Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0145%/8h= −15.8% APRpaid last 24h −0.031%

Price spread now: Orderly against Phoenix+0.199%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 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

The price spread pays, funding is against you. Orderly is 0.199% dearer against Phoenix than usual: you sell high and buy low (spread +0.199% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	91.318	0.0245	pay 0.0031% / 1h	26m 40s	$27K	$82K	10x
Short	Orderly PERP_CRCL_USDC_mythos	91.500	0.0100	get 0.0100% / 8h	1h 26m	$912	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.199%Rate

Funding earned: −$30.36
Price spread: +0.199% → 0.000%: $19.93
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$23.43
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; 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 Phoenix no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Phoenix and 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	−0.0690%	8h	91.590	+0.298%	$17.5M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.200	−0.129%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.550	+0.254%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.540	+0.243%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	+0.056%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.470	+0.166%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.562	+0.267%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.315	−0.003%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.400	+0.090%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.473	+0.170%	$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	91.410	+0.101%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.129%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.550	+0.254%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0073%	1h	91.487	+0.185%	$67.7M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0088%	8h	91.549	+0.253%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.452	+0.146%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.460	+0.156%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.360	+0.046%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	91.500	+0.199%	$912	$2K	10x
Binance CRCLUSDT	+0.0101%	8h	91.524	+0.226%	$104.5M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.515	+0.215%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.494	+0.193%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0127%	1h	91.479	+0.176%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0153%	8h	91.528	+0.230%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	+0.078%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0198%	8h	91.590	+0.298%	$22.3M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0220%	8h	91.470	+0.166%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCLlong	+0.0245%	1h	91.318	long leg	$27K	$82K	10x
RISEx CRCL/USDC	+0.0271%	1h	91.517	+0.218%	$417K	$268K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.573	+0.279%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0402%	1h	91.432	+0.125%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0406%	1h	91.500	+0.199%	$5K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	+0.659%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0466%	4h	91.418	+0.110%	$52K	$276K	10x	as long as short