Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0137%/8h= +15.1% APRpaid last 24h −0.003%

Price spread now: Phoenix against OKX−0.137%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$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 0.137% cheaper against OKX than usual: you would sell low and buy high (spread −0.137% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 3.3 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.011% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	94.260	0.0158	pay 0.0158% / 8h	7h 47m	$22.8M	$60.3M	50x
Short	Phoenix CRCL	94.131	0.0296	get 0.0037% / 1h	47m 27s	$28K	$92K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.137%Rate

Funding earned: $28.87
Price spread: −0.137% → 0.000%: −$13.69
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$1.81
Costs to cover: 0.170%
Break-even: 7.4 days

Slippage unknown: OKX: live order book, 1 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 OKX live order book, 1 min ago	0.53 bp	7.0 bp −$7	12.7 bp −$127	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.200	−0.064%	$942K	$725K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.280	+0.021%	$15.5M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.280	+0.021%	$7.2M	$26.9M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.241	−0.020%	$64K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.240	−0.021%	$1.0M	$52K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0021%	1h	94.192	−0.072%	$71.6M	$42.3M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.267	+0.007%	$890K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.240	−0.021%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.120	−0.149%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.229	−0.033%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	94.213	−0.050%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.183	−0.082%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.130	−0.138%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.227	−0.034%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.330	+0.074%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.160	−0.106%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.220	−0.042%	$939	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.216	−0.047%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0111%	8h	94.274	+0.015%	$773	$740	5x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0158%	8h	94.260	long leg	$22.8M	$60.3M	50x
Bitget CRCLUSDT	+0.0170%	8h	94.270	+0.011%	$16.9M	$35.1M	25x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.210	−0.053%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0200%	4h	94.169	−0.096%	$24K	$268K	10x	as long as short
Nado CRCL-PERP	+0.0218%	1h	94.199	−0.064%	$132K	$76K	3x	as long as short
Binance CRCLUSDT	+0.0226%	8h	94.277	+0.018%	$109.2M	$389.3M	50x	as long as short
Aster CRCLUSDT	+0.0229%	8h	94.277	+0.018%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.242	−0.019%	$1.1M	$4.2M	10x	as long as short
Phoenix CRCLshort	+0.0296%	1h	94.131	−0.137%	$28K	$92K	10x
Lighter CRCL	+0.0296%	1h	94.278	+0.019%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0352%	8h	94.220	−0.042%	$1.1M	$559K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.570	+0.329%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0493%	1h	94.230	−0.032%	$4K	$772K	10x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.210	−0.053%	$96K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.262	+0.002%	$430K	$303K	10x	as long as short