Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h −0.055%

Price spread now: GRVT against RISEx+0.086%115s7-day average +0.008% · 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—prices read too far apart to compare

costs, in and out, $10k−$240.241% of the position

Long on RISEx Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.315%−$31 on $10k

Price spread, last 4 days (all we have)−0.227%−$23 · spread now +0.086%, 7d avg +0.008%

Together, before fees−0.542%+ Points / potential airdropGRVT: Active · farm board−$54 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.078% dearer against RISEx than usual: you sell high and buy low (spread +0.086% now, against its 7-day average of +0.008%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.6 days. At the pace of the last 4 days (−0.315% in total) that is about 21 hours. The two prices were read 115 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	RISEx CRCL/USDC	91.940	0.0107	pay 0.0013% / 1h	45m 38s	$418K	$299K	10x
Short	GRVT CRCL_USDT_Perp	92.019	0.0068	get 0.0068% / 8h	3h 45m	$70K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.086%Rate

Funding earned: −$8.23
Price spread: +0.086% → +0.008%: $7.8
Slippage, 4 orders: −$9.06
Fee RISEx: 3 bp × 2 orders: −$6
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$24.49
Costs to cover: 0.241%
Break-even: never at this rate

Slippage from RISEx: live order book, 8 min ago; GRVT: 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, 8 min ago	1.63 bp	4.6 bp −$5	6.6 bp −$66	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	0.54 bp	8.5 bp −$9	12.6 bp −$126	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	−0.0696%	8h	92.000	+0.065%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.730	−0.228%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.930	−0.011%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.050	+0.120%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.979	+0.042%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.020	+0.087%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0012%	8h	92.020	+0.087%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.894	−0.050%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0017%	8h	91.920	−0.022%	$104.7M	$390.7M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.965	+0.027%	$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	91.970	+0.033%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.054%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.874	−0.072%	$68.2M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.934	−0.007%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.948	+0.009%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	−0.044%	$1.0M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.910	−0.033%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0068%	8h	92.019	+0.086%	$70K	$1.1M	10x
OKX CRCL-USDT-SWAP	+0.0070%	8h	91.960	+0.022%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0070%	8h	92.040	+0.109%	$1.1M	$1.3M	20x	as long as short
Lighter RH CRCL	+0.0080%	1h	91.955	+0.016%	$974K	$2.9M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.928	−0.013%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.950	+0.011%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.960	+0.022%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.960	+0.022%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.948	+0.009%	$4	—	10x	as long as short
RISEx CRCL/USDClong	+0.0107%	1h	91.940	long leg	$418K	$299K	10x
Paradex CRCL-USD-PERP	+0.0132%	8h	91.911	−0.031%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.006	+0.072%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0288%	1h	91.952	+0.013%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0384%	1h	91.856	−0.091%	$134K	$106K	3x	as long as short
edgeX CRCLUSDC	+0.0440%	4h	91.999	+0.064%	$51K	$276K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.550	+0.663%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.910	−0.033%	$4K	$768K	10x	as long as short