Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0107%/8h= +11.7% APRpaid last 24h +0.063%

Price spread now: Phoenix against Gate−0.166%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.166% cheaper against Gate than usual: you would sell low and buy high (spread −0.166% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 5.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CRCL_USDT	91.970	0.0147	pay 0.0147% / 8h	7h 20m	$7.8M	$26.7M	50x
Short	Phoenix CRCL	91.817	0.0254	get 0.0032% / 1h	20m 54s	$27K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.166%Rate

Funding earned: $22.52
Price spread: −0.166% → 0.000%: −$16.64
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$16.12
Costs to cover: 0.220%
Break-even: 12.0 days

Slippage unknown: Gate: live order book, 3 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 Gate live order book, 3 min ago	2.19 bp	14.6 bp −$15	28.8 bp −$288	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
Vest CRCL-USD-PERP	−0.0105%	1h	91.460	−0.555%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	91.960	−0.011%	$17.7M	$36.1M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.170	+0.217%	$1.0M	$47K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.238	+0.291%	$996K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.020	+0.054%	$947K	$567K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0035%	1h	91.168	−0.872%	$2K	$29K	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0040%	8h	91.320	−0.707%	$71K	$1.1M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.240	+0.294%	$96K	$278K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.112	+0.154%	$67.7M	$43.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.062	+0.100%	$380K	$999K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.120	+0.163%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	92.010	+0.043%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.986	+0.018%	$135K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.970	0.000%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.100	−0.946%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.250	+0.304%	$920	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.297	+0.355%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0123%	8h	91.920	−0.054%	$15.1M	$26.8M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0128%	8h	91.956	−0.016%	$423	$766	5x	as long as short
Gate CRCL_USDTlong	+0.0147%	8h	91.970	long leg	$7.8M	$26.7M	50x
edgeX CRCLUSDC	+0.0154%	4h	91.204	−0.832%	$52K	$270K	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	92.182	+0.230%	$2.4M	$3.3M	—	as long as short
Lighter CRCL	+0.0184%	1h	92.234	+0.287%	$3.0M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0216%	8h	92.042	+0.079%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	91.978	+0.009%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0241%	8h	91.900	−0.076%	$105.8M	$388.5M	50x	as long as short
Phoenix CRCLshort	+0.0254%	1h	91.817	−0.166%	$27K	$66K	10x
SoDEX CRCL-USD	+0.0264%	1h	91.812	−0.172%	$46K	$3K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0296%	8h	91.930	−0.043%	$22.4M	$62.0M	50x	as long as short
Nado CRCL-PERP	+0.0352%	1h	92.118	+0.161%	$135K	$109K	3x	as long as short
BloFin CRCL-USDT	+0.0359%	8h	92.300	+0.359%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	−0.054%	$40K	$170K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.637	−0.362%	$414K	$256K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1052%	1h	92.310	+0.370%	$5K	$760K	10x	as long as short