Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.043%

Price spread now: KuCoin against Phemex−0.022%50s7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$146as 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−$1781.781% of the position

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.320%+$32 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.022%, 7d avg +0.004%

Together, before fees+0.396%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.026% cheaper against Phemex than usual: you would sell low and buy high (spread −0.022% now, against its 7-day average of +0.004%). If the spread goes back, that is −$3 on $10k: about 21 hours of funding at the current rate (+$3 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.540	0	get 0.0000% / 4h	34m 22s	$1.0M	$49K	10x
Short	KuCoin CRCLUSDTM	91.520	0.0100	get 0.0100% / 8h	4h 34m	$2.7M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.022%Rate

Funding earned: $21
Price spread: −0.022% → +0.004%: −$2.61
Slippage, 4 orders: −$154.1
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$159.71
Costs to cover: 1.781%
Break-even: 60.2 days

Slippage from Phemex: live order book, 3 min ago; KuCoin: 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, 3 min ago	5.45 bp	49.0 bp −$49	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	1.09 bp	32.1 bp −$32	doesn't fit	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	−0.1024%	8h	91.570	+0.033%	$16.2M	$35.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.260	−0.306%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.543	+0.004%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.467	−0.079%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.493	−0.052%	$104.2M	$388.7M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.510	−0.033%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.492	−0.053%	$416K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.510	−0.033%	$7.2M	$27.1M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.439	−0.110%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.729	+0.207%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDTlong	0.0000%	4h	91.540	long leg	$1.0M	$49K	10x
OKX CRCL-USDT-SWAP	+0.0013%	8h	91.560	+0.022%	$21.9M	$60.7M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.500	−0.044%	$903K	$489K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0028%	1h	91.564	+0.026%	$2K	$24K	5x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.430	−0.120%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.477	−0.069%	$970K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.550	+0.011%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.414	−0.138%	$68.2M	$41.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.474	−0.072%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.498	−0.046%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.410	−0.142%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	91.435	−0.115%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.450	−0.098%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	91.520	−0.022%	$2.7M	$2.0M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.640	+0.109%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.540	0.000%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.483	−0.062%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.550	+0.011%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.525	−0.016%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0152%	1h	91.452	−0.096%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0288%	1h	91.473	−0.073%	$130K	$104K	3x	as long as short
edgeX CRCLUSDC	+0.0422%	4h	91.677	+0.150%	$51K	$276K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	+0.601%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0735%	1h	91.480	−0.066%	$4K	$767K	10x	as long as short