Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0227%/8h= −24.9% APRpaid last 24h −0.013%

Price spread now: Gate against Phoenix+0.094%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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Gate is 0.094% dearer against Phoenix than usual: you sell high and buy low (spread +0.094% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 7 days (−0.020% in total) that is about 32 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.020% in total (about -1.1% 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	91.164	0.0227	pay 0.0028% / 1h	10m 39s	$27K	$74K	10x
Short	Gate CRCL_USDT	91.250	0	get 0.0000% / 8h	10m 39s	$7.8M	$27.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.094%Rate

Funding earned: −$47.73
Price spread: +0.094% → 0.000%: $9.43
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$60.29
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	1.64 bp	13.0 bp −$13	25.4 bp −$254	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	−0.0354%	8h	91.280	+0.127%	$17.5M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	90.930	−0.257%	—	$31K	25x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	91.250	+0.094%	$7.8M	$27.9M	50x
Phemex CRCLUSDT	0.0000%	4h	91.230	+0.072%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.222	+0.064%	$982K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.174	+0.010%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.210	+0.050%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.200	+0.039%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	+0.050%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0059%	8h	91.240	+0.083%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.220	+0.061%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.103%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0090%	1h	91.145	−0.021%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.200	+0.039%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.210	+0.050%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.230	+0.072%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.200	+0.039%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.212	+0.053%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	+0.032%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0154%	1h	91.208	+0.048%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0157%	8h	91.198	+0.037%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0191%	8h	91.235	+0.078%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0207%	8h	91.217	+0.058%	$104.7M	$389.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.187	+0.025%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCLlong	+0.0227%	1h	91.164	long leg	$27K	$74K	10x
Lighter CRCL	+0.0240%	1h	91.219	+0.060%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	91.335	+0.188%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0281%	8h	91.280	+0.127%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0327%	8h	91.210	+0.050%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0409%	1h	91.160	−0.004%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0432%	1h	91.152	−0.013%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.632%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.240	+0.083%	$412K	$270K	10x	as long as short
edgeX CRCLUSDC	+0.0610%	4h	91.186	+0.024%	$52K	$271K	10x	as long as short