Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.043%

Price spread now: KuCoin against Phemex−0.044%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$184as in the Price arb table

costs, in and out, $10k−$1791.787% of the position

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.320%+$32 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.044%, 7d avg +0.005%

Together, before fees+0.440%+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.048% cheaper against Phemex than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.005%). If the spread goes back, that is −$5 on $10k: about 39 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.740	0	get 0.0000% / 4h	1h 23m	$1.0M	$49K	10x
Short	KuCoin CRCLUSDTM	91.700	0.0100	get 0.0100% / 8h	5h 23m	$2.8M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.044%Rate

Funding earned: $21
Price spread: −0.044% → +0.005%: −$4.82
Slippage, 4 orders: −$154.69
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$162.51
Costs to cover: 1.787%
Break-even: 61.2 days

Slippage from Phemex: live order book, 5 min ago; KuCoin: live order book, 4 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, 5 min ago	2.18 bp	41.1 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	2.18 bp	29.6 bp −$30	doesn't fit	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	−0.1299%	8h	91.820	+0.087%	$15.9M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.520	−0.240%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.470	−0.294%	$903K	$518K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.756	+0.017%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.770	+0.033%	$104.6M	$385.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.800	+0.065%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.809	+0.075%	$419K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.800	+0.065%	$7.1M	$26.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.576	−0.179%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.605	−0.147%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDTlong	0.0000%	4h	91.740	long leg	$1.0M	$49K	10x
Aster CRCLUSDT	+0.0001%	8h	91.751	+0.012%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0006%	8h	91.760	+0.022%	$21.5M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0019%	1h	91.652	−0.096%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.810	+0.076%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.786	+0.050%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.640	−0.109%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.699	−0.045%	$68.5M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.730	−0.011%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.740	0.000%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.550	−0.207%	$974K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0071%	8h	91.819	+0.086%	$753	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.770	+0.033%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	91.700	−0.044%	$2.8M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.600	−0.153%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.720	−0.022%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.745	+0.006%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.760	+0.022%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0183%	1h	91.546	−0.211%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0194%	1h	91.764	+0.026%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0224%	1h	91.793	+0.058%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0300%	4h	91.627	−0.123%	$23K	$248K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.180	+0.480%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0623%	1h	91.770	+0.033%	$4K	$767K	10x	as long as short