Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.032%

Price spread now: Phemex against Aster−0.060%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$970.973% of the position

Long on Aster Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.251%−$25 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.060%, 7d avg −0.020%

Together, before fees−0.208%+ Points / potential airdropAster: Stage 5 · farm board−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.040% cheaper against Aster than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CRCLUSDT	94.737	0.0212	pay 0.0212% / 8h	38m 00s	$1.1M	$4.9M	20x
Short	Phemex CRCLUSDT	94.680	0	get 0.0000% / 4h	38m 00s	$1.0M	$52K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aster. 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 AsterbpFee PhemexbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$44.54
Price spread: −0.060% → −0.020%: −$4.05
Slippage, 4 orders: −$77.32
Fee Aster: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$145.9
Costs to cover: 0.973%
Break-even: never at this rate

Slippage from Aster: live order book, 6 min ago; Phemex: live order book, 5 min ago.

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 Aster live order book, 6 min ago	1.58 bp	7.6 bp −$8	12.6 bp −$126	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.05 bp	38.3 bp −$38	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	94.710	−0.029%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.680	−0.060%	$1.0M	$52K	10x
QFEX CRCL-USD	+0.0022%	1h	94.660	−0.081%	$1.4M	$2.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.240%	$940K	$723K	10x	as long as short
Lighter RH CRCL	+0.0040%	1h	94.734	−0.003%	$894K	$2.9M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.610	−0.134%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.690	−0.050%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.705	−0.034%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.600	−0.145%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.710	−0.028%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.670	−0.071%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.710	−0.029%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.610	−0.134%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.710	−0.029%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.720	−0.018%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0104%	8h	94.720	−0.018%	$15.6M	$25.9M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0132%	8h	94.717	−0.021%	$777	$740	5x	as long as short
Variational Omni CRCL	+0.0139%	8h	94.783	+0.049%	$2.6M	$3.1M	—	as long as short
GRVT CRCL_USDT_Perp	+0.0184%	8h	94.784	+0.049%	$61K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0200%	1h	94.701	−0.038%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0202%	8h	94.716	−0.022%	$109.7M	$389.7M	50x	as long as short
OKX CRCL-USDT-SWAP	+0.0204%	8h	94.700	−0.039%	$22.9M	$60.7M	50x	as long as short
Aster CRCLUSDTlong	+0.0212%	8h	94.737	long leg	$1.1M	$4.9M	20x
tradeXYZ xyz:CRCL	+0.0225%	1h	94.670	−0.071%	$71.1M	$42.9M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.749	+0.012%	$28K	$92K	10x	as long as short
Nado CRCL-PERP	+0.0302%	1h	94.661	−0.080%	$127K	$73K	3x	as long as short
Bitget CRCLUSDT	+0.0314%	8h	94.680	−0.060%	$16.9M	$35.4M	25x	as long as short
BloFin CRCL-USDT	+0.0322%	8h	94.710	−0.029%	$1.1M	$594K	20x	as long as short
Lighter CRCL	+0.0416%	1h	94.750	+0.014%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.869%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.700	−0.039%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.741	+0.004%	$432K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0595%	1h	94.730	−0.008%	$4K	$772K	10x	as long as short
edgeX CRCLUSDC	+0.0967%	4h	94.751	+0.015%	$24K	$267K	10x	as long as short