Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h −0.051%

Price spread now: Phemex against Binance−0.075%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$990.989% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.258%−$26 on $10k

Price spread, last 2 days (all we have)+0.074%+$7 · spread now −0.075%, 7d avg −0.006%

Together, before fees−0.184%−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.069% cheaper against Binance than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CRCLUSDT	92.099	0.0049	pay 0.0049% / 8h	6h 13m	$105.0M	$394.2M	50x
Short	Phemex CRCLUSDT	92.030	0	get 0.0000% / 4h	2h 13m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$10.36
Price spread: −0.075% → −0.006%: −$6.85
Slippage, 4 orders: −$76.92
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$116.13
Costs to cover: 0.989%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; Phemex: live order book, 4 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 Binance live order book, 15 min ago	0.54 bp	5.9 bp −$6	8.7 bp −$87	30.7 bp −$3,073	188.0 bp −$94.0K
Sell Phemex live order book, 4 min ago	0.54 bp	45.8 bp −$46	doesn't fit	doesn't fit	doesn't fit

CRCL on 33 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	−0.0847%	8h	92.140	+0.045%	$16.1M	$35.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0044%	1h	91.810	−0.313%	—	$40K	25x	as long as short
Gate CRCL_USDT	−0.0025%	8h	92.090	−0.009%	$7.1M	$26.8M	50x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.980	−0.129%	$912K	$586K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.120	+0.023%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.001	−0.106%	$420K	$299K	10x	as long as short
Variational Omni CRCL	0.0000%	8h	91.928	−0.185%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	−0.400%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	92.030	−0.075%	$1.0M	$49K	10x
Aftermath Perps CRCLUSD	+0.0024%	1h	91.932	−0.181%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.091	−0.008%	$975K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.920	−0.194%	$93K	$273K	10x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	92.059	−0.043%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDTlong	+0.0049%	8h	92.099	long leg	$105.0M	$394.2M	50x
tradeXYZ xyz:CRCL	+0.0050%	1h	92.021	−0.084%	$69.1M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.978	−0.131%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.029	−0.076%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.970	−0.140%	$999K	$5.5M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0055%	8h	92.110	+0.012%	$21.8M	$60.5M	50x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.980	−0.129%	$1.3M	$2.3M	10x	as long as short
Aster CRCLUSDT	+0.0059%	8h	92.080	−0.020%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0072%	8h	92.016	−0.090%	$755	$740	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0076%	1h	92.040	−0.064%	$4K	$769K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.006	−0.101%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.030	−0.075%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	−0.411%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.030	−0.075%	$918	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.046	−0.057%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0152%	1h	91.943	−0.169%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0200%	1h	92.099	0.000%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.952	−0.159%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.436%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	−0.425%	$23K	$268K	10x	as long as short