Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.048%

Price spread now: Aster against Phemex−0.033%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$920.922% of the position

Long on Phemex Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.275%+$27 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.033%, 7d avg +0.016%

Together, before fees+0.324%+ Points / potential airdropAster: Stage 5 · farm board+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.049% cheaper against Phemex than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.016%). If the spread goes back, that is −$5 on $10k: about 2.5 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.275% in total) that is about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.430	0	get 0.0000% / 4h	1h 52m	$1.0M	$48K	10x
Short	Aster CRCLUSDT	91.400	0.0065	get 0.0065% / 8h	1h 52m	$1.0M	$5.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.033%Rate

Funding earned: $13.56
Price spread: −0.033% → +0.016%: −$4.91
Slippage, 4 orders: −$72.25
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$83.6
Costs to cover: 0.922%
Break-even: 50.2 days

Slippage from Phemex: live order book, 1 min ago; Aster: live order book, 2 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, 1 min ago	1.10 bp	41.6 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	1.64 bp	8.3 bp −$8	12.1 bp −$121	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	−0.0737%	8h	91.490	+0.066%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.110	−0.350%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.380	−0.055%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.410	−0.022%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.489	+0.065%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.430	long leg	$1.0M	$48K	10x
Arcus CRCL-USD	+0.0040%	1h	91.460	+0.033%	$93K	$289K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.391	−0.043%	$2K	$27K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.338	−0.101%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.340	−0.098%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.470	+0.044%	$891K	$605K	10x	as long as short
edgeX CRCLUSDC	+0.0056%	4h	91.472	+0.046%	$52K	$277K	10x	as long as short
Aster CRCLUSDTshort	+0.0065%	8h	91.400	−0.033%	$1.0M	$5.1M	20x
QFEX CRCL-USD	+0.0068%	1h	91.400	−0.033%	$1.3M	$1.8M	10x	as long as short
Binance CRCLUSDT	+0.0079%	8h	91.372	−0.063%	$104.5M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.335	−0.104%	$1.0M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0096%	1h	91.388	−0.046%	$976K	$2.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.400	−0.033%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.380	−0.055%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.410	−0.022%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.350	−0.087%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.349	−0.089%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0168%	8h	91.401	−0.031%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0169%	8h	91.480	+0.055%	$65K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0176%	8h	91.400	−0.033%	$22.2M	$62.6M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0190%	1h	91.292	−0.151%	$67.6M	$44.3M	10x	as long as short
BloFin CRCL-USDT	+0.0197%	8h	91.390	−0.044%	$1.1M	$1.6M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0200%	1h	91.350	−0.087%	$383K	$1.3M	10x	as long as short
Phoenix CRCL	+0.0245%	1h	91.554	+0.136%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.395	−0.039%	$416K	$271K	10x	as long as short
Lighter CRCL	+0.0376%	1h	91.392	−0.042%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.547%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0459%	1h	91.285	−0.159%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0517%	1h	91.340	−0.098%	$5K	$769K	10x	as long as short