Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0192%/8h= −21.0% APRpaid last 24h −0.028%

Price spread now: Paradex against Phoenix+0.027%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.027% dearer against Phoenix than usual: you sell high and buy low (spread +0.027% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	94.424	0.0296	pay 0.0037% / 1h	22m 48s	$28K	$92K	10x
Short	Paradex CRCL-USD-PERP	94.450	0.0104	get 0.0104% / 8h	7h 22m	$774	$740	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$40.33
Price spread: +0.027% → 0.000%: $2.71
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$48.62
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

Phoenix and Paradex: 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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.227%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.440	+0.017%	$15.5M	$25.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.460	+0.038%	$7.3M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.506	+0.087%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.440	+0.017%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0029%	8h	94.450	+0.028%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.424	0.000%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	94.404	−0.021%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.410	−0.015%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.350	−0.078%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.361	−0.067%	$71.8M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.445	+0.022%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.458	+0.036%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.390	−0.036%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.380	−0.047%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.480	+0.059%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.410	−0.015%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.440	+0.017%	$942	$3K	10x	as long as short
Paradex CRCL-USD-PERPshort	+0.0104%	8h	94.450	+0.027%	$774	$740	5x
Aevo CRCL-PERP	+0.0104%	1h	94.456	+0.034%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0117%	8h	94.489	+0.069%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0148%	8h	94.430	+0.006%	$22.8M	$59.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.430	+0.006%	$1.1M	$5.8M	10x	as long as short
Binance CRCLUSDT	+0.0185%	8h	94.433	+0.010%	$109.4M	$385.8M	50x	as long as short
Aster CRCLUSDT	+0.0190%	8h	94.446	+0.023%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.391	−0.035%	$132K	$76K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.410	−0.015%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.492	+0.072%	$3.1M	$2.2M	10x	as long as short
edgeX CRCLUSDC	+0.0294%	4h	94.484	+0.064%	$24K	$268K	10x	as long as short
Phoenix CRCLlong	+0.0296%	1h	94.424	long leg	$28K	$92K	10x
BloFin CRCL-USDT	+0.0305%	8h	94.460	+0.038%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.494%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.430	+0.006%	$97K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.450	+0.028%	$431K	$299K	10x	as long as short