Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0115%/8hnext payment −$0.14 per $10,000 · paid last 24h −0.035%

Price spread now: Phoenix against Deribit−0.035%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.035% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	94.860	0.0277	pay 0.0035% / 1h	23m 03s	$4K	$802K	10x
Short	Phoenix CRCL	94.827	0.0162	get 0.0020% / 1h	23m 03s	$28K	$92K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Deribit. 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 DeribitbpFee PhoenixbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$24.25
Price spread: −0.035% → 0.000%: −$3.48
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$41.73
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 10 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 Deribit live order book, 10 min ago	6.37 bp	9.9 bp −$10	13.0 bp −$130	doesn't fit	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
Gate CRCL_USDT	0.0000%	8h	94.860	0.000%	$7.2M	$26.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.840	−0.021%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.882	+0.023%	$816K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.750	−0.116%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.788	−0.076%	$357K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.880	+0.021%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.700	−0.169%	$1.1M	$5.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	94.810	−0.053%	$1.4M	$2.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0075%	1h	94.821	−0.041%	$71.2M	$41.2M	10x	as long as short
Bybit CRCLUSDT	+0.0086%	8h	94.880	+0.021%	$15.5M	$25.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CRCL-USD-PERP	+0.0098%	8h	94.843	−0.018%	$721	$428	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.800	−0.063%	$78K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.800	−0.063%	$70K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.850	−0.011%	$946	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.895	+0.037%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0113%	8h	94.887	+0.028%	$48K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0123%	8h	94.715	−0.153%	$2.5M	$3.2M	—	as long as short
KuCoin CRCLUSDTM	+0.0138%	8h	94.850	−0.011%	$2.9M	$1.7M	20x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.790	−0.074%	$947K	$730K	10x	as long as short
Phoenix CRCLshort	+0.0162%	1h	94.827	−0.035%	$28K	$92K	10x
Aster CRCLUSDT	+0.0164%	8h	94.860	0.000%	$1.1M	$4.7M	20x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.841	−0.021%	$1.2M	$3.5M	10x	as long as short
Binance CRCLUSDT	+0.0170%	8h	94.858	−0.002%	$109.0M	$376.6M	50x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.830	−0.032%	$421K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0277%	1h	94.860	long leg	$4K	$802K	10x
BloFin CRCL-USDT	+0.0290%	8h	94.860	0.000%	$1.1M	$576K	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0292%	8h	94.870	+0.011%	$23.0M	$59.4M	50x	as long as short
Lighter CRCL	+0.0312%	1h	94.920	+0.063%	$3.0M	$2.1M	10x	as long as short
Nado CRCL-PERP	+0.0319%	1h	94.761	−0.104%	$132K	$67K	3x	as long as short
Aftermath Perps CRCLUSD	+0.0358%	1h	94.645	−0.227%	$2K	$16K	5x	as long as short
Bitget CRCLUSDT	+0.0413%	8h	94.890	+0.032%	$17.0M	$34.3M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.200	+0.358%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.860	0.000%	$102K	$257K	10x	as long as short
edgeX CRCLUSDC	+0.0859%	4h	94.832	−0.029%	$24K	$265K	10x	as long as short