Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0368%/8h= +40.3% APRpaid last 24h +0.078%

Price spread now: Arcus against Phemex−0.011%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$900.900% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.113%+$11 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.011%, 7d avg −0.045%

Together, before fees+0.129%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Arcus is 0.034% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.045%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.113% in total (about 10.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	92.600	0	get 0.0000% / 4h	2h 11m	$1.0M	$45K	10x
Short	Arcus CRCL-USD	92.590	0.0368	get 0.0046% / 1h	11m 19s	$93K	$229K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phemex. 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 PhemexbpFee ArcusbpOrdersPrice spread, now −0.011%Rate

Funding earned: $77.36
Price spread: −0.011% → −0.045%: $3.44
Slippage, 4 orders: −$73.45
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$9.16
Costs to cover: 0.900%
Break-even: 7.8 days

Slippage from Phemex: live order book, 4 min ago; Arcus: live order book, 40 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 Phemex live order book, 4 min ago	2.16 bp	35.8 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 40 min ago	2.72 bp	6.0 bp −$6	6.0 bp −$60	doesn't fit	doesn't fit

CRCL on 34 exchanges

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	−0.0021%	1h	92.350	−0.270%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.600	0.000%	$15.0M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.650	+0.054%	$18.1M	$33.8M	25x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	92.600	long leg	$1.0M	$45K	10x
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.490	−0.119%	$856K	$700K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.558	−0.045%	$999K	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.510	−0.097%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.555	−0.049%	$67.7M	$40.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.615	+0.016%	$380K	$850K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.565	−0.038%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.550	−0.054%	$1.1M	$3.8M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0074%	1h	92.590	−0.011%	$5K	$470K	10x	as long as short
Gate CRCL_USDT	+0.0075%	8h	92.660	+0.065%	$7.4M	$25.9M	50x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.520	−0.086%	$1.3M	$1.6M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.610	+0.011%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.550	−0.054%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.550	−0.054%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.590	−0.011%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.603	+0.003%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0110%	8h	92.621	+0.022%	$426	$477	5x	as long as short
Phoenix CRCL	+0.0199%	1h	92.631	+0.033%	$27K	$66K	10x	as long as short
Lighter CRCL	+0.0240%	1h	92.592	−0.009%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0281%	8h	92.555	−0.048%	$2.5M	$3.3M	—	as long as short
Nado CRCL-PERP	+0.0312%	1h	92.585	−0.017%	$151K	$112K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0328%	8h	92.560	−0.043%	$22.8M	$57.0M	50x	as long as short
Aster CRCLUSDT	+0.0357%	8h	92.560	−0.043%	$1.1M	$4.5M	20x	as long as short
Extended CRCL_24_5-USD	+0.0360%	1h	92.570	−0.032%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0364%	8h	92.560	−0.043%	$107.1M	$358.3M	50x	as long as short
Arcus CRCL-USDshort	+0.0368%	1h	92.590	−0.011%	$93K	$229K	10x
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.551%	$38K	$172K	30x	as long as short
edgeX CRCLUSDC	+0.0473%	4h	92.559	−0.044%	$53K	$270K	10x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.640	+0.043%	$411K	$241K	10x	as long as short
BloFin CRCL-USDT	+0.0484%	8h	92.540	−0.065%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0743%	8h	92.626	+0.028%	$70K	$1.0M	10x	as long as short