Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h +0.003%

Price spread now: Phoenix against OKX+0.360%106s7-day average — · you sell dearer than you buy

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

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.360% dearer against OKX than usual: you sell high and buy low (spread +0.360% now, against zero (this spread has no 7-day history yet)): +$36 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 39 days. The two prices were read 106 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	OKX CRCL-USDT-SWAP	91.360	0.0258	pay 0.0258% / 8h	33m 42s	$22.2M	$61.7M	50x
Short	Phoenix CRCL	91.689	0.0227	get 0.0028% / 1h	33m 42s	$27K	$74K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.360%Rate

Funding earned: −$6.54
Price spread: +0.360% → 0.000%: $36.01
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $12.47
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: OKX: live order book, 5 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 OKX live order book, 5 min ago	0.55 bp	6.7 bp −$7	17.4 bp −$174	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
Bitget CRCLUSDT	−0.0247%	8h	91.400	+0.044%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.130	−0.252%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.380	+0.022%	$7.8M	$27.4M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.340	−0.022%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0028%	8h	91.350	−0.011%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.361	+0.001%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.476	+0.127%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.440	+0.088%	$97K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.340	−0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	−0.055%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.360	0.000%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	+0.044%	$890K	$402K	10x	as long as short
Variational Omni CRCL	+0.0097%	8h	91.457	+0.106%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.330	−0.033%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.340	−0.022%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.460	+0.109%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.360	0.000%	$911	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.388	+0.030%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0117%	1h	91.267	−0.102%	$67.6M	$43.9M	10x	as long as short
edgeX CRCLUSDC	+0.0124%	4h	91.531	+0.188%	$52K	$275K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0158%	1h	91.372	+0.013%	$379K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0162%	8h	91.322	−0.041%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0168%	8h	91.370	+0.011%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.333	−0.030%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0184%	8h	91.358	−0.002%	$105.0M	$389.6M	50x	as long as short
Phoenix CRCLshort	+0.0227%	1h	91.689	+0.360%	$27K	$74K	10x
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.730	+0.405%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0258%	8h	91.360	long leg	$22.2M	$61.7M	50x
Lighter CRCL	+0.0264%	1h	91.359	−0.001%	$2.9M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0302%	8h	91.370	+0.011%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0425%	1h	91.345	−0.016%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.711%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.391	+0.034%	$413K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0626%	1h	91.360	0.000%	$5K	$769K	10x	as long as short