Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.016%

Price spread now: KuCoin against Phoenix−0.210%93s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and KuCoin is 0.210% cheaper against Phoenix than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 93 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	Phoenix CRCL	91.382	0.0183	pay 0.0023% / 1h	49m 54s	$27K	$84K	10x
Short	KuCoin CRCLUSDTM	91.190	0.0100	get 0.0100% / 8h	5h 49m	$2.8M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.210%Rate

Funding earned: −$17.39
Price spread: −0.210% → 0.000%: −$21.01
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$57.4
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	1.64 bp	48.0 bp −$48	doesn't fit	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 33 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	−0.1163%	8h	91.210	−0.188%	$15.6M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	90.980	−0.440%	—	$38K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	−0.243%	$900K	$539K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.130	−0.276%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.198	−0.201%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.150	−0.254%	$7.0M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	−0.082%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.480	+0.107%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.170	−0.232%	$1.0M	$49K	10x	as long as short
Binance CRCLUSDT	+0.0016%	8h	91.125	−0.281%	$103.5M	$383.5M	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0016%	1h	91.077	−0.333%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	91.468	+0.094%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.230	−0.166%	$1.3M	$2.2M	10x	as long as short
Aster CRCLUSDT	+0.0025%	8h	91.145	−0.259%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0030%	8h	91.140	−0.265%	$21.4M	$58.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.170	−0.232%	$968K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.440	+0.063%	$93K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.095	−0.314%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.110	−0.298%	$353K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.140	−0.265%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.160	−0.243%	$973K	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	−0.006%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.371	−0.012%	$749	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.338	−0.049%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	91.190	−0.210%	$2.8M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	+0.129%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.140	−0.265%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.133	−0.272%	$4	—	10x	as long as short
Phoenix CRCLlong	+0.0183%	1h	91.382	long leg	$27K	$84K	10x
Deribit CRCL_USDC-PERPETUAL	+0.0189%	1h	91.180	−0.221%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0205%	1h	91.164	−0.238%	$130K	$103K	3x	as long as short
Lighter CRCL	+0.0280%	1h	91.178	−0.223%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.567%	$5K	$19K	30x	as long as short