Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against Orderly+0.055%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.055% dearer against Orderly than usual: you sell high and buy low (spread +0.055% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	91.340	0.0100	pay 0.0100% / 8h	34m 41s	$911	$1K	10x
Short	Phemex CRCLUSDT	91.390	0	get 0.0000% / 4h	34m 41s	$1.0M	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Orderly. 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 OrderlybpFee PhemexbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$21
Price spread: +0.055% → 0.000%: $5.47
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$33.53
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Phemex: live order book, 3 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	1.64 bp	37.4 bp −$37	doesn't fit	doesn't fit	doesn't fit

Orderly: 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	−0.0247%	8h	91.510	+0.186%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.140	−0.219%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.420	+0.088%	$7.8M	$27.3M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.390	+0.055%	$1.0M	$48K	10x
Bybit CRCLUSDT	+0.0025%	8h	91.380	+0.044%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.385	+0.049%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.519	+0.196%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.490	+0.164%	$97K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.380	+0.044%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	−0.033%	$1.1M	$4.8M	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	91.360	+0.022%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	+0.066%	$890K	$403K	10x	as long as short
Variational Omni CRCL	+0.0097%	8h	91.457	+0.128%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.360	+0.022%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.360	+0.022%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.460	+0.131%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.340	long leg	$911	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.386	+0.050%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0116%	1h	91.313	−0.030%	$67.6M	$43.9M	10x	as long as short
edgeX CRCLUSDC	+0.0124%	4h	91.531	+0.210%	$52K	$275K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0157%	1h	91.350	+0.011%	$379K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0163%	8h	91.338	−0.003%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0167%	8h	91.403	+0.069%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0183%	8h	91.387	+0.052%	$105.0M	$389.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.363	+0.025%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.689	+0.382%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.730	+0.427%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0258%	8h	91.430	+0.099%	$22.3M	$61.7M	50x	as long as short
Lighter CRCL	+0.0264%	1h	91.393	+0.058%	$2.9M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0302%	8h	91.370	+0.033%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0407%	1h	91.350	+0.011%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0425%	1h	91.365	+0.028%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.734%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.391	+0.055%	$413K	$273K	10x	as long as short