Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Orderly against Phemex−0.055%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.055% cheaper against Phemex than usual: you would sell low and buy high (spread −0.055% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 44 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.390	0	get 0.0000% / 4h	34m 48s	$1.0M	$48K	10x
Short	Orderly PERP_CRCL_USDC_mythos	91.340	0.0100	get 0.0100% / 8h	34m 48s	$911	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.055%Rate

Funding earned: $21
Price spread: −0.055% → 0.000%: −$5.47
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$2.47
Costs to cover: 0.180%
Break-even: 7.8 days

Slippage unknown: Phemex: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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	1.64 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0244%	8h	91.480	+0.098%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.140	−0.274%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.450	+0.066%	$7.8M	$27.3M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.390	long leg	$1.0M	$48K	10x
Bybit CRCLUSDT	+0.0025%	8h	91.360	−0.033%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.385	−0.005%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.519	+0.142%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.550	+0.175%	$97K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.380	−0.011%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.400	+0.011%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.390	0.000%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	+0.011%	$890K	$403K	10x	as long as short
Variational Omni CRCL	+0.0097%	8h	91.457	+0.073%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.397	+0.007%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.420	+0.033%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.460	+0.077%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	91.340	−0.055%	$911	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.386	−0.004%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0116%	1h	91.313	−0.084%	$67.6M	$43.9M	10x	as long as short
edgeX CRCLUSDC	+0.0124%	4h	91.531	+0.155%	$52K	$275K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0157%	1h	91.350	−0.044%	$379K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0165%	8h	91.357	−0.036%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0167%	8h	91.382	−0.008%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0183%	8h	91.370	−0.022%	$105.0M	$389.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.385	−0.006%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.689	+0.327%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.730	+0.372%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0258%	8h	91.410	+0.022%	$22.2M	$61.7M	50x	as long as short
Lighter CRCL	+0.0264%	1h	91.393	+0.003%	$2.9M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0302%	8h	91.370	−0.022%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0407%	1h	91.350	−0.044%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0425%	1h	91.365	−0.027%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.678%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.392	+0.002%	$410K	$272K	10x	as long as short