Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0191%/8h= +20.9% APRpaid last 24h +0.099%

Price spread now: edgeX against Phoenix−0.355%115s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.669%+$67 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.355% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.355% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$36 on $10k: about 6.2 days of funding at the current rate (+$6 a day). The two prices were read 115 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	94.573	0.0197	pay 0.0025% / 1h	57m 30s	$28K	$66K	10x
Short	edgeX CRCLUSDC	94.237	0.0388	get 0.0194% / 4h	57m 30s	$54K	$277K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.355%Rate

Funding earned: $40.11
Price spread: −0.355% → 0.000%: −$35.53
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$11.43
Costs to cover: 0.160%
Break-even: 9.0 days

Slippage unknown: Phoenix: no order-book sample; edgeX: live order book, 48 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 edgeX live order book, 48 min ago	6.46 bp	11.7 bp −$12	24.1 bp −$241	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 exchanges

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	−0.0024%	1h	94.740	+0.177%	$864K	$798K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	96.060	+1.572%	$15.8M	$27.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.944	+1.450%	$426K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	96.140	+1.657%	$19.0M	$37.4M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.970	+0.420%	$1.0M	$47K	10x	as long as short
QFEX CRCL-USD	+0.0014%	1h	95.770	+1.266%	$1.4M	$1.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0030%	1h	95.640	+1.128%	—	$30K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0031%	1h	93.875	−0.738%	$2K	$29K	5x	as long as short
Gate CRCL_USDT	+0.0033%	8h	95.860	+1.361%	$7.8M	$25.5M	50x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	92.090	−2.625%	$38K	$172K	30x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.830	+1.329%	$946K	$4.3M	10x	as long as short
Lighter RH CRCL	+0.0056%	1h	95.769	+1.265%	$1.0M	$2.6M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.970	+1.477%	$98K	$223K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0093%	8h	95.657	+1.146%	$440	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	95.667	+1.156%	$142K	$149K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.490	+0.970%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.440	−0.141%	$88K	$21K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.540	−0.035%	$745	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.701	+0.135%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	94.730	+0.166%	$2.6M	$3.2M	—	as long as short
Phoenix CRCLlong	+0.0197%	1h	94.573	long leg	$28K	$66K	10x
tradeXYZ xyz:CRCL	+0.0203%	1h	95.520	+1.001%	$69.5M	$43.9M	10x	as long as short
Nado CRCL-PERP	+0.0209%	1h	95.874	+1.375%	$156K	$90K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0225%	8h	96.130	+1.646%	$23.6M	$65.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	95.800	+1.297%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0253%	8h	95.960	+1.467%	$111.1M	$379.3M	50x	as long as short
Aster CRCLUSDT	+0.0269%	8h	95.802	+1.300%	$1.2M	$4.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0289%	8h	94.746	+0.183%	$65K	$998K	10x	as long as short
BloFin CRCL-USDT	+0.0372%	8h	94.470	−0.109%	$1.1M	$1.7M	20x	as long as short
edgeX CRCLUSDCshort	+0.0388%	4h	94.237	−0.355%	$54K	$277K	10x
Lighter CRCL	+0.0520%	1h	95.702	+1.194%	$3.3M	$2.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0651%	1h	96.057	+1.569%	$309K	$1.0M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0805%	1h	94.880	+0.325%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.3613%	1h	94.662	+0.094%	$47K	$3K	10x	as long as short