Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0175%/8h= +19.2% APRpaid last 24h +0.009%

Price spread now: Phoenix against Binance+0.107%115s7-day average — · you sell dearer than you buy

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.107% dearer against Binance than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 115 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CRCLUSDT	91.560	0.0035	pay 0.0035% / 8h	2h 47m	$104.3M	$393.5M	50x
Short	Phoenix CRCL	91.658	0.0210	get 0.0026% / 1h	47m 37s	$27K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.107%Rate

Funding earned: $36.73
Price spread: +0.107% → 0.000%: $10.7
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $30.44
Costs to cover: 0.170%
Break-even: 1.2 days

Slippage unknown: Binance: live order book, 11 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 Binance live order book, 11 min ago	0.55 bp	6.5 bp −$6	10.7 bp −$107	34.7 bp −$3,474	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	−0.0751%	8h	91.630	+0.076%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.310	−0.273%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.560	0.000%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.590	+0.033%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.669	+0.119%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.660	+0.109%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0024%	8h	91.595	+0.038%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.610	+0.055%	$975K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.535	−0.027%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDTlong	+0.0035%	8h	91.560	long leg	$104.3M	$393.5M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.600	+0.044%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	91.624	+0.070%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.640	+0.087%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.632	+0.079%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.540	−0.022%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.560	0.000%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.175%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0078%	1h	91.553	−0.008%	$68.1M	$42.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.570	+0.011%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.566	+0.007%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.590	+0.033%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.600	+0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.660	+0.109%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.650	+0.098%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.680	+0.131%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0116%	8h	91.590	+0.033%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.570	+0.011%	$417K	$295K	10x	as long as short
BloFin CRCL-USDT	+0.0138%	8h	91.620	+0.066%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCLshort	+0.0210%	1h	91.658	+0.107%	$27K	$82K	10x
Deribit CRCL_USDC-PERPETUAL	+0.0296%	1h	91.640	+0.087%	$4K	$768K	10x	as long as short
Lighter CRCL	+0.0304%	1h	91.602	+0.046%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0348%	1h	91.555	−0.006%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.535%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0927%	4h	91.615	+0.060%	$52K	$278K	10x	as long as short