Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0261%/8h= +28.6% APRpaid last 24h −0.015%

Price spread now: BloFin against RISEx+0.033%97s7-day average −0.025% · 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−$360.362% of the position

Long on RISEx Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.133%−$13 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now +0.033%, 7d avg −0.025%

Together, before fees−0.204%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and BloFin is 0.058% dearer against RISEx than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.025%. Mind the row above: over the last 3 days funding on this pair cost −0.133%, so the current rate has only just turned in your favour. The two prices were read 97 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	93.430	0	get 0.0000% / 1h	59m 21s	$427K	$299K	10x
Short	BloFin CRCL-USDT	93.460	0.0261	get 0.0261% / 8h	6h 59m	$1.1M	$690K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.033%Rate

Funding earned: $54.82
Price spread: +0.033% → −0.025%: $5.76
Slippage, 4 orders: −$18.18
Fee RISEx: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: $24.41
Costs to cover: 0.362%
Break-even: 3.9 days

Slippage from RISEx: live order book, 9 min ago; BloFin: live order book, 3 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, 9 min ago	2.65 bp	5.7 bp −$6	6.1 bp −$61	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	5.34 bp	12.8 bp −$13	23.4 bp −$234	55.3 bp −$5,532	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
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	93.500	+0.075%	$935K	$591K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	93.540	+0.118%	$15.3M	$25.5M	50x	as long as short
RISEx CRCL/USDClong	0.0000%	1h	93.430	long leg	$427K	$299K	10x
Gate CRCL_USDT	0.0000%	8h	93.550	+0.129%	$7.2M	$25.5M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	93.540	+0.118%	$16.6M	$34.4M	25x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	93.600	+0.182%	$62K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	93.550	+0.129%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	93.499	+0.074%	$979K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	93.696	+0.285%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	93.440	+0.011%	$1.3M	$2.5M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	+0.0046%	1h	93.330	−0.107%	—	$37K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	93.434	+0.005%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.410	−0.021%	$1.0M	$5.6M	10x	as long as short
Variational Omni CRCL	+0.0059%	8h	93.569	+0.149%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0098%	8h	93.474	+0.048%	$766	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	93.469	+0.042%	$75K	$96K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	93.480	+0.054%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	93.750	+0.343%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.470	+0.043%	$932	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.529	+0.106%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0117%	1h	93.443	+0.014%	$362K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0121%	8h	93.530	+0.107%	$22.6M	$58.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0136%	1h	93.487	+0.061%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0137%	8h	93.510	+0.086%	$107.9M	$385.8M	50x	as long as short
Aster CRCLUSDT	+0.0138%	8h	93.400	−0.031%	$1.1M	$4.9M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0203%	1h	93.452	+0.024%	$71.4M	$41.0M	10x	as long as short
Nado CRCL-PERP	+0.0235%	1h	93.414	−0.017%	$154K	$89K	3x	as long as short
BloFin CRCL-USDTshort	+0.0261%	8h	93.460	+0.033%	$1.1M	$690K	20x
Phoenix CRCL	+0.0296%	1h	93.653	+0.239%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0328%	1h	93.525	+0.102%	$3.0M	$2.3M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.910	+0.514%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	93.640	+0.225%	$96K	$271K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0713%	1h	93.530	+0.107%	$4K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0940%	4h	93.809	+0.406%	$24K	$268K	10x	as long as short