Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.027%

Price spread now: tradeXYZ against Phemex−0.004%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$1131.130% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$20 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now −0.004%, 7d avg −0.033%

Together, before fees+0.238%+ Points / potential airdroptradeXYZ: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and tradeXYZ is 0.029% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	92.160	0	get 0.0000% / 4h	1h 00m	$1.0M	$49K	10x
Short	tradeXYZ xyz:CRCL	92.156	0.0050	get 0.0006% / 1h	0m 39s	$68.7M	$41.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.004%Rate

Funding earned: $10.5
Price spread: −0.004% → −0.033%: $2.91
Slippage, 4 orders: −$82.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$99.57
Costs to cover: 1.130%
Break-even: 73.4 days

Slippage from Phemex: live order book, 2 min ago; tradeXYZ: live order book, 9 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	2.71 bp	43.6 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 9 min ago	1.19 bp	10.7 bp −$11	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	−0.1001%	8h	92.240	+0.087%	$16.2M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	91.930	−0.250%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.080	−0.087%	$908K	$501K	10x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.169	+0.009%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.183	+0.025%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.185	+0.027%	$105.1M	$386.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.220	+0.065%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.208	+0.052%	$421K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.230	+0.076%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.126	−0.037%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CRCL_USDT_Perp	0.0000%	8h	92.034	−0.136%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	92.160	long leg	$1.0M	$49K	10x
OKX CRCL-USDT-SWAP	+0.0006%	8h	92.200	+0.043%	$21.6M	$59.9M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	92.039	−0.131%	$2K	$24K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.180	+0.022%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.221	+0.066%	$978K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.050	−0.119%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0050%	1h	92.156	−0.004%	$68.7M	$41.4M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	92.112	−0.052%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.117	−0.047%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.020	−0.152%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0081%	8h	92.203	+0.046%	$756	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.199	+0.043%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.160	0.000%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.000	−0.174%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.120	−0.043%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.150	−0.010%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	92.180	+0.022%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0183%	1h	92.176	+0.017%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0208%	1h	92.219	+0.064%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0218%	1h	92.147	−0.014%	$131K	$104K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0401%	1h	92.170	+0.011%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.401%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0747%	4h	91.992	−0.182%	$23K	$249K	10x	as long as short