Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.064%

Price spread now: Phemex against Phoenix−0.087%7-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 Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.297%−$30 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 −$6 a day on $10k at the current rate, and Phemex is 0.087% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	92.631	0.0199	pay 0.0025% / 1h	12m 26s	$27K	$66K	10x
Short	Phemex CRCLUSDT	92.550	0	get 0.0000% / 4h	2h 12m	$1.0M	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$41.71
Price spread: −0.087% → 0.000%: −$8.74
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$69.46
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Phemex: 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 Phemex live order book, 3 min ago	2.16 bp	39.3 bp −$39	doesn't fit	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
Vest CRCL-USD-PERP	−0.0021%	1h	92.450	−0.195%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.610	−0.023%	$15.0M	$25.2M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.600	−0.033%	$18.1M	$33.8M	25x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	92.550	−0.087%	$1.0M	$45K	10x
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.490	−0.152%	$856K	$700K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.616	−0.016%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.515	−0.125%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.572	−0.064%	$67.7M	$40.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.630	−0.001%	$381K	$850K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.596	−0.038%	$46K	$3K	10x	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	92.520	−0.120%	$1.1M	$3.8M	10x	as long as short
Gate CRCL_USDT	+0.0074%	8h	92.670	+0.042%	$7.4M	$25.9M	50x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.610	−0.023%	$1.3M	$1.6M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.590	−0.044%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.570	−0.066%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.330	−0.325%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.600	−0.033%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.631	0.000%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0109%	8h	92.610	−0.023%	$426	$477	5x	as long as short
Phoenix CRCLlong	+0.0199%	1h	92.631	long leg	$27K	$66K	10x
Lighter CRCL	+0.0248%	1h	92.665	+0.037%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0281%	8h	92.555	−0.082%	$2.5M	$3.3M	—	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0290%	1h	92.610	−0.023%	$5K	$470K	10x	as long as short
Nado CRCL-PERP	+0.0315%	1h	92.459	−0.186%	$151K	$112K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0328%	8h	92.620	−0.012%	$22.8M	$57.1M	50x	as long as short
Aster CRCLUSDT	+0.0357%	8h	92.560	−0.077%	$1.1M	$4.5M	20x	as long as short
Extended CRCL_24_5-USD	+0.0360%	1h	92.590	−0.044%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0363%	8h	92.608	−0.025%	$107.0M	$359.7M	50x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.590	−0.044%	$93K	$229K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.584%	$38K	$172K	30x	as long as short
edgeX CRCLUSDC	+0.0473%	4h	92.559	−0.078%	$53K	$270K	10x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.645	+0.015%	$411K	$241K	10x	as long as short
BloFin CRCL-USDT	+0.0482%	8h	92.600	−0.033%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0722%	8h	92.474	−0.170%	$70K	$1.0M	10x	as long as short