Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.031%

Price spread now: Aevo against Phemex−0.006%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Aevo

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.230	0	get 0.0000% / 4h	8m 44s	$1.0M	$48K	10x
Short	Aevo CRCL-PERP	91.225	0.0104	get 0.0013% / 1h	8m 44s	$4	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.006%Rate

Funding earned: $21.84
Price spread: −0.006% → 0.000%: −$0.57
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$6.73
Costs to cover: 0.280%
Break-even: 9.2 days

Slippage unknown: Phemex: live order book, 4 min ago; Aevo: 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 Phemex live order book, 4 min ago	1.10 bp	44.1 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	−0.0354%	8h	91.260	+0.033%	$17.3M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0081%	1h	90.930	−0.329%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.240	+0.011%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.230	long leg	$1.0M	$48K	10x
Lighter RH CRCL	+0.0032%	1h	91.217	−0.014%	$982K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.179	−0.056%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.200	−0.033%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.180	−0.055%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	−0.088%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0061%	8h	91.230	0.000%	$14.8M	$26.5M	50x	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	91.220	−0.011%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.175%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0090%	1h	91.127	−0.113%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.180	−0.055%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.210	−0.022%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	−0.121%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.210	−0.022%	$909	$1K	10x	as long as short
Aevo CRCL-PERPshort	+0.0104%	1h	91.225	−0.006%	$4	—	10x
Variational Omni CRCL	+0.0128%	8h	91.194	−0.040%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0154%	1h	91.201	−0.032%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0158%	8h	91.189	−0.045%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0195%	8h	91.221	−0.010%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.179	−0.056%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0210%	8h	91.190	−0.044%	$104.7M	$389.3M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.187	−0.047%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.218	−0.013%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0250%	8h	91.217	−0.014%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0284%	8h	91.220	−0.011%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0329%	8h	91.200	−0.033%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0435%	1h	91.122	−0.118%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.559%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.227	−0.003%	$412K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0628%	1h	91.190	−0.044%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0810%	4h	91.207	−0.025%	$52K	$269K	10x	as long as short