Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0050%/8hpaid last 24h −0.030%

Price spread now: Phemex against tradeXYZ−0.133%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$950.953% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.189%−$19 on $10k

Price spread, last 3 days (all we have)+0.159%+$16 · spread now −0.133%, 7d avg +0.033%

Together, before fees−0.030%+ Points / potential airdroptradeXYZ: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.166% cheaper against tradeXYZ than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	94.606	0.0050	pay 0.0006% / 1h	56m 36s	$71.1M	$41.7M	10x
Short	Phemex CRCLUSDT	94.480	0	get 0.0000% / 4h	3h 56m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$10.5
Price spread: −0.133% → +0.033%: −$16.59
Slippage, 4 orders: −$65.28
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$122.37
Costs to cover: 0.953%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 7 min ago; Phemex: live order book, just now.

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 tradeXYZ live order book, 7 min ago	1.01 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, just now	1.59 bp	36.0 bp −$36	doesn't fit	doesn't fit	doesn't fit

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
Gate CRCL_USDT	0.0000%	8h	94.750	+0.152%	$7.1M	$26.9M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.480	−0.133%	$1.0M	$49K	10x
Lighter RH CRCL	+0.0032%	1h	94.660	+0.057%	$817K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.300	−0.323%	—	$45K	25x	as long as short
tradeXYZ xyz:CRCLlong	+0.0050%	1h	94.606	long leg	$71.1M	$41.7M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	94.380	−0.239%	$355K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.440	−0.175%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.530	−0.080%	$1.1M	$5.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.294	−0.329%	$2K	$17K	5x	as long as short
QFEX CRCL-USD	+0.0070%	1h	94.760	+0.163%	$1.4M	$2.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0089%	8h	94.740	+0.142%	$15.5M	$25.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.641	+0.037%	$77K	$97K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.530	−0.080%	$2.9M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.290	−0.334%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.490	−0.123%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.470	−0.144%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0107%	8h	94.744	+0.146%	$720	$428	5x	as long as short
Variational Omni CRCL	+0.0125%	8h	94.114	−0.520%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	+0.0125%	8h	94.414	−0.203%	$50K	$1.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0136%	1h	94.300	−0.323%	$942K	$727K	10x	as long as short
Aster CRCLUSDT	+0.0172%	8h	94.603	−0.003%	$1.1M	$4.7M	20x	as long as short
Binance CRCLUSDT	+0.0181%	8h	94.632	+0.027%	$108.8M	$381.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.766	+0.169%	$1.2M	$3.5M	10x	as long as short
edgeX CRCLUSDC	+0.0243%	4h	94.420	−0.196%	$24K	$265K	10x	as long as short
Nado CRCL-PERP	+0.0250%	1h	94.327	−0.294%	$131K	$67K	3x	as long as short
Phoenix CRCL	+0.0254%	1h	94.365	−0.255%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0303%	8h	94.410	−0.207%	$1.1M	$579K	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0303%	8h	94.790	+0.194%	$22.9M	$59.9M	50x	as long as short
Lighter CRCL	+0.0304%	1h	94.700	+0.099%	$3.0M	$2.2M	10x	as long as short
RISEx CRCL/USDC	+0.0344%	1h	94.790	+0.194%	$421K	$302K	10x	as long as short
Bitget CRCLUSDT	+0.0436%	8h	94.800	+0.205%	$17.0M	$34.7M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.470	+0.913%	$5K	$20K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0598%	1h	94.450	−0.165%	$4K	$802K	10x	as long as short
Arcus CRCL-USD	+0.0746%	1h	94.780	+0.184%	$101K	$261K	10x	as long as short