Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0435%/8h= +47.6% APRpaid last 24h +0.089%

Price spread now: edgeX against RISEx−0.244%55s7-day average −0.028% · 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—prices read too far apart to compare

costs, in and out, $10k−$340.337% of the position

Long on RISEx Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.266%+$27 on $10k

Price spread, last 4 days (all we have)+0.391%+$39 · spread now −0.244%, 7d avg −0.028%

Together, before fees+0.657%+ Points / potential airdropedgeX: Active · farm board+$66 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.216% cheaper against RISEx than usual: you would sell low and buy high (spread −0.244% now, against its 7-day average of −0.028%). If the spread goes back, that is −$22 on $10k: about 40 hours of funding at the current rate (+$13 a day). The two prices were read 55 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	91.720	0.0117	pay 0.0015% / 1h	7m 58s	$418K	$283K	10x
Short	edgeX CRCLUSDC	91.496	0.0552	get 0.0276% / 4h	2h 07m	$52K	$277K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.244%Rate

Funding earned: $91.34
Price spread: −0.244% → −0.028%: −$21.64
Slippage, 4 orders: −$18.72
Fee RISEx: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $35.99
Costs to cover: 0.337%
Break-even: 4.2 days

Slippage from RISEx: live order book, 40 min ago; edgeX: live order book, 40 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, 40 min ago	2.18 bp	5.2 bp −$5	6.9 bp −$69	doesn't fit	doesn't fit
Sell edgeX live order book, 40 min ago	6.01 bp	11.6 bp −$12	23.6 bp −$236	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	−0.0918%	8h	91.790	+0.077%	$17.2M	$36.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0081%	1h	91.420	−0.327%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.710	−0.011%	$14.7M	$26.8M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.770	+0.055%	$7.7M	$27.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.539	−0.197%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.700	−0.021%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.724	+0.005%	$978K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.426	−0.321%	$2K	$27K	5x	as long as short
Aster CRCLUSDT	+0.0038%	8h	91.585	−0.147%	$1.0M	$5.1M	20x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.500	−0.240%	$93K	$289K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	91.712	−0.008%	$384K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.714	−0.006%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.570	−0.163%	$1.1M	$5.2M	10x	as long as short
Binance CRCLUSDT	+0.0052%	8h	91.750	+0.033%	$104.5M	$397.4M	50x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.740	+0.022%	$1.3M	$1.8M	10x	as long as short
Extended CRCL_24_5-USD	+0.0056%	1h	91.698	−0.023%	$1.0M	$5.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0064%	1h	91.664	−0.061%	$67.9M	$44.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.590	−0.141%	$892K	$606K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.706	−0.014%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.600	−0.130%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.470	−0.272%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.710	−0.011%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.726	+0.007%	$4	—	10x	as long as short
RISEx CRCL/USDClong	+0.0117%	1h	91.720	long leg	$418K	$283K	10x
GRVT CRCL_USDT_Perp	+0.0134%	8h	91.536	−0.201%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0134%	8h	91.684	−0.039%	$422	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0150%	8h	91.760	+0.044%	$22.3M	$62.9M	50x	as long as short
BloFin CRCL-USDT	+0.0169%	8h	91.700	−0.021%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.229	−0.535%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.729	+0.010%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0329%	1h	91.607	−0.123%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.770	+0.055%	$5K	$19K	30x	as long as short
edgeX CRCLUSDCshort	+0.0552%	4h	91.496	−0.244%	$52K	$277K	10x
Deribit CRCL_USDC-PERPETUAL	+0.1060%	1h	91.720	0.000%	$4K	$768K	10x	as long as short