Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0740%/8h= −81.0% APRpaid last 24h +0.056%

Price spread now: Bitget against Phemex+0.066%46s7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$920.922% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.372%+$37 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now +0.066%, 7d avg +0.038%

Together, before fees+0.331%+$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.028% dearer against Phemex than usual: you sell high and buy low (spread +0.066% now, against its 7-day average of +0.038%): +$3 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 3 hours. Mind the row above: over the last 7 days funding on this pair paid +0.372%, so the current rate has only just turned against you. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.372% in total (about 19.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.470	0	get 0.0000% / 4h	1h 53m	$1.0M	$48K	10x
Short	Bitget CRCLUSDT	91.530	−0.0740	pay 0.0740% / 8h	1h 53m	$17.4M	$37.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$155.4
Price spread: +0.066% → +0.038%: $2.78
Slippage, 4 orders: −$68.21
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$244.83
Costs to cover: 0.922%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bitget: live order book, 5 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, 4 min ago	1.64 bp	33.2 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	1.63 bp	11.3 bp −$11	15.7 bp −$157	58.6 bp −$5,859	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 CRCLUSDTshort	−0.0740%	8h	91.530	+0.066%	$17.4M	$37.0M	25x
Vest CRCL-USD-PERP	−0.0083%	1h	91.160	−0.339%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.440	−0.033%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.490	+0.022%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.489	+0.021%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.470	long leg	$1.0M	$48K	10x
Aftermath Perps CRCLUSD	+0.0040%	1h	91.435	−0.039%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.460	−0.011%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.419	−0.056%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.360	−0.120%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.470	0.000%	$891K	$605K	10x	as long as short
edgeX CRCLUSDC	+0.0056%	4h	91.472	+0.002%	$52K	$277K	10x	as long as short
Aster CRCLUSDT	+0.0063%	8h	91.452	−0.020%	$1.0M	$5.1M	20x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.460	−0.011%	$1.3M	$1.8M	10x	as long as short
Binance CRCLUSDT	+0.0077%	8h	91.410	−0.066%	$104.5M	$397.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.433	−0.040%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.410	−0.066%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.440	−0.033%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.410	−0.066%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.430	−0.044%	$912	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.442	−0.031%	$4	—	10x	as long as short
Lighter RH CRCL	+0.0112%	1h	91.480	+0.011%	$977K	$2.7M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0168%	8h	91.426	−0.048%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0169%	8h	91.480	+0.011%	$65K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0174%	8h	91.460	−0.011%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0194%	8h	91.420	−0.055%	$1.1M	$1.6M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0209%	1h	91.361	−0.119%	$67.7M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0214%	1h	91.392	−0.085%	$383K	$1.3M	10x	as long as short
Phoenix CRCL	+0.0245%	1h	91.554	+0.092%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.460	−0.011%	$416K	$271K	10x	as long as short
Lighter CRCL	+0.0344%	1h	91.478	+0.009%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.503%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0475%	1h	91.304	−0.181%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0626%	1h	91.430	−0.044%	$5K	$769K	10x	as long as short