Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.026%

Price spread now: Phemex against SoDEX+0.032%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 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. Phemex is 0.032% dearer against SoDEX than usual: you sell high and buy low (spread +0.032% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX CRCL-USD	91.321	0.0050	pay 0.0006% / 1h	32m 51s	$46K	$3K	10x
Short	Phemex CRCLUSDT	91.350	0	get 0.0000% / 4h	32m 51s	$1.0M	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$10.5
Price spread: +0.032% → 0.000%: $3.18
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$27.32
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Phemex: live order book, 5 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	1.64 bp	37.4 bp −$37	doesn't fit	doesn't fit	doesn't fit

SoDEX: 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	−0.0247%	8h	91.380	+0.065%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.070	−0.275%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.360	+0.043%	$7.8M	$27.4M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.350	+0.032%	$1.0M	$48K	10x
Bybit CRCLUSDT	+0.0028%	8h	91.340	+0.021%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.361	+0.044%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.432	+0.122%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.440	+0.130%	$97K	$296K	10x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	91.321	long leg	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	−0.012%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.320	−0.001%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	+0.087%	$890K	$402K	10x	as long as short
Variational Omni CRCL	+0.0097%	8h	91.457	+0.149%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.330	+0.010%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.310	−0.012%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.200	−0.132%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.320	−0.001%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.357	+0.039%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0119%	1h	91.279	−0.046%	$67.6M	$43.9M	10x	as long as short
edgeX CRCLUSDC	+0.0124%	4h	91.531	+0.230%	$52K	$275K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0158%	1h	91.323	+0.002%	$379K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0162%	8h	91.322	+0.001%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0168%	8h	91.370	+0.053%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.288	−0.036%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0184%	8h	91.348	+0.030%	$105.0M	$389.7M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.689	+0.403%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0244%	8h	91.400	+0.087%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0260%	8h	91.360	+0.043%	$22.2M	$61.7M	50x	as long as short
Lighter CRCL	+0.0264%	1h	91.370	+0.054%	$2.9M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0304%	8h	91.320	−0.001%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0426%	1h	91.265	−0.061%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.754%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.361	+0.044%	$412K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0627%	1h	91.330	+0.010%	$5K	$769K	10x	as long as short