Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0245%/8h= −26.8% APRpaid last 24h −0.012%

Price spread now: Gate against Phoenix+0.218%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Gate is 0.218% dearer against Phoenix than usual: you sell high and buy low (spread +0.218% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 3.0 days. At the pace of the last 7 days (−0.019% in total) that is about 3 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.019% in total (about -1.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	91.610	0.0245	pay 0.0031% / 1h	19m 21s	$27K	$82K	10x
Short	Gate CRCL_USDT	91.810	0	get 0.0000% / 8h	1h 19m	$7.8M	$27.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phoenix. 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 PhoenixbpFee GatebpOrdersPrice spread, now +0.218%Rate

Funding earned: −$51.36
Price spread: +0.218% → 0.000%: $21.83
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$51.52
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 4 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Gate live order book, 4 min ago	2.73 bp	16.1 bp −$16	27.3 bp −$273	doesn't fit	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 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	−0.0573%	8h	91.800	+0.207%	$17.6M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.540	−0.076%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.730	+0.131%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	91.810	+0.218%	$7.8M	$27.5M	50x
Phemex CRCLUSDT	0.0000%	4h	91.880	+0.295%	$1.0M	$48K	10x	as long as short
Variational Omni CRCL	+0.0013%	8h	91.789	+0.195%	$2.4M	$3.2M	—	as long as short
Lighter RH CRCL	+0.0032%	1h	91.748	+0.151%	$981K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.628	+0.020%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.700	+0.098%	$95K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.713	+0.112%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.690	+0.087%	$1.1M	$5.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	+0.196%	$894K	$616K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.750	+0.153%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0089%	1h	91.678	+0.074%	$67.8M	$44.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.720	+0.120%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.730	+0.131%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	+0.109%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.720	+0.120%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.726	+0.127%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0106%	8h	91.748	+0.151%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0119%	8h	91.709	+0.108%	$104.8M	$398.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	91.707	+0.106%	$1.0M	$5.0M	10x	as long as short
edgeX CRCLUSDC	+0.0127%	4h	91.661	+0.055%	$52K	$277K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0135%	1h	91.755	+0.158%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0161%	8h	91.749	+0.151%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0193%	8h	91.680	+0.076%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0211%	8h	91.750	+0.153%	$22.3M	$62.9M	50x	as long as short
BloFin CRCL-USDT	+0.0236%	8h	91.820	+0.229%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCLlong	+0.0245%	1h	91.610	long leg	$27K	$82K	10x
RISEx CRCL/USDC	+0.0271%	1h	91.740	+0.142%	$418K	$268K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.746	+0.148%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0402%	1h	91.646	+0.039%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.220	+0.666%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0623%	1h	91.720	+0.120%	$5K	$769K	10x	as long as short