Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.078%

Price spread now: Arcus against Phemex−0.087%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1091.094% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.110%+$11 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.087%, 7d avg −0.052%

Together, before fees+0.175%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.035% cheaper against Phemex than usual: you would sell low and buy high (spread −0.087% now, against its 7-day average of −0.052%). If the spread goes back, that is −$4 on $10k: about 2.9 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.110% in total) that is about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.950	0	get 0.0000% / 4h	3h 14m	$1.0M	$48K	10x
Short	Arcus CRCL-USD	91.870	0.0040	get 0.0005% / 1h	14m 39s	$93K	$272K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.087%Rate

Funding earned: $8.46
Price spread: −0.087% → −0.052%: −$3.53
Slippage, 4 orders: −$92.85
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$104.42
Costs to cover: 1.094%
Break-even: 93.4 days

Slippage from Phemex: live order book, 3 min ago; Arcus: live order book, 39 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 Phemex live order book, 3 min ago	1.63 bp	41.4 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 39 min ago	2.71 bp	10.4 bp −$10	11.7 bp −$117	doesn't fit	doesn't fit

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	−0.0682%	8h	91.950	0.000%	$16.6M	$35.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0061%	1h	91.690	−0.283%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.880	−0.076%	$14.8M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.970	+0.022%	$7.3M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.919	−0.034%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.950	long leg	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0018%	8h	91.942	−0.009%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.895	−0.060%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0027%	8h	91.880	−0.076%	$104.7M	$392.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.914	−0.039%	$974K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.884	−0.072%	$2K	$25K	5x	as long as short
Arcus CRCL-USDshort	+0.0040%	1h	91.870	−0.087%	$93K	$272K	10x
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.196%	$911K	$519K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.829	−0.132%	$68.3M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.920	−0.033%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.878	−0.078%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.840	−0.120%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.920	−0.033%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.862	−0.095%	$423	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0092%	8h	91.970	+0.022%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	91.920	−0.033%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.881	−0.075%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.910	−0.044%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.850	−0.109%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.920	−0.033%	$916	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.891	−0.065%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.944	−0.006%	$419K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0107%	8h	91.930	−0.022%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0182%	1h	91.884	−0.072%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0203%	4h	91.943	−0.007%	$51K	$277K	10x	as long as short
Lighter CRCL	+0.0264%	1h	91.885	−0.071%	$3.0M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0295%	1h	91.860	−0.098%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0353%	1h	91.885	−0.071%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.446%	$5K	$19K	30x	as long as short