Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h −0.050%

Price spread now: Bybit against RISEx−0.038%7-day average −0.001% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on RISEx Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.243%−$24 on $10k

Price spread, last 4 days (all we have)+0.254%+$25 · spread now −0.038%, 7d avg −0.001%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.037% cheaper against RISEx than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx CRCL/USDC	92.035	0.0107	pay 0.0013% / 1h	47m 07s	$418K	$299K	10x
Short	Bybit CRCLUSDT	92.000	0	get 0.0000% / 8h	3h 47m	$14.9M	$26.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against RISEx. 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 RISExbpFee BybitbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$22.51
Price spread: −0.038% → −0.001%: −$3.68
Slippage, 4 orders: −$12.44
Fee RISEx: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.64
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from RISEx: live order book, 6 min ago; Bybit: live order book, 2 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 RISEx live order book, 6 min ago	1.63 bp	4.6 bp −$5	6.6 bp −$66	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.63 bp	11.0 bp −$11	42.0 bp −$420	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	−0.0698%	8h	92.050	+0.016%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.780	−0.277%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	92.000	−0.038%	$14.9M	$26.5M	50x
Gate CRCL_USDT	0.0000%	8h	92.050	+0.016%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.019	−0.017%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.040	+0.005%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0012%	8h	92.044	+0.010%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	92.005	−0.033%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0018%	8h	91.970	−0.071%	$104.8M	$390.8M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.013	−0.024%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	92.020	−0.016%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.158%	$907K	$491K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.896	−0.151%	$68.2M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.011	−0.026%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.948	−0.095%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.940	−0.103%	$1.0M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.010	−0.027%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0068%	8h	92.019	−0.017%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0069%	8h	92.000	−0.038%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0070%	8h	92.040	+0.005%	$1.1M	$1.3M	20x	as long as short
Lighter RH CRCL	+0.0072%	1h	91.980	−0.060%	$975K	$2.9M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.049	+0.016%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.980	−0.060%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.960	−0.081%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.040	+0.005%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.986	−0.053%	$4	—	10x	as long as short
RISEx CRCL/USDClong	+0.0107%	1h	92.035	long leg	$418K	$299K	10x
Paradex CRCL-USD-PERP	+0.0133%	8h	92.036	+0.001%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.006	−0.032%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.987	−0.052%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0387%	1h	91.985	−0.054%	$134K	$106K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0402%	1h	92.030	−0.005%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0440%	4h	91.999	−0.039%	$51K	$276K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.550	+0.560%	$5K	$19K	30x	as long as short