Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0107%/8h= +11.7% APRpaid last 24h +0.084%

Price spread now: RISEx against Phemex+0.090%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$950.952% of the position

Long on Phemex Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.305%+$30 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now +0.090%, 7d avg +0.035%

Together, before fees+0.289%+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and RISEx is 0.054% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.790	0	get 0.0000% / 4h	3h 07m	$1.0M	$48K	10x
Short	RISEx CRCL/USDC	91.872	0.0107	get 0.0013% / 1h	7m 32s	$418K	$299K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx against Phemex. 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 PhemexbpFee RISExbpOrdersPrice spread, now +0.090%Rate

Funding earned: $22.51
Price spread: +0.090% → +0.035%: $5.42
Slippage, 4 orders: −$77.16
Fee Phemex: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$67.22
Costs to cover: 0.952%
Break-even: 27.9 days

Slippage from Phemex: live order book, just now; RISEx: live order book, 46 min ago.

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 Phemex live order book, just now	0.54 bp	43.1 bp −$43	doesn't fit	doesn't fit	doesn't fit
Sell RISEx live order book, 46 min ago	1.63 bp	4.6 bp −$5	5.2 bp −$52	doesn't fit	doesn't fit

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	−0.0681%	8h	91.890	+0.109%	$16.6M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.540	−0.272%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.830	+0.044%	$14.8M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.920	+0.142%	$7.4M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.848	+0.063%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.790	long leg	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0012%	8h	91.856	+0.072%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0021%	8h	91.880	+0.098%	$104.7M	$392.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.845	+0.060%	$1.2M	$5.6M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.811	+0.023%	$973K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.774	−0.018%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.800	+0.011%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.022%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.773	−0.019%	$68.1M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.759	−0.034%	$388K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.788	−0.002%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.650	−0.153%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.820	+0.033%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0072%	8h	91.815	+0.027%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0084%	8h	91.800	+0.011%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0089%	8h	91.800	+0.011%	$1.1M	$1.6M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0096%	8h	91.880	+0.098%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.829	+0.043%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.820	+0.033%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.840	+0.054%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	−0.033%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.756	−0.037%	$4	—	10x	as long as short
RISEx CRCL/USDCshort	+0.0107%	1h	91.872	+0.090%	$418K	$299K	10x
Phoenix CRCL	+0.0182%	1h	91.864	+0.081%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.804	+0.015%	$3.0M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0295%	1h	91.750	−0.044%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0345%	1h	91.714	−0.083%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.621%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	+0.064%	$51K	$276K	10x	as long as short