Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.049%

Price spread now: Phemex against Gate−0.077%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1201.200% of the position

Long on Gate Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.274%−$27 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.077%, 7d avg −0.025%

Together, before fees−0.223%−$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.051% cheaper against Gate than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CRCL_USDT	91.410	0	get 0.0000% / 8h	1h 41m	$7.8M	$27.4M	50x
Short	Phemex CRCLUSDT	91.340	0	get 0.0000% / 4h	1h 41m	$1.0M	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Gate. 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 GatebpFee PhemexbpOrdersPrice spread, now −0.077%Rate

Funding earned: $0
Price spread: −0.077% → −0.025%: −$5.12
Slippage, 4 orders: −$93.03
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$125.15
Costs to cover: 1.200%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Phemex: live order book, 1 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 Gate live order book, 2 min ago	2.73 bp	16.7 bp −$17	33.3 bp −$333	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.64 bp	39.5 bp −$40	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	−0.0721%	8h	91.470	+0.066%	$17.4M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0086%	1h	91.080	−0.361%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.360	−0.055%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDTlong	0.0000%	8h	91.410	long leg	$7.8M	$27.4M	50x
Variational Omni CRCL	0.0000%	8h	91.309	−0.110%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.340	−0.077%	$1.0M	$48K	10x
Aftermath Perps CRCLUSD	+0.0040%	1h	91.298	−0.123%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.330	−0.088%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.323	−0.095%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	−0.109%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.310	−0.109%	$889K	$604K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.350	−0.066%	$1.3M	$1.8M	10x	as long as short
Lighter RH CRCL	+0.0072%	1h	91.359	−0.056%	$976K	$2.7M	10x	as long as short
Aster CRCLUSDT	+0.0080%	8h	91.386	−0.027%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0093%	8h	91.370	−0.044%	$104.5M	$397.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0096%	1h	91.341	−0.076%	$1.0M	$5.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.330	−0.088%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.350	−0.066%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.350	−0.066%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.330	−0.088%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.350	−0.066%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0116%	1h	91.299	−0.121%	$67.6M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0151%	1h	91.339	−0.078%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0168%	8h	91.322	−0.096%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.384	−0.029%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0189%	8h	91.380	−0.033%	$22.2M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0212%	8h	91.360	−0.055%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.381	−0.032%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.368	−0.046%	$416K	$268K	10x	as long as short
Lighter CRCL	+0.0304%	1h	91.363	−0.051%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0407%	1h	91.330	−0.088%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0430%	1h	91.270	−0.153%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.800	+0.427%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0765%	4h	91.348	−0.068%	$52K	$278K	10x	as long as short