Funding you earn now, next payment 05:00 UTC+0.0210%/8h= +23.0% APRpaid last 24h +0.027%
Price spread now: Phoenix against Bybit+0.416%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.009%+$1 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 +$6 a day on $10k at the current rate, and Phoenix is 0.416% dearer against Bybit than usual: you sell high and buy low: +$42 more if the spread goes back to zero (this spread has no 7-day history yet).
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.009% in total (about 0.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit CRCLUSDT | 90.770 | 0 | get 0.0000% / 8h | 2h 26m | $14.5M | $26.9M | 50x |
| Short | Phoenix CRCL | 91.148 | 0.0210 | get 0.0026% / 1h | 26m 49s | $27K | $82K | 10x |
Bybit CRCLUSDT
Phoenix CRCLFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $44.03
- Price spread: +0.416% → 0.000%
- $41.64
- Slippage, 4 orders
- no order book: not counted
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $67.68
- Costs to cover
- 0.180%
- Break-even
- from the start
Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago | 0.55 bp | 8.8 bp −$9 | 16.1 bp −$161 | 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 | −0.0928% | 8h | 90.870 | +0.110% | $16.6M | $36.4M | 25x | as long as short |
| Vest CRCL-USD-PERP | −0.0073% | 1h | 90.560 | −0.231% | — | $31K | 25x | as long as short |
| Bybit CRCLUSDTlong | 0.0000% | 8h | 90.770 | long leg | $14.5M | $26.9M | 50x | |
| Gate CRCL_USDT | 0.0000% | 8h | 90.850 | +0.088% | $7.5M | $27.4M | 50x | as long as short |
| Variational Omni CRCL | 0.0000% | 8h | 91.161 | +0.431% | $2.4M | $3.2M | — | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 90.820 | +0.055% | $1.0M | $48K | 10x | as long as short |
| Aster CRCLUSDT | +0.0011% | 8h | 90.829 | +0.065% | $1.0M | $5.1M | 20x | as long as short |
| Binance CRCLUSDT | +0.0024% | 8h | 90.770 | 0.000% | $103.2M | $395.5M | 50x | as long as short |
| Extended CRCL_24_5-USD | +0.0024% | 1h | 90.755 | −0.017% | $1.0M | $5.7M | 10x | as long as short |
| edgeX CRCLUSDC | +0.0027% | 4h | 91.211 | +0.485% | $52K | $278K | 10x | as long as short |
Bitget CRCLUSDT
Vest CRCL-USD-PERP
Gate CRCL_USDT
Variational Omni CRCL
Phemex CRCLUSDT
Aster CRCLUSDT
Binance CRCLUSDT
Extended CRCL_24_5-USD
edgeX CRCLUSDCShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH CRCL | +0.0032% | 1h | 90.819 | +0.054% | $969K | $2.9M | 10x | as long as short |
| Arcus CRCL-USD | +0.0040% | 1h | 91.040 | +0.297% | $93K | $291K | 10x | as long as short |
| Aftermath Perps CRCLUSD | +0.0041% | 1h | 91.073 | +0.334% | $2K | $26K | 5x | as long as short |
| tradeXYZ xyz:CRCL | +0.0050% | 1h | 90.742 | −0.031% | $67.8M | $43.5M | 10x | as long as short |
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 90.770 | 0.000% | $380K | $1.3M | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 90.800 | +0.033% | $46K | $3K | 10x | as long as short |
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 90.840 | +0.077% | $1.0M | $5.1M | 10x | as long as short |
| QFEX CRCL-USD | +0.0054% | 1h | 90.800 | +0.033% | $1.3M | $1.8M | 10x | as long as short |
| Coinbase International CRCL-PERP-INTX | +0.0072% | 1h | 90.800 | +0.033% | $895K | $576K | 10x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.0081% | 1h | 90.750 | −0.022% | $4K | $768K | 10x | as long as short |
| Paradex CRCL-USD-PERP | +0.0090% | 8h | 90.781 | +0.013% | $418 | $905 | 5x | as long as short |
| BloFin CRCL-USDT | +0.0096% | 8h | 90.820 | +0.055% | $1.1M | $1.6M | 20x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 90.814 | +0.049% | $133K | $161K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 90.810 | +0.044% | $2.6M | $1.8M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 91.130 | +0.397% | $67K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 90.790 | +0.022% | $905 | $2K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 90.781 | +0.012% | $4 | — | 10x | as long as short |
| GRVT CRCL_USDT_Perp | +0.0105% | 8h | 91.230 | +0.506% | $62K | $1.1M | 10x | as long as short |
| OKX CRCL-USDT-SWAP | +0.0110% | 8h | 90.820 | +0.055% | $21.9M | $61.7M | 50x | as long as short |
| RISEx CRCL/USDC | +0.0117% | 1h | 90.810 | +0.044% | $413K | $294K | 10x | as long as short |
| Phoenix CRCLshort | +0.0210% | 1h | 91.148 | +0.416% | $27K | $82K | 10x | |
| Lighter CRCL | +0.0216% | 1h | 90.820 | +0.055% | $2.9M | $2.4M | 10x | as long as short |
| Nado CRCL-PERP | +0.0305% | 1h | 90.735 | −0.038% | $132K | $109K | 3x | as long as short |
| Injective CRCL/USDC PERP | +0.0440% | 1h | 91.650 | +0.969% | $5K | $19K | 30x | as long as short |
Lighter RH CRCL
Arcus CRCL-USD
Aftermath Perps CRCLUSD
tradeXYZ xyz:CRCL
Polymarket Perps CRCL-USD
SoDEX CRCL-USD
Ondo Perps CRCL-USD.P
QFEX CRCL-USD
Coinbase International CRCL-PERP-INTX
Deribit CRCL_USDC-PERPETUAL
Paradex CRCL-USD-PERP
BloFin CRCL-USDT
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
GRVT CRCL_USDT_Perp
OKX CRCL-USDT-SWAP
RISEx CRCL/USDC
Lighter CRCL
Nado CRCL-PERP
Injective CRCL/USDC PERP