Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0434%/8h= +47.5% APRpaid last 24h +0.099%

Price spread now: RISEx against Orderly+0.053%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on RISEx

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

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and RISEx is 0.053% dearer against Orderly than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	94.600	0.0100	pay 0.0100% / 8h	15m 22s	$943	$3K	10x
Short	RISEx CRCL/USDC	94.650	0.0534	get 0.0067% / 1h	15m 22s	$432K	$303K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx against Orderly. 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 OrderlybpFee RISExbpOrdersPrice spread, now +0.053%Rate

Funding earned: $91.16
Price spread: +0.053% → 0.000%: $5.29
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee RISEx: 3 bp × 2 orders: −$6
Net: $84.44
Costs to cover: 0.120%
Break-even: 0.5 days

Slippage unknown: Orderly: no order-book sample; RISEx: live order book, 63 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 Orderly no order-book sample	—	—	—	—	—
Sell RISEx live order book, 63 min ago	1.59 bp	4.6 bp −$5	5.6 bp −$56	doesn't fit	doesn't fit

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
Gate CRCL_USDT	0.0000%	8h	94.650	+0.053%	$7.2M	$27.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.620	+0.021%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.590	−0.011%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.648	+0.051%	$894K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.095%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.570	−0.032%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.594	−0.006%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.627	+0.029%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.550	−0.053%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.630	+0.032%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.614	+0.015%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.690	+0.095%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.590	−0.011%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	94.600	long leg	$943	$3K	10x
Bybit CRCLUSDT	+0.0101%	8h	94.650	+0.053%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.644	+0.046%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0117%	8h	94.640	+0.043%	$776	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0154%	1h	94.573	−0.029%	$71.7M	$43.6M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0191%	8h	94.630	+0.032%	$22.9M	$60.9M	50x	as long as short
Variational Omni CRCL	+0.0193%	8h	94.671	+0.075%	$2.5M	$3.1M	—	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	94.602	+0.002%	$1.1M	$3.8M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	94.670	+0.074%	$54K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0252%	8h	94.620	+0.021%	$109.5M	$390.7M	50x	as long as short
Aster CRCLUSDT	+0.0253%	8h	94.650	+0.053%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0269%	1h	94.578	−0.023%	$133K	$76K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.711	+0.117%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0301%	8h	94.640	+0.042%	$16.9M	$35.5M	25x	as long as short
Lighter CRCL	+0.0344%	1h	94.665	+0.069%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0370%	8h	94.610	+0.011%	$1.1M	$600K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+1.015%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.610	+0.011%	$97K	$276K	10x	as long as short
RISEx CRCL/USDCshort	+0.0534%	1h	94.650	+0.053%	$432K	$303K	10x
edgeX CRCLUSDC	+0.0550%	4h	94.622	+0.023%	$24K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0701%	1h	94.680	+0.085%	$4K	$772K	10x	as long as short