Funding arb · Price arb /

CRV

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h +0.064%

Price spread now: Bybit against Coinbase International+0.028%7-day average −0.133% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$520.520% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.028%, 7d avg −0.133%

Together, before fees−0.124%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.161% dearer against Coinbase International than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of −0.133%): +$16 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 45 hours. At the pace of the last 7 days (−0.038% in total) that is about 30 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.038% in total (about -2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRV-PERP-INTX	0.3610	0.0384	pay 0.0048% / 1h	49m 58s	$380K	$4.8M	50x
Short	Bybit CRVUSDT	0.3611	0.0100	get 0.0100% / 8h	2h 49m	$27.6M	$17.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$59.64
Price spread: +0.028% → −0.133%: $16.12
Slippage, 4 orders: −$30.99
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$95.52
Costs to cover: 0.520%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Bybit: live order book, 4 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 Coinbase International live order book, 4 min ago	8.29 bp	13.3 bp −$13	19.7 bp −$197	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.38 bp	11.3 bp −$11	29.1 bp −$291	232.7 bp −$23.3K	doesn't fit

CRV on 30 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
Deribit CRV_USDC-PERPETUAL	−0.0581%	1h	0.3609	−0.028%	$57K	$48K	25x	as long as short
ApeX Omni CRVUSDT	−0.0147%	1h	0.3616	+0.166%	$60K	$695K	50x	as long as short
Injective CRV/USDC PERP	−0.0103%	1h	0.3630	+0.554%	$78	$265K	12x	as long as short
Reya CRVRUSDPERP	−0.0049%	1h	0.3610	+0.003%	$15	—	15x	as long as short
dYdX CRV-USD	0.0000%	1h	0.3612	+0.055%	$37K	$4K	10x	as long as short
Phoenix CRV	0.0000%	1h	0.3631	+0.579%	$26K	$193K	10x	as long as short
Lighter CRV	+0.0096%	1h	0.3609	−0.028%	$410K	$693K	10x	as long as short
Orderly PERP_CRV_USDC	+0.0096%	8h	0.3610	0.000%	$24K	$701	10x	as long as short
Aster CRVUSDT	+0.0100%	8h	0.3610	0.000%	$129K	$186K	10x	as long as short
Pacifica CRV	+0.0100%	1h	0.3612	+0.049%	$367K	$156K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRVUSDT	+0.0100%	8h	0.3612	+0.047%	$25.3M	$58.4M	75x	as long as short
Bybit CRVUSDTshort	+0.0100%	8h	0.3611	+0.028%	$27.6M	$17.2M	75x
OKX CRV-USDT-SWAP	+0.0100%	8h	0.3611	+0.028%	$8.5M	$22.3M	50x	as long as short
Gate CRV_USDT	+0.0100%	8h	0.3612	+0.055%	$1.9M	$1.3M	50x	as long as short
MEXC CRV_USDT	+0.0100%	8h	0.3609	−0.028%	$14.3M	$5.6M	125x	as long as short
KuCoin CRVUSDTM	+0.0100%	8h	0.3613	+0.083%	$7.0M	$9.2M	50x	as long as short
Bitget CRVUSDT	+0.0100%	8h	0.3612	+0.055%	$6.9M	$5.8M	75x	as long as short
BingX CRV-USDT	+0.0100%	8h	0.3610	0.000%	—	$21.6M	—	as long as short
Variational Omni CRV	+0.0100%	8h	0.3608	−0.069%	$1.1M	$151K	—	as long as short
edgeX CRVUSDC	+0.0100%	4h	0.3617	+0.188%	$37K	$172K	20x	as long as short
GRVT CRV_USDT_Perp	+0.0100%	8h	0.3637	+0.760%	$513K	$474K	10x	as long as short
SunX CRV-USDT	+0.0100%	8h	0.3637	+0.748%	$1K	$1.3M	20x	as long as short
Extended CRV-USD	+0.0104%	1h	0.3608	−0.056%	$240K	$885K	25x	as long as short
Aevo CRV-PERP	+0.0104%	1h	0.3609	−0.025%	$19K	$9K	3x	as long as short
GMX CRV/USD [ETH-USDC]	L +0.0153% / S +0.0236%	1h	0.3611	+0.025%	$259K	—	100x	as long as short
Kraken Futures PF_CRVUSD	+0.0165%	1h	0.3613	+0.086%	$3.1M	$3.6M	50x	as long as short
BloFin CRV-USDT	+0.0220%	8h	0.3611	+0.028%	$1.4M	$4.7M	75x	as long as short
Hyperliquid CRV	+0.0227%	1h	0.3617	+0.183%	$22.2M	$17.0M	10x	as long as short
Coinbase International CRV-PERP-INTXlong	+0.0384%	1h	0.3610	long leg	$380K	$4.8M	50x
Backpack CRV_USDC_PERP	+0.0418%	1h	0.3614	+0.119%	$104K	$362K	10x	as long as short