Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h −0.038%

Price spread now: Phemex against Aftermath Perps+0.221%7-day average — · you sell dearer than you buy

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

Long on Aftermath Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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. Phemex is 0.221% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.221% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 20 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps CRCLUSD	91.348	0.0037	pay 0.0005% / 1h	26m 11s	$2K	$27K	5x
Short	Phemex CRCLUSDT	91.550	0	get 0.0000% / 4h	1h 26m	$1.0M	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aftermath Perps. 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 Aftermath PerpsbpFee PhemexbpOrdersPrice spread, now +0.221%Rate

Funding earned: −$7.82
Price spread: +0.221% → 0.000%: $22.15
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$6.68
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Aftermath Perps: no order-book sample; Phemex: 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	3.82 bp	38.7 bp −$39	doesn't fit	doesn't fit	doesn't fit

Aftermath Perps: 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	−0.0690%	8h	91.660	+0.342%	$17.5M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.280	−0.074%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.640	+0.320%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.630	+0.309%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	+0.023%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.550	+0.221%	$1.0M	$48K	10x
Lighter RH CRCL	+0.0032%	1h	91.586	+0.261%	$978K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSDlong	+0.0037%	1h	91.348	long leg	$2K	$27K	5x
Arcus CRCL-USD	+0.0040%	1h	91.400	+0.057%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.548	+0.219%	$46K	$3K	10x	as long as short

Show 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	91.410	+0.068%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.162%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.550	+0.221%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0076%	1h	91.525	+0.194%	$67.7M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0088%	8h	91.578	+0.253%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.452	+0.114%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.490	+0.156%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.360	+0.013%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.550	+0.221%	$913	$2K	10x	as long as short
Binance CRCLUSDT	+0.0101%	8h	91.618	+0.296%	$104.6M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.539	+0.210%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.575	+0.249%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0128%	1h	91.545	+0.216%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0153%	8h	91.528	+0.197%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	+0.045%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0200%	8h	91.590	+0.265%	$22.3M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0220%	8h	91.470	+0.134%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.318	−0.033%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.562	+0.235%	$417K	$268K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.585	+0.260%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0399%	1h	91.482	+0.147%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	+0.626%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0466%	4h	91.418	+0.077%	$52K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0625%	1h	91.550	+0.221%	$5K	$769K	10x	as long as short