Funding you earn now, next payment 06:00 UTC−0.0236%/8h= −25.8% APRpaid last 24h −0.027%
Price spread now: Bybit against Phoenix−0.052%95s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.011%−$1 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.052% cheaper against Phoenix than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.011% in total (about -0.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix CRCL | 91.548 | 0.0245 | pay 0.0031% / 1h | 57m 52s | $27K | $74K | 10x |
| Short | Bybit CRCLUSDT | 91.500 | 0.0009 | get 0.0009% / 8h | 57m 52s | $14.8M | $26.6M | 50x |
Phoenix CRCL
Bybit CRCLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$49.52
- Price spread: −0.052% → 0.000%
- −$5.24
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$72.77
- Costs to cover
- 0.180%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 1 min ago. 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 Bybit live order book, 1 min ago | 1.09 bp | 10.8 bp −$11 | 17.8 bp −$178 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget CRCLUSDT | −0.0348% | 8h | 91.570 | +0.024% | $17.6M | $37.0M | 25x | as long as short |
| Vest CRCL-USD-PERP | −0.0081% | 1h | 91.180 | −0.402% | — | $31K | 25x | as long as short |
| Gate CRCL_USDT | 0.0000% | 8h | 91.550 | +0.002% | $7.8M | $27.2M | 50x | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 91.510 | −0.042% | $1.0M | $48K | 10x | as long as short |
| edgeX CRCLUSDC | +0.0006% | 4h | 91.614 | +0.072% | $52K | $278K | 10x | as long as short |
| Bybit CRCLUSDTshort | +0.0009% | 8h | 91.500 | −0.052% | $14.8M | $26.6M | 50x | |
| Aftermath Perps CRCLUSD | +0.0039% | 1h | 91.522 | −0.029% | $2K | $28K | 5x | as long as short |
| Lighter RH CRCL | +0.0040% | 1h | 91.517 | −0.034% | $978K | $2.6M | 10x | as long as short |
| Arcus CRCL-USD | +0.0040% | 1h | 91.540 | −0.009% | $95K | $289K | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 91.455 | −0.102% | $46K | $3K | 10x | as long as short |
Bitget CRCLUSDT
Vest CRCL-USD-PERP
Gate CRCL_USDT
Phemex CRCLUSDT
edgeX CRCLUSDC
Aftermath Perps CRCLUSD
Lighter RH CRCL
Arcus CRCL-USD
SoDEX CRCL-USDShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 91.390 | −0.173% | $1.1M | $5.0M | 10x | as long as short |
| Variational Omni CRCL | +0.0057% | 8h | 91.499 | −0.054% | $2.4M | $3.2M | — | as long as short |
| QFEX CRCL-USD | +0.0071% | 1h | 91.460 | −0.096% | $1.3M | $1.8M | 10x | as long as short |
| Coinbase International CRCL-PERP-INTX | +0.0088% | 1h | 91.400 | −0.162% | $890K | $420K | 10x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 91.467 | −0.089% | $134K | $159K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 91.570 | +0.024% | $2.7M | $1.7M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 91.440 | −0.118% | $67K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 91.490 | −0.063% | $912 | $2K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 91.496 | −0.057% | $4 | — | 10x | as long as short |
| Aster CRCLUSDT | +0.0142% | 8h | 91.536 | −0.013% | $1.0M | $5.0M | 20x | as long as short |
| Binance CRCLUSDT | +0.0157% | 8h | 91.490 | −0.063% | $105.1M | $395.3M | 50x | as long as short |
| Extended CRCL_24_5-USD | +0.0160% | 1h | 91.484 | −0.069% | $1.0M | $5.0M | 10x | as long as short |
| Paradex CRCL-USD-PERP | +0.0186% | 8h | 91.439 | −0.119% | $421 | $905 | 5x | as long as short |
| tradeXYZ xyz:CRCL | +0.0212% | 1h | 91.445 | −0.113% | $67.7M | $44.2M | 10x | as long as short |
| GRVT CRCL_USDT_Perp | +0.0226% | 8h | 91.550 | +0.002% | $64K | $1.1M | 10x | as long as short |
| OKX CRCL-USDT-SWAP | +0.0241% | 8h | 91.510 | −0.042% | $22.3M | $62.1M | 50x | as long as short |
| Phoenix CRCLlong | +0.0245% | 1h | 91.548 | long leg | $27K | $74K | 10x | |
| Lighter CRCL | +0.0272% | 1h | 91.500 | −0.052% | $2.9M | $2.3M | 10x | as long as short |
| Polymarket Perps CRCL-USD | +0.0272% | 1h | 91.456 | −0.100% | $383K | $1.3M | 10x | as long as short |
| BloFin CRCL-USDT | +0.0275% | 8h | 91.460 | −0.096% | $1.1M | $1.7M | 20x | as long as short |
| Injective CRCL/USDC PERP | +0.0440% | 1h | 91.980 | +0.472% | $5K | $19K | 30x | as long as short |
| Nado CRCL-PERP | +0.0449% | 1h | 91.366 | −0.199% | $134K | $109K | 3x | as long as short |
| RISEx CRCL/USDC | +0.0466% | 1h | 91.469 | −0.086% | $418K | $265K | 10x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.0516% | 1h | 91.480 | −0.074% | $5K | $769K | 10x | as long as short |
Ondo Perps CRCL-USD.P
Variational Omni CRCL
QFEX CRCL-USD
Coinbase International CRCL-PERP-INTX
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
Aster CRCLUSDT
Binance CRCLUSDT
Extended CRCL_24_5-USD
Paradex CRCL-USD-PERP
tradeXYZ xyz:CRCL
GRVT CRCL_USDT_Perp
OKX CRCL-USDT-SWAP
Lighter CRCL
Polymarket Perps CRCL-USD
BloFin CRCL-USDT
Injective CRCL/USDC PERP
Nado CRCL-PERP
RISEx CRCL/USDC
Deribit CRCL_USDC-PERPETUAL