Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0369%/8h= +40.4% APRpaid last 24h +0.052%

Price spread now: BloFin against Phemex−0.085%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$990.993% of the position

Long on Phemex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.492%+$49 on $10k

Price spread, last 3 days (all we have)+0.090%+$9 · spread now −0.085%, 7d avg +0.013%

Together, before fees+0.582%+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.098% cheaper against Phemex than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of +0.013%). If the spread goes back, that is −$10 on $10k: about 21 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.610	0	get 0.0000% / 4h	12m 25s	$1.0M	$52K	10x
Short	BloFin CRCL-USDT	94.530	0.0369	get 0.0369% / 8h	12m 25s	$1.1M	$599K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.085%Rate

Funding earned: $77.39
Price spread: −0.085% → +0.013%: −$9.77
Slippage, 4 orders: −$75.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$31.68
Costs to cover: 0.993%
Break-even: 9.9 days

Slippage from Phemex: live order book, 5 min ago; BloFin: 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, 5 min ago	1.06 bp	46.7 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.06 bp	9.7 bp −$10	20.3 bp −$203	39.4 bp −$3,944	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
Gate CRCL_USDT	0.0000%	8h	94.520	−0.095%	$7.2M	$27.8M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.610	long leg	$1.0M	$52K	10x
QFEX CRCL-USD	+0.0022%	1h	94.580	−0.032%	$1.4M	$2.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.516	−0.099%	$893K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.106%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.550	−0.063%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.468	−0.150%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.537	−0.077%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.470	−0.148%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0051%	1h	94.568	−0.044%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0097%	8h	94.530	−0.085%	$15.5M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.460	−0.159%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.520	−0.095%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.570	−0.042%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.480	−0.137%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.578	−0.034%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0113%	8h	94.495	−0.121%	$775	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0141%	1h	94.458	−0.161%	$71.6M	$43.6M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0186%	8h	94.500	−0.116%	$22.8M	$60.8M	50x	as long as short
Variational Omni CRCL	+0.0193%	8h	94.671	+0.065%	$2.5M	$3.1M	—	as long as short
Binance CRCLUSDT	+0.0247%	8h	94.490	−0.127%	$109.4M	$390.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	94.472	−0.146%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0248%	8h	94.537	−0.077%	$1.1M	$4.9M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	94.670	+0.063%	$54K	$1.1M	10x	as long as short
Nado CRCL-PERP	+0.0261%	1h	94.388	−0.235%	$132K	$76K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0279%	1h	94.530	−0.085%	$4K	$772K	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.530	−0.085%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0294%	8h	94.480	−0.137%	$16.9M	$35.5M	25x	as long as short
Lighter CRCL	+0.0320%	1h	94.537	−0.077%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDTshort	+0.0369%	8h	94.530	−0.085%	$1.1M	$599K	20x
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+1.004%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0477%	4h	94.619	+0.009%	$24K	$269K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.480	−0.137%	$97K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.495	−0.122%	$431K	$303K	10x	as long as short