Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h +0.054%

Price spread now: RISEx against Orderly−0.039%7-day average — · you buy dearer than you sell

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 4 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: RISEx is 0.039% cheaper against Orderly than usual: you would sell low and buy high, −$4 on $10k if it 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	91.930	0.0100	pay 0.0100% / 8h	3h 37m	$917	$2K	10x
Short	RISEx CRCL/USDC	91.894	0.0107	get 0.0013% / 1h	37m 18s	$418K	$299K	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 −0.039%Rate

Funding earned: $1.51
Price spread: −0.039% → 0.000%: −$3.86
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$14.35
Costs to cover: 0.120%
Break-even: 73.3 days

Slippage unknown: Orderly: no order-book sample; RISEx: live order book, 16 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, 16 min ago	1.63 bp	4.6 bp −$5	5.2 bp −$52	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
Bitget CRCLUSDT	−0.0711%	8h	92.010	+0.087%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0066%	1h	91.640	−0.315%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.990	+0.065%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.980	+0.054%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.849	−0.088%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.840	−0.098%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0012%	8h	91.925	−0.006%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.880	−0.054%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0019%	8h	91.936	+0.006%	$104.6M	$391.3M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.933	+0.004%	$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
Lighter RH CRCL	+0.0040%	1h	91.896	−0.037%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	−0.087%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.044%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.879	−0.055%	$68.2M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.840	−0.098%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.880	−0.054%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.272%	$1.0M	$5.1M	10x	as long as short
BloFin CRCL-USDT	+0.0059%	8h	91.890	−0.044%	$1.1M	$1.6M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.910	−0.022%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0074%	8h	91.870	−0.065%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0081%	8h	92.050	+0.131%	$22.3M	$61.7M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.891	−0.042%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.880	−0.054%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.770	−0.174%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.930	long leg	$917	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.965	+0.038%	$4	—	10x	as long as short
RISEx CRCL/USDCshort	+0.0107%	1h	91.894	−0.039%	$418K	$299K	10x
Paradex CRCL-USD-PERP	+0.0133%	8h	91.891	−0.043%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.828	−0.111%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.923	−0.008%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0375%	1h	91.826	−0.113%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.290	+0.392%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0839%	1h	91.950	+0.022%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0938%	4h	91.865	−0.070%	$51K	$276K	10x	as long as short