Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0288%/8h= +31.6% APRpaid last 24h +0.064%

Price spread now: Binance against Phemex+0.188%52s7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1091.090% of the position

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.280%+$28 on $10k

Price spread, last 4 days (all we have)−0.215%−$22 · spread now +0.188%, 7d avg −0.009%

Together, before fees+0.065%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Binance is 0.197% dearer against Phemex than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.009%. The two prices were read 52 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	Phemex CRCLUSDT	95.800	0	get 0.0000% / 4h	43m 28s	$1.1M	$47K	10x
Short	Binance CRCLUSDT	95.980	0.0288	get 0.0288% / 8h	4h 43m	$112.5M	$399.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.188%Rate

Funding earned: $60.56
Price spread: +0.188% → −0.009%: $19.74
Slippage, 4 orders: −$87.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$28.75
Costs to cover: 1.090%
Break-even: 10.3 days

Slippage from Phemex: live order book, 2 min ago; Binance: live order book, 8 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, 2 min ago	5.21 bp	45.2 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.52 bp	6.3 bp −$6	12.1 bp −$121	32.5 bp −$3,252	131.0 bp −$65.5K

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
Coinbase International CRCL-PERP-INTX	−0.0024%	1h	95.670	−0.136%	$873K	$807K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	96.010	+0.219%	$16.1M	$29.5M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.950	+0.157%	$438K	$231K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	96.030	+0.240%	$19.2M	$39.4M	25x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	95.800	long leg	$1.1M	$47K	10x
QFEX CRCL-USD	+0.0014%	1h	95.960	+0.167%	$1.4M	$1.7M	10x	as long as short
Gate CRCL_USDT	+0.0032%	8h	96.030	+0.240%	$7.8M	$26.8M	50x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	−0.177%	$39K	$172K	30x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	95.682	−0.123%	$2K	$29K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	95.910	+0.115%	—	$29K	25x	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	95.770	−0.031%	$1.1M	$4.4M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.920	+0.125%	$99K	$242K	10x	as long as short
Lighter RH CRCL	+0.0064%	1h	95.934	+0.140%	$1.0M	$2.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.977	+0.185%	$143K	$151K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.800	0.000%	$2.5M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.810	+0.010%	$98K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.910	+0.115%	$756	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.831	+0.032%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0133%	1h	95.889	+0.093%	$69.7M	$44.7M	10x	as long as short
Phoenix CRCL	+0.0136%	1h	95.703	−0.101%	$30K	$94K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0151%	8h	95.918	+0.123%	$441	$477	5x	as long as short
Variational Omni CRCL	+0.0172%	8h	95.761	−0.041%	$2.7M	$3.4M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0231%	8h	96.020	+0.230%	$24.0M	$68.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0280%	1h	95.911	+0.115%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDTshort	+0.0288%	8h	95.980	+0.188%	$112.5M	$399.2M	50x
Aster CRCLUSDT	+0.0303%	8h	95.968	+0.176%	$1.2M	$4.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0352%	8h	95.914	+0.119%	$56K	$1.0M	10x	as long as short
BloFin CRCL-USDT	+0.0393%	8h	95.880	+0.084%	$1.1M	$1.8M	20x	as long as short
Nado CRCL-PERP	+0.0422%	1h	95.828	+0.029%	$154K	$93K	3x	as long as short
Polymarket Perps CRCL-USD	+0.0451%	1h	95.952	+0.159%	$305K	$1.4M	10x	as long as short
Lighter CRCL	+0.0520%	1h	95.987	+0.195%	$3.3M	$2.5M	10x	as long as short
edgeX CRCLUSDC	+0.0689%	4h	95.912	+0.116%	$55K	$279K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0899%	1h	95.860	+0.063%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.1529%	1h	95.804	+0.004%	$48K	$3K	10x	as long as short