Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.050%

Price spread now: Extended against Phemex−0.035%7-day average −0.023% · 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−$96as in the Price arb table

costs, in and out, $10k−$950.952% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.302%+$30 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.035%, 7d avg −0.023%

Together, before fees+0.356%+ Points / potential airdropExtended: Active · farm board+$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.820	0	get 0.0000% / 4h	3h 41m	$1.0M	$48K	10x
Short	Extended CRCL_24_5-USD	91.788	0.0016	get 0.0002% / 1h	41m 11s	$1.2M	$5.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.035%Rate

Funding earned: $3.36
Price spread: −0.035% → −0.023%: −$1.18
Slippage, 4 orders: −$78.18
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$93
Costs to cover: 0.952%
Break-even: 200.7 days

Slippage from Phemex: live order book, 1 min ago; Extended: 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, 1 min ago	1.09 bp	39.5 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	3.75 bp	9.0 bp −$9	23.0 bp −$230	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	−0.0703%	8h	91.880	+0.065%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.580	−0.261%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.850	+0.033%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.930	+0.120%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.979	+0.173%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.820	long leg	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0007%	8h	91.784	−0.039%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0012%	8h	91.824	+0.004%	$104.6M	$391.2M	50x	as long as short
Extended CRCL_24_5-USDshort	+0.0016%	1h	91.788	−0.035%	$1.2M	$5.7M	10x
Lighter RH CRCL	+0.0032%	1h	91.824	+0.004%	$973K	$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	91.867	+0.051%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	+0.044%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	+0.076%	$907K	$510K	10x	as long as short
BloFin CRCL-USDT	+0.0049%	8h	91.810	−0.011%	$1.1M	$1.6M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.742	−0.085%	$68.1M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.791	−0.032%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.820	0.000%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.152%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.810	−0.011%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	+0.141%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0075%	8h	91.890	+0.076%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.817	−0.003%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.760	−0.065%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	+0.109%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	−0.065%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.798	−0.024%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.821	+0.001%	$417K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0127%	8h	91.784	−0.039%	$422	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.905	+0.093%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.818	−0.002%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0362%	1h	91.776	−0.048%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.588%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0501%	4h	91.963	+0.156%	$51K	$275K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0513%	1h	91.780	−0.044%	$4K	$768K	10x	as long as short