Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.032%

Price spread now: BloFin against Phoenix+0.038%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.234%+$23 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and BloFin is 0.038% dearer against Phoenix than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	94.424	0.0296	pay 0.0037% / 1h	21m 53s	$28K	$92K	10x
Short	BloFin CRCL-USDT	94.460	0.0305	get 0.0305% / 8h	7h 21m	$1.1M	$561K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phoenix. 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 PhoenixbpFee BloFinbpOrdersPrice spread, now +0.038%Rate

Funding earned: $2.02
Price spread: +0.038% → 0.000%: $3.81
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$13.17
Costs to cover: 0.190%
Break-even: 52.7 days

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, just now. Net counts fees only.

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 Phoenix no order-book sample	—	—	—	—	—
Sell BloFin live order book, just now	1.06 bp	7.9 bp −$8	14.6 bp −$146	43.2 bp −$4,320	doesn't fit

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.227%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.370	−0.057%	$15.5M	$25.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.400	−0.025%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.506	+0.087%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.390	−0.036%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0026%	8h	94.390	−0.036%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.366	−0.061%	$888K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	94.348	−0.081%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.390	−0.036%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.270	−0.163%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.322	−0.108%	$71.7M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.340	−0.089%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.357	−0.071%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.380	−0.047%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.391	−0.035%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	−0.004%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.410	−0.015%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.370	−0.057%	$941	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0103%	8h	94.401	−0.025%	$774	$740	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.375	−0.052%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0117%	8h	94.489	+0.069%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0146%	8h	94.380	−0.047%	$22.8M	$59.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.369	−0.059%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0185%	8h	94.377	−0.050%	$109.4M	$386.0M	50x	as long as short
Aster CRCLUSDT	+0.0190%	8h	94.418	−0.006%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0226%	1h	94.311	−0.119%	$132K	$76K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.360	−0.068%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.373	−0.054%	$3.0M	$2.2M	10x	as long as short
edgeX CRCLUSDC	+0.0294%	4h	94.484	+0.064%	$24K	$268K	10x	as long as short
Phoenix CRCLlong	+0.0296%	1h	94.424	long leg	$28K	$92K	10x
BloFin CRCL-USDTshort	+0.0305%	8h	94.460	+0.038%	$1.1M	$561K	20x
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.494%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.420	−0.004%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.368	−0.059%	$430K	$299K	10x	as long as short