Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.096%

Price spread now: Phemex against RISEx+0.026%7-day average −0.036% · 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−$83as in the Price arb table

costs, in and out, $10k−$900.897% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.305%−$30 on $10k

Price spread, last 4 days (all we have)−0.157%−$16 · spread now +0.026%, 7d avg −0.036%

Together, before fees−0.462%−$46 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.063% dearer against RISEx than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx CRCL/USDC	91.626	0	get 0.0000% / 1h	25m 01s	$418K	$298K	10x
Short	Phemex CRCLUSDT	91.650	0	get 0.0000% / 4h	1h 25m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.026%Rate

Funding earned: $0
Price spread: +0.026% → −0.036%: $6.25
Slippage, 4 orders: −$71.67
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$83.42
Costs to cover: 0.897%
Break-even: never at this rate

Slippage from RISEx: live order book, 38 min ago; Phemex: 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, 38 min ago	1.63 bp	4.6 bp −$5	5.7 bp −$57	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.18 bp	39.3 bp −$39	doesn't fit	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	−0.1307%	8h	91.710	+0.092%	$15.8M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.390	−0.257%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.470	−0.170%	$903K	$518K	10x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.675	+0.054%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.637	+0.012%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.690	+0.070%	$104.5M	$385.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.710	+0.092%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDClong	0.0000%	1h	91.626	long leg	$418K	$298K	10x
Gate CRCL_USDT	0.0000%	8h	91.710	+0.092%	$7.1M	$26.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.576	−0.054%	$2.4M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CRCL_USDT_Perp	0.0000%	8h	91.605	−0.023%	$65K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.650	+0.026%	$1.0M	$49K	10x
OKX CRCL-USDT-SWAP	+0.0008%	8h	91.700	+0.081%	$21.5M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0020%	1h	91.625	−0.001%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.640	+0.016%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.696	+0.077%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.580	−0.050%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.639	+0.014%	$68.5M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.623	−0.003%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.630	+0.005%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.570	−0.061%	$974K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0069%	8h	91.637	+0.012%	$751	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.600	−0.028%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.650	+0.026%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.560	−0.072%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.650	+0.026%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.661	+0.039%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.670	+0.048%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0183%	1h	91.546	−0.087%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0191%	1h	91.664	+0.042%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0216%	1h	91.696	+0.077%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.130	+0.550%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0514%	1h	91.680	+0.059%	$4K	$767K	10x	as long as short
edgeX CRCLUSDC	+0.0554%	4h	91.597	−0.032%	$23K	$248K	10x	as long as short