Funding you earn now, next payment 10:00 UTC−0.0147%/8h= −16.1% APRnext payment −$0.18 per $10,000 · paid last 24h −0.038%
Price spread now: tradeXYZ against Phoenix+0.020%61s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.101%−$10 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=The price spread pays, funding is against you. tradeXYZ is 0.020% dearer against Phoenix than usual: you sell high and buy low (spread +0.020% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.101% in total) that is about 34 hours. The two prices were read 61 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 | 92.861 | 0.0197 | pay 0.0025% / 1h | 42m 14s | $27K | $66K | 10x |
| Short | tradeXYZ xyz:CRCL | 92.880 | 0.0050 | get 0.0006% / 1h | 42m 14s | $67.9M | $40.2M | 10x |
Phoenix CRCL
tradeXYZ xyz:CRCLFunding history
latest
Range statsloading…
Price spread between the two exchanges
tradeXYZ against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$30.95
- Price spread: +0.020% → 0.000%
- $2.05
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Net
- −$53.9
- Costs to cover
- 0.250%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; tradeXYZ: live order book, 10 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 tradeXYZ live order book, 10 min ago | 1.40 bp | 10.5 bp −$11 | 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 34 exchanges
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 | −0.0048% | 1h | 92.950 | +0.096% | $869K | $748K | 10x | as long as short |
| Bybit CRCLUSDT | 0.0000% | 8h | 92.880 | +0.020% | $15.0M | $25.1M | 50x | as long as short |
| Bitget CRCLUSDT | 0.0000% | 8h | 92.890 | +0.031% | $18.6M | $33.4M | 25x | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 92.900 | +0.042% | $1.0M | $45K | 10x | as long as short |
| Vest CRCL-USD-PERP | +0.0002% | 1h | 92.850 | −0.012% | — | $30K | 25x | as long as short |
| Lighter RH CRCL | +0.0032% | 1h | 92.905 | +0.047% | $998K | $2.5M | 10x | as long as short |
| Aftermath Perps CRCLUSD | +0.0041% | 1h | 92.935 | +0.080% | $2K | $29K | 5x | as long as short |
| tradeXYZ xyz:CRCLshort | +0.0050% | 1h | 92.880 | +0.020% | $67.9M | $40.2M | 10x | |
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 92.933 | +0.078% | $376K | $860K | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 92.868 | +0.008% | $47K | $3K | 10x | as long as short |
Coinbase International CRCL-PERP-INTX
Bybit CRCLUSDT
Bitget CRCLUSDT
Phemex CRCLUSDT
Vest CRCL-USD-PERP
Lighter RH CRCL
Aftermath Perps CRCLUSD
Polymarket Perps CRCL-USD
SoDEX CRCL-USDShow all 34 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 92.870 | +0.010% | $1.0M | $3.8M | 10x | as long as short |
| QFEX CRCL-USD | +0.0055% | 1h | 92.960 | +0.107% | $1.3M | $1.6M | 10x | as long as short |
| Injective CRCL/USDC PERP | +0.0072% | 1h | 92.090 | −0.830% | $38K | $172K | 30x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.0073% | 1h | 92.860 | −0.001% | $5K | $415K | 10x | as long as short |
| Gate CRCL_USDT | +0.0079% | 8h | 92.990 | +0.139% | $7.5M | $25.4M | 50x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 92.940 | +0.085% | $139K | $139K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 92.970 | +0.117% | $2.6M | $1.6M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 92.970 | +0.117% | $68K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 92.920 | +0.064% | $926 | $1K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 92.891 | +0.033% | $4 | — | 10x | as long as short |
| Paradex CRCL-USD-PERP | +0.0107% | 8h | 92.966 | +0.113% | $428 | $477 | 5x | as long as short |
| Phoenix CRCLlong | +0.0197% | 1h | 92.861 | long leg | $27K | $66K | 10x | |
| Arcus CRCL-USD | +0.0214% | 1h | 92.950 | +0.096% | $94K | $210K | 10x | as long as short |
| Nado CRCL-PERP | +0.0294% | 1h | 92.871 | +0.011% | $155K | $94K | 3x | as long as short |
| Variational Omni CRCL | +0.0306% | 8h | 93.001 | +0.151% | $2.5M | $3.3M | — | as long as short |
| OKX CRCL-USDT-SWAP | +0.0310% | 8h | 92.890 | +0.031% | $22.9M | $56.7M | 50x | as long as short |
| Lighter CRCL | +0.0328% | 1h | 92.954 | +0.100% | $3.0M | $2.1M | 10x | as long as short |
| Aster CRCLUSDT | +0.0371% | 8h | 92.987 | +0.135% | $1.1M | $4.4M | 20x | as long as short |
| Binance CRCLUSDT | +0.0374% | 8h | 92.948 | +0.093% | $107.2M | $352.0M | 50x | as long as short |
| Extended CRCL_24_5-USD | +0.0376% | 1h | 92.898 | +0.039% | $1.1M | $4.0M | 10x | as long as short |
| BloFin CRCL-USDT | +0.0505% | 8h | 92.980 | +0.128% | $1.1M | $1.7M | 20x | as long as short |
| RISEx CRCL/USDC | +0.0528% | 1h | 92.971 | +0.118% | $417K | $233K | 10x | as long as short |
| GRVT CRCL_USDT_Perp | +0.0773% | 8h | 93.081 | +0.237% | $61K | $1.0M | 10x | as long as short |
| edgeX CRCLUSDC | +0.0830% | 4h | 92.904 | +0.046% | $53K | $270K | 10x | as long as short |
Ondo Perps CRCL-USD.P
QFEX CRCL-USD
Injective CRCL/USDC PERP
Deribit CRCL_USDC-PERPETUAL
Gate CRCL_USDT
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
Paradex CRCL-USD-PERP
Arcus CRCL-USD
Nado CRCL-PERP
Variational Omni CRCL
OKX CRCL-USDT-SWAP
Lighter CRCL
Aster CRCLUSDT
Binance CRCLUSDT
Extended CRCL_24_5-USD
BloFin CRCL-USDT
RISEx CRCL/USDC
GRVT CRCL_USDT_Perp
edgeX CRCLUSDC