Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0199%/8h= +21.8% APRpaid last 24h +0.064%

Price spread now: Phoenix against Phemex−0.173%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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.297%+$30 on $10k

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. Phoenix is 0.173% cheaper against Phemex than usual: you would sell low and buy high (spread −0.173% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 2.9 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	92.530	0	get 0.0000% / 4h	2h 14m	$1.0M	$45K	10x
Short	Phoenix CRCL	92.370	0.0199	get 0.0025% / 1h	14m 50s	$27K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.173%Rate

Funding earned: $41.71
Price spread: −0.173% → 0.000%: −$17.29
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $5.42
Costs to cover: 0.190%
Break-even: 6.1 days

Slippage unknown: Phemex: live order book, 1 min ago; Phoenix: 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, 1 min ago	2.16 bp	35.8 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 exchanges

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
Vest CRCL-USD-PERP	−0.0021%	1h	92.470	−0.065%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.570	+0.043%	$15.0M	$25.2M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.640	+0.119%	$18.1M	$34.0M	25x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	92.530	long leg	$1.0M	$45K	10x
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.390	−0.151%	$856K	$699K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.575	+0.049%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.421	−0.118%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.554	+0.026%	$67.7M	$40.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.584	+0.058%	$380K	$850K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.546	+0.017%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.400	−0.140%	$1.1M	$3.9M	10x	as long as short
Gate CRCL_USDT	+0.0061%	8h	92.630	+0.108%	$7.4M	$25.9M	50x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.580	+0.054%	$1.3M	$1.6M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.540	+0.011%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.510	−0.022%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.330	−0.216%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.580	+0.054%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.575	+0.049%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0111%	8h	92.570	+0.043%	$426	$477	5x	as long as short
Phoenix CRCLshort	+0.0199%	1h	92.370	−0.173%	$27K	$66K	10x
Lighter CRCL	+0.0248%	1h	92.615	+0.092%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0281%	8h	92.555	+0.027%	$2.5M	$3.3M	—	as long as short
Nado CRCL-PERP	+0.0314%	1h	92.498	−0.035%	$151K	$112K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0328%	8h	92.600	+0.076%	$22.8M	$57.4M	50x	as long as short
Aster CRCLUSDT	+0.0355%	8h	92.560	+0.032%	$1.1M	$4.5M	20x	as long as short
Binance CRCLUSDT	+0.0360%	8h	92.560	+0.032%	$106.9M	$360.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0360%	1h	92.542	+0.012%	$1.1M	$4.2M	10x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.580	+0.054%	$96K	$226K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0399%	1h	92.550	+0.022%	$5K	$477K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.476%	$38K	$172K	30x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.615	+0.092%	$411K	$242K	10x	as long as short
BloFin CRCL-USDT	+0.0480%	8h	92.600	+0.076%	$1.1M	$1.7M	20x	as long as short
edgeX CRCLUSDC	+0.0638%	4h	92.445	−0.092%	$53K	$270K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0722%	8h	92.474	−0.061%	$70K	$1.0M	10x	as long as short