Spread before costs (cost unknown: a leg has no order-book sample)+0.416%
7d average—if it closes, per $10,000$42funding while held, a day−$6.05
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix CRCL | 93.879 | 0.0248 | pay 0.0031% / 1h | 10m 45s | $28K | $92K | 10x |
| Short | Bybit CRCLUSDT | 94.270 | 0.0046 | get 0.0046% / 8h | 5h 10m | $15.1M | $24.8M | 50x |
Phoenix CRCL
Bybit CRCLUSDTPrice spread history
latest
Range statsloading…
How often the spread is this wide
share of time at each level, last 7DBacktest
opened in the past, held until now, after costsProfit calculator
- Spread captured
- $41.65
- Funding while held
- −$6.05
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- $17.6
- Spread needed to break even
- 0.180%
Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 4 min ago. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- −0.0202%
- Per $10,000 a day
- −$6.05
- Average in range /8h
- —
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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Bybit live order book, 4 min ago | 1.07 bp | 10.3 bp −$10 | 17.9 bp −$179 | 93.4 bp −$9,339 | doesn't fit |
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 price on every exchange
against the cheapest. Click to use as the short leg.ApeX Omni93.740cheapestVariational Omni93.808+0.073%
ApeX Omni
Variational OmniPhoenix93.879+0.148%
Aftermath Perps94.006+0.284%edgeX94.026+0.305%Vest94.080+0.363%Coinbase International94.090+0.373%Nado94.176+0.466%Polymarket Perps94.177+0.466%Phemex94.180+0.469%Ondo Perps94.190+0.480%Aster94.200+0.491%Deribit94.210+0.501%SoDEX94.226+0.518%Gate94.230+0.523%BloFin94.230+0.523%tradeXYZ94.232+0.525%Extended94.249+0.543%Arcus94.250+0.544%KuCoin94.250+0.544%Orderly94.250+0.544%Aevo94.251+0.545%RISEx94.264+0.559%Pacifica94.268+0.564%Lighter RH94.270+0.565%Binance94.270+0.565%
Vest
Coinbase International
Nado
Polymarket Perps
Phemex
Ondo Perps
Aster
Deribit
SoDEX
Gate
BloFin
tradeXYZ
Extended
Arcus
KuCoin
Orderly
Aevo
RISEx
Pacifica
Lighter RH
BinanceBybit94.270+0.565%
QFEX94.270+0.565%Paradex94.278+0.574%OKX94.290+0.587%Bitget94.290+0.587%Lighter94.297+0.594%Injective94.330+0.629%
QFEX
Paradex
OKX
Bitget
Lighter
InjectiveCRCL on 33 venues
cheapest first. Swap a leg.| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| ApeX Omni CRCLUSDT | −0.148% | +0.0100% | 1h | $69K | $5K | 50x | as long as short |
| Variational Omni CRCL | −0.075% | +0.0099% | 8h | $2.5M | $3.2M | — | as long as short |
| Phoenix CRCLlong | 0.000% | +0.0248% | 1h | $28K | $92K | 10x | |
| Aftermath Perps CRCLUSD | +0.136% | +0.0344% | 1h | $2K | $16K | 5x | as long as short |
| edgeX CRCLUSDC | +0.156% | +0.0894% | 4h | $24K | $265K | 10x | as long as short |
| Vest CRCL-USD-PERP | +0.214% | +0.0030% | 1h | — | $45K | 25x | as long as short |
| Coinbase International CRCL-PERP-INTX | +0.225% | +0.0120% | 1h | $943K | $744K | 10x | as long as short |
| Nado CRCL-PERP | +0.317% | +0.0328% | 1h | $131K | $67K | 3x | as long as short |
| Polymarket Perps CRCL-USD | +0.317% | +0.0050% | 1h | $355K | $1.0M | 10x | as long as short |
| Phemex CRCLUSDT | +0.321% | 0.0000% | 4h | $1.0M | $46K | 10x | as long as short |
Show all 33 venues
| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Ondo Perps CRCL-USD.P | +0.331% | +0.0050% | 1h | $1.1M | $5.7M | 10x | as long as short |
| Aster CRCLUSDT | +0.342% | +0.0144% | 8h | $1.1M | $4.6M | 20x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.353% | +0.0281% | 1h | $4K | $802K | 10x | as long as short |
| SoDEX CRCL-USD | +0.370% | +0.0050% | 1h | $47K | $3K | 10x | as long as short |
| Gate CRCL_USDT | +0.374% | 0.0000% | 8h | $7.1M | $26.5M | 50x | as long as short |
| BloFin CRCL-USDT | +0.374% | +0.0278% | 8h | $1.1M | $568K | 20x | as long as short |
| tradeXYZ xyz:CRCL | +0.376% | +0.0050% | 1h | $70.8M | $41.0M | 10x | as long as short |
| Extended CRCL_24_5-USD | +0.394% | +0.0160% | 1h | $1.1M | $3.5M | 10x | as long as short |
| Arcus CRCL-USD | +0.395% | +0.0651% | 1h | $101K | $256K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.395% | +0.0203% | 8h | $2.9M | $1.6M | 20x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.395% | +0.0100% | 8h | $940 | $3K | 10x | as long as short |
| Aevo CRCL-PERP | +0.397% | +0.0104% | 1h | $4 | — | 10x | as long as short |
| RISEx CRCL/USDC | +0.410% | +0.0163% | 1h | $418K | $323K | 10x | as long as short |
| Pacifica CRCL | +0.415% | +0.0100% | 1h | $75K | $95K | 10x | as long as short |
| Lighter RH CRCL | +0.416% | +0.0032% | 1h | $802K | $2.7M | 10x | as long as short |
| Binance CRCLUSDT | +0.416% | +0.0159% | 8h | $107.4M | $370.8M | 50x | as long as short |
| Bybit CRCLUSDTshort | +0.416% | +0.0046% | 8h | $15.1M | $24.8M | 50x | |
| QFEX CRCL-USD | +0.416% | +0.0067% | 1h | $1.4M | $2.6M | 10x | as long as short |
| Paradex CRCL-USD-PERP | +0.425% | +0.0090% | 8h | $717 | $428 | 5x | as long as short |
| OKX CRCL-USDT-SWAP | +0.438% | +0.0253% | 8h | $22.8M | $58.4M | 50x | as long as short |
| Bitget CRCLUSDT | +0.438% | +0.0371% | 8h | $16.7M | $33.9M | 25x | as long as short |
| Lighter CRCL | +0.445% | +0.0296% | 1h | $2.9M | $2.1M | 10x | as long as short |
| Injective CRCL/USDC PERP | +0.480% | +0.0440% | 1h | $5K | $42K | 30x | as long as short |