Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0170%/8h= +18.7% APRpaid last 24h +0.012%

Price spread now: Phoenix against Aster−0.067%7-day average — · you buy dearer than you sell

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

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Phoenix is 0.067% cheaper against Aster than usual: you would sell low and buy high (spread −0.067% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 31 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.015% in total) that is about 31 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CRCLUSDT	92.000	0.0012	pay 0.0012% / 8h	3h 45m	$1.1M	$5.0M	20x
Short	Phoenix CRCL	91.939	0.0182	get 0.0023% / 1h	45m 30s	$27K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.067%Rate

Funding earned: $35.79
Price spread: −0.067% → 0.000%: −$6.65
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $14.14
Costs to cover: 0.150%
Break-even: 4.2 days

Slippage unknown: Aster: live order book, 3 min ago; Phoenix: no order-book sample. 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 Aster live order book, 3 min ago	2.17 bp	8.9 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	−0.0696%	8h	91.980	−0.022%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.700	−0.326%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.930	−0.076%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.990	−0.011%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.979	−0.023%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.020	+0.022%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDTlong	+0.0012%	8h	92.000	long leg	$1.1M	$5.0M	20x
Extended CRCL_24_5-USD	+0.0016%	1h	91.894	−0.115%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0017%	8h	91.930	−0.076%	$104.7M	$390.7M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.965	−0.039%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.970	−0.033%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.120%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.874	−0.137%	$68.2M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.903	−0.106%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.948	−0.057%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	−0.109%	$1.0M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.940	−0.065%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0068%	8h	92.019	+0.021%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0070%	8h	91.960	−0.044%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0070%	8h	92.040	+0.043%	$1.1M	$1.3M	20x	as long as short
Lighter RH CRCL	+0.0080%	1h	91.955	−0.049%	$974K	$2.9M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.928	−0.079%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.950	−0.055%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	−0.087%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.960	−0.044%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.948	−0.056%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.940	−0.065%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0132%	8h	91.911	−0.096%	$423	$905	5x	as long as short
Phoenix CRCLshort	+0.0182%	1h	91.939	−0.067%	$27K	$82K	10x
Lighter CRCL	+0.0288%	1h	91.952	−0.052%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0385%	1h	91.856	−0.157%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.550	+0.598%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.910	−0.098%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0529%	4h	92.039	+0.042%	$51K	$277K	10x	as long as short