Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.034%

Price spread now: Phemex against Bybit−0.055%7-day average −0.026% · 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−$97as in the Price arb table

costs, in and out, $10k−$940.939% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.282%−$28 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.055%, 7d avg −0.026%

Together, before fees−0.266%−$27 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 0.028% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	91.740	0.0021	pay 0.0021% / 8h	46m 04s	$14.8M	$26.4M	50x
Short	Phemex CRCLUSDT	91.690	0	get 0.0000% / 4h	46m 04s	$1.0M	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$4.32
Price spread: −0.055% → −0.026%: −$2.84
Slippage, 4 orders: −$70.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$101.06
Costs to cover: 0.939%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Phemex: live order book, 2 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 Bybit live order book, 3 min ago	1.09 bp	9.5 bp −$10	17.3 bp −$173	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.18 bp	38.7 bp −$39	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
Bitget CRCLUSDT	−0.0315%	8h	91.760	+0.022%	$17.6M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.440	−0.327%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.770	+0.033%	$7.8M	$27.3M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.690	−0.055%	$1.0M	$48K	10x
Bybit CRCLUSDTlong	+0.0021%	8h	91.740	long leg	$14.8M	$26.4M	50x
Lighter RH CRCL	+0.0032%	1h	91.764	+0.026%	$981K	$2.6M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.630	−0.120%	$97K	$292K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.607	−0.145%	$2K	$28K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.720	−0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.630	−0.120%	$1.1M	$5.0M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.720	−0.022%	$1.3M	$1.8M	10x	as long as short
Variational Omni CRCL	+0.0072%	8h	91.477	−0.287%	$2.4M	$3.3M	—	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.371%	$890K	$415K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.710	−0.033%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.680	−0.065%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.570	−0.185%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.720	−0.022%	$914	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.727	−0.014%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0137%	1h	91.675	−0.071%	$67.9M	$43.8M	10x	as long as short
Aster CRCLUSDT	+0.0155%	8h	91.684	−0.061%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	91.715	−0.028%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0170%	8h	91.740	0.000%	$105.4M	$390.3M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0175%	8h	91.716	−0.026%	$422	$905	5x	as long as short
Polymarket Perps CRCL-USD	+0.0198%	1h	91.718	−0.024%	$380K	$1.3M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.412	−0.358%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0236%	8h	91.520	−0.240%	$69K	$1.1M	10x	as long as short
Lighter CRCL	+0.0240%	1h	91.749	+0.010%	$2.9M	$2.3M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0254%	8h	91.740	0.000%	$22.3M	$61.8M	50x	as long as short
BloFin CRCL-USDT	+0.0288%	8h	91.750	+0.011%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0418%	1h	91.655	−0.093%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.150	+0.447%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.770	+0.032%	$412K	$271K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0623%	1h	91.750	+0.011%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0824%	4h	91.524	−0.235%	$52K	$277K	10x	as long as short