Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against Pacifica−0.161%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$146as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1251.250% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now −0.161%, 7d avg +0.013%

Together, before fees−0.100%+ Points / potential airdropPacifica: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.174% cheaper against Pacifica than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica CRCL	94.472	0.0100	pay 0.0013% / 1h	3m 21s	$142K	$139K	10x
Short	Phemex CRCLUSDT	94.320	0	get 0.0000% / 4h	1h 03m	$1.0M	$47K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$21
Price spread: −0.161% → +0.013%: −$17.41
Slippage, 4 orders: −$105.02
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$163.43
Costs to cover: 1.250%
Break-even: never at this rate

Slippage from Pacifica: live order book, 42 min ago; Phemex: live order book, 2 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 Pacifica live order book, 42 min ago	8.07 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.70 bp	36.3 bp −$36	doesn't fit	doesn't fit	doesn't fit

CRCL on 34 exchanges

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	−0.0048%	1h	93.800	−0.711%	$856K	$776K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.420	−0.055%	$15.2M	$26.4M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	94.580	+0.114%	$18.6M	$35.6M	25x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.320	−0.161%	$1.0M	$47K	10x
Vest CRCL-USD-PERP	+0.0019%	1h	94.240	−0.245%	—	$30K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0031%	1h	93.097	−1.455%	$2K	$29K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.550	+0.083%	$1.0M	$2.6M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.426	−0.049%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.578	+0.112%	$316K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	93.159	−1.390%	$47K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.440	−0.034%	$1.0M	$4.0M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	94.710	+0.252%	$1.4M	$1.7M	10x	as long as short
Gate CRCL_USDT	+0.0066%	8h	94.530	+0.062%	$7.6M	$25.9M	50x	as long as short
Injective CRCL/USDC PERP	+0.0072%	1h	92.090	−2.521%	$38K	$172K	30x	as long as short
Paradex CRCL-USD-PERP	+0.0076%	8h	94.503	+0.033%	$435	$477	5x	as long as short
Pacifica CRCLlong	+0.0100%	1h	94.472	long leg	$142K	$139K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	94.510	+0.040%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.710	−1.865%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.470	−0.002%	$744	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.991	−0.509%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0194%	8h	92.750	−1.822%	$2.5M	$3.2M	—	as long as short
Phoenix CRCL	+0.0197%	1h	92.750	−1.823%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0211%	8h	94.250	−0.235%	$22.8M	$60.9M	50x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.600	+0.136%	$95K	$208K	10x	as long as short
Extended CRCL_24_5-USD	+0.0256%	1h	94.459	−0.014%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0258%	8h	94.460	−0.013%	$108.3M	$362.4M	50x	as long as short
Nado CRCL-PERP	+0.0268%	1h	94.456	−0.016%	$157K	$101K	3x	as long as short
Lighter CRCL	+0.0272%	1h	94.577	+0.111%	$3.0M	$2.2M	10x	as long as short
Aster CRCLUSDT	+0.0272%	8h	94.520	+0.051%	$1.1M	$4.6M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0312%	8h	92.721	−1.853%	$59K	$988K	10x	as long as short
BloFin CRCL-USDT	+0.0380%	8h	92.770	−1.801%	$1.1M	$1.7M	20x	as long as short
edgeX CRCLUSDC	+0.0438%	4h	92.693	−1.883%	$53K	$269K	10x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	94.243	−0.242%	$419K	$228K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.6658%	1h	94.740	+0.284%	$5K	$415K	10x	as long as short