Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.034%

Price spread now: Bybit against Phemex+0.066%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1101.098% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now +0.066%, 7d avg +0.027%

Together, before fees+0.271%+$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.039% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.550	0	get 0.0000% / 4h	2h 10m	$1.0M	$48K	10x
Short	Bybit CRCLUSDT	91.610	0	get 0.0000% / 8h	2h 10m	$14.7M	$27.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.066%Rate

Funding earned: $0
Price spread: +0.066% → +0.027%: $3.86
Slippage, 4 orders: −$86.77
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$105.9
Costs to cover: 1.098%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bybit: live order book, 3 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, 2 min ago	0.55 bp	41.5 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.10 bp	10.3 bp −$10	16.8 bp −$168	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	−0.0973%	8h	91.670	+0.131%	$17.2M	$36.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.210	−0.371%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.610	+0.066%	$14.7M	$27.0M	50x
Gate CRCL_USDT	0.0000%	8h	91.630	+0.087%	$7.6M	$27.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.539	−0.012%	$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	91.587	+0.040%	$976K	$2.9M	10x	as long as short
Aster CRCLUSDT	+0.0033%	8h	91.478	−0.079%	$1.0M	$5.1M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.265	−0.312%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.290	−0.284%	$93K	$289K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0048%	8h	91.582	+0.035%	$104.3M	$396.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	91.554	+0.004%	$1.0M	$5.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.509	−0.045%	$68.3M	$43.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.514	−0.039%	$383K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.481	−0.075%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.360	−0.208%	$1.1M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.510	−0.044%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.390	−0.175%	$890K	$604K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.490	−0.066%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.480	−0.076%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.220	−0.360%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.510	−0.044%	$912	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.539	−0.012%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.539	−0.012%	$417K	$284K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0125%	8h	91.505	−0.050%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0125%	8h	91.320	−0.251%	$65K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0140%	8h	91.630	+0.087%	$22.2M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0166%	8h	91.560	+0.011%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.229	−0.351%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0240%	1h	91.591	+0.045%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0323%	1h	91.446	−0.114%	$133K	$108K	3x	as long as short
edgeX CRCLUSDC	+0.0328%	4h	91.321	−0.250%	$52K	$276K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.770	+0.240%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0734%	1h	91.560	+0.011%	$4K	$768K	10x	as long as short