Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.087%

Price spread now: BloFin against Phemex+0.033%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$1031.035% of the position

Long on Phemex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.518%+$52 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.033%, 7d avg 0.000%

Together, before fees+0.496%+$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BloFin is 0.032% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.890	0	get 0.0000% / 4h	3h 04m	$1.0M	$48K	10x
Short	BloFin CRCL-USDT	91.920	0.0096	get 0.0096% / 8h	3h 04m	$1.1M	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.033%Rate

Funding earned: $20.14
Price spread: +0.033% → 0.000%: $3.22
Slippage, 4 orders: −$79.5
Fee Phemex: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$80.13
Costs to cover: 1.035%
Break-even: 34.8 days

Slippage from Phemex: live order book, 3 min ago; BloFin: live order book, 3 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, 3 min ago	0.54 bp	43.1 bp −$43	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	1.63 bp	8.6 bp −$9	11.6 bp −$116	28.3 bp −$2,832	89.6 bp −$44.8K

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	−0.0671%	8h	91.940	+0.054%	$16.6M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.620	−0.294%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.860	−0.033%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.960	+0.076%	$7.4M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.949	+0.064%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.890	long leg	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0015%	8h	91.865	−0.027%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.850	−0.043%	$1.2M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0025%	8h	91.870	−0.022%	$104.7M	$392.8M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.893	+0.003%	$974K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.866	−0.026%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	−0.044%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.131%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.771	−0.130%	$68.1M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.828	−0.067%	$386K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.888	−0.002%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.890	0.000%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.880	−0.011%	$1.3M	$1.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0078%	8h	91.825	−0.070%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0085%	8h	91.859	−0.034%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDTshort	+0.0096%	8h	91.920	+0.033%	$1.1M	$1.6M	20x
Pacifica CRCL	+0.0100%	1h	91.863	−0.029%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.850	−0.044%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.800	−0.098%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.830	−0.065%	$916	$2K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0100%	8h	91.880	−0.011%	$22.4M	$61.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.844	−0.050%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.916	+0.029%	$419K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.893	+0.003%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.862	−0.030%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0349%	1h	91.734	−0.170%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.511%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.900	+0.011%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	−0.044%	$51K	$276K	10x	as long as short