Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.011%

Price spread now: Phoenix against Gate−0.061%77s7-day average — · you buy dearer than you sell

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

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.061% cheaper against Gate than usual: you would sell low and buy high (spread −0.061% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 33 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.015% in total) that is about 29 days. The two prices were read 77 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	Gate CRCL_USDT	91.730	0	get 0.0000% / 8h	4h 39m	$7.2M	$27.0M	50x
Short	Phoenix CRCL	91.674	0.0148	get 0.0018% / 1h	39m 58s	$27K	$83K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.061%Rate

Funding earned: $31.02
Price spread: −0.061% → 0.000%: −$6.1
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $2.91
Costs to cover: 0.220%
Break-even: 6.3 days

Slippage unknown: Gate: live order book, 4 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 Gate live order book, 4 min ago	2.72 bp	14.6 bp −$15	24.7 bp −$247	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	−0.0970%	8h	91.730	0.000%	$16.2M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.490	−0.262%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.683	−0.051%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.631	−0.108%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.640	−0.098%	$104.5M	$388.2M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.660	−0.076%	$14.9M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.776	+0.050%	$418K	$299K	10x	as long as short
Gate CRCL_USDTlong	0.0000%	8h	91.730	long leg	$7.2M	$27.0M	50x
Variational Omni CRCL	0.0000%	8h	91.678	−0.057%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.820	+0.098%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.690	−0.044%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0015%	8h	91.650	−0.087%	$22.0M	$60.6M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.700	−0.033%	$905K	$490K	10x	as long as short
edgeX CRCLUSDC	+0.0023%	4h	91.866	+0.149%	$51K	$275K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.750	+0.022%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0029%	1h	91.744	+0.016%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.662	−0.074%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	+0.218%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.600	−0.142%	$68.3M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.723	−0.008%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.635	−0.104%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.750	+0.022%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0088%	8h	91.713	−0.018%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.730	0.000%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.620	−0.120%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	+0.011%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.720	−0.011%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.722	−0.008%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.670	−0.065%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCLshort	+0.0148%	1h	91.674	−0.061%	$27K	$83K	10x
Lighter CRCL	+0.0192%	1h	91.680	−0.055%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0304%	1h	91.644	−0.094%	$130K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.190	+0.501%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0514%	1h	91.750	+0.022%	$4K	$767K	10x	as long as short