Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0037%/8h= +4.1% APRpaid last 24h +0.038%

Price spread now: Aftermath Perps against Phemex−0.221%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 Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. Aftermath Perps is 0.221% cheaper against Phemex than usual: you would sell low and buy high (spread −0.221% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 20 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.550	0	get 0.0000% / 4h	1h 26m	$1.0M	$48K	10x
Short	Aftermath Perps CRCLUSD	91.348	0.0037	get 0.0005% / 1h	26m 10s	$2K	$27K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps 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 Aftermath PerpsbpOrdersPrice spread, now −0.221%Rate

Funding earned: $7.82
Price spread: −0.221% → 0.000%: −$22.1
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$35.27
Costs to cover: 0.210%
Break-even: 38.6 days

Slippage unknown: Phemex: live order book, 1 min ago; Aftermath Perps: 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, 1 min ago	3.82 bp	33.7 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Aftermath Perps no order-book sample	—	—	—	—	—

Aftermath Perps: 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	−0.0690%	8h	91.680	+0.142%	$17.5M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.280	−0.295%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.680	+0.142%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.660	+0.120%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	−0.198%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.550	long leg	$1.0M	$48K	10x
Lighter RH CRCL	+0.0032%	1h	91.586	+0.039%	$978K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSDshort	+0.0037%	1h	91.348	−0.221%	$2K	$27K	5x
Arcus CRCL-USD	+0.0040%	1h	91.400	−0.164%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.548	−0.002%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.410	−0.153%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.382%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.550	0.000%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0077%	1h	91.574	+0.026%	$67.7M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0088%	8h	91.648	+0.108%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.452	−0.107%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.510	−0.044%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.360	−0.208%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.550	0.000%	$913	$2K	10x	as long as short
Binance CRCLUSDT	+0.0101%	8h	91.666	+0.127%	$104.7M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.539	−0.012%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.575	+0.028%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0128%	1h	91.545	−0.005%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0153%	8h	91.528	−0.024%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	−0.176%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0200%	8h	91.660	+0.120%	$22.3M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0220%	8h	91.470	−0.087%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.318	−0.253%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.562	+0.014%	$417K	$268K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.585	+0.038%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0399%	1h	91.482	−0.074%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	+0.404%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0466%	4h	91.418	−0.144%	$52K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0625%	1h	91.550	0.000%	$5K	$769K	10x	as long as short