Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.043%

Price spread now: Phemex against KuCoin+0.044%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$201as in the Funding arb table

Net, price: spread back to 7d avg − costs−$164as in the Price arb table

costs, in and out, $10k−$1691.691% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.320%−$32 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.044%, 7d avg −0.003%

Together, before fees−0.400%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.047% dearer against KuCoin than usual: you sell high and buy low (spread +0.044% now, against its 7-day average of −0.003%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRCLUSDTM	91.910	0.0100	pay 0.0100% / 8h	3h 36m	$2.7M	$1.9M	20x
Short	Phemex CRCLUSDT	91.950	0	get 0.0000% / 4h	3h 36m	$1.0M	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against KuCoin. 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 KuCoinbpFee PhemexbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$21
Price spread: +0.044% → −0.003%: $4.7
Slippage, 4 orders: −$145.08
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$185.38
Costs to cover: 1.691%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	2.18 bp	51.5 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	3.26 bp	51.4 bp −$51	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	−0.0711%	8h	92.010	+0.109%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0066%	1h	91.640	−0.294%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.970	+0.065%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.040	+0.141%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.849	−0.066%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.950	+0.044%	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0012%	8h	91.981	+0.078%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.934	+0.026%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0019%	8h	91.950	+0.044%	$104.6M	$391.5M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.933	+0.025%	$2K	$25K	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	+0.0040%	1h	91.974	+0.070%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	−0.065%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.022%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.868	−0.046%	$68.2M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.840	−0.076%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.922	+0.013%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.250%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.910	0.000%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0074%	8h	91.870	−0.043%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0075%	8h	91.920	+0.011%	$1.1M	$1.6M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0084%	8h	91.970	+0.065%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.891	−0.020%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	91.910	long leg	$2.7M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.770	−0.152%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.930	+0.022%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.965	+0.059%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.894	−0.017%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0133%	8h	91.891	−0.021%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.828	−0.089%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.980	+0.076%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0375%	1h	91.826	−0.092%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.390	+0.522%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0839%	1h	91.960	+0.054%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0938%	4h	91.865	−0.049%	$51K	$276K	10x	as long as short