bp	33.8 bp −$34	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
Gate CRCL_USDT	0.0000%	8h	94.490	−0.021%	$7.2M	$27.8M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.610	+0.106%	$1.0M	$52K	10x
QFEX CRCL-USD	+0.0022%	1h	94.530	+0.021%	$1.4M	$2.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.516	+0.006%	$893K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0032%	1h	94.510	long leg	$940K	$723K	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.520	+0.011%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.532	+0.023%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.537	+0.029%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.470	−0.042%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0051%	1h	94.598	+0.093%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0097%	8h	94.500	−0.011%	$15.5M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.540	+0.032%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.500	−0.011%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.570	+0.063%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.560	+0.053%	$943	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.578	+0.072%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0114%	8h	94.553	+0.045%	$775	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0142%	1h	94.416	−0.099%	$71.5M	$43.6M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0186%	8h	94.510	0.000%	$22.8M	$60.8M	50x	as long as short
Variational Omni CRCL	+0.0193%	8h	94.671	+0.171%	$2.5M	$3.1M	—	as long as short
Binance CRCLUSDT	+0.0247%	8h	94.488	−0.024%	$109.4M	$390.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	94.433	−0.081%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0248%	8h	94.508	−0.003%	$1.1M	$4.9M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	94.670	+0.169%	$54K	$1.1M	10x	as long as short
Nado CRCL-PERP	+0.0262%	1h	94.513	+0.003%	$132K	$76K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0279%	1h	94.530	+0.021%	$4K	$772K	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.530	+0.021%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0296%	8h	94.460	−0.053%	$16.9M	$35.5M	25x	as long as short
Lighter CRCL	+0.0320%	1h	94.537	+0.029%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0369%	8h	94.530	+0.021%	$1.1M	$599K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+1.111%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0477%	4h	94.619	+0.115%	$24K	$269K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.550	+0.042%	$97K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.565	+0.058%	$431K	$303K	10x	as long as short