Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.016%

Price spread now: Coinbase International against BloFin−0.074%58s7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.452% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 3 days (all we have)+0.085%+$8 · spread now −0.074%, 7d avg −0.042%

Together, before fees−0.093%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Coinbase International is 0.032% cheaper against BloFin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.042%). Swap the legs. The two prices were read 58 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	BloFin CRCL-USDT	94.460	0.0184	pay 0.0184% / 8h	1h 59m	$1.1M	$588K	20x
Short	Coinbase International CRCL-PERP-INTX	94.390	0.0144	get 0.0018% / 1h	59m 21s	$939K	$743K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$8.48
Price spread: −0.074% → −0.042%: −$3.17
Slippage, 4 orders: −$23.16
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$56.8
Costs to cover: 0.452%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Coinbase International: live order book, 24 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 BloFin live order book, 3 min ago	1.06 bp	9.7 bp −$10	19.9 bp −$199	doesn't fit	doesn't fit
Sell Coinbase International live order book, 24 min ago	5.29 bp	10.3 bp −$10	17.5 bp −$175	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
Gate CRCL_USDT	0.0000%	8h	94.440	−0.021%	$7.2M	$27.4M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.450	−0.011%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.410	−0.053%	$1.0M	$50K	10x	as long as short
Variational Omni CRCL	+0.0017%	8h	94.462	+0.002%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.390	−0.074%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0029%	8h	94.470	+0.011%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.356	−0.110%	$880K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.446	−0.015%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	−0.095%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.423	−0.039%	$47K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.290	−0.180%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	94.387	−0.077%	$1.1M	$3.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0067%	1h	94.378	−0.087%	$357K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0069%	8h	94.470	+0.011%	$108.5M	$389.3M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.262	−0.210%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.400	−0.064%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.116%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.420	−0.042%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.368	−0.098%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0105%	8h	94.387	−0.077%	$1.1M	$4.8M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0136%	8h	94.415	−0.047%	$774	$740	5x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0144%	1h	94.390	−0.074%	$939K	$743K	10x
RISEx CRCL/USDC	+0.0159%	1h	94.410	−0.053%	$431K	$310K	10x	as long as short
BloFin CRCL-USDTlong	+0.0184%	8h	94.460	long leg	$1.1M	$588K	20x
OKX CRCL-USDT-SWAP	+0.0206%	8h	94.460	0.000%	$22.8M	$60.6M	50x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.380	−0.085%	$97K	$274K	10x	as long as short
Phoenix CRCL	+0.0228%	1h	94.409	−0.054%	$28K	$92K	10x	as long as short
Nado CRCL-PERP	+0.0267%	1h	94.313	−0.156%	$127K	$73K	3x	as long as short
tradeXYZ xyz:CRCL	+0.0285%	1h	94.429	−0.033%	$70.8M	$42.9M	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.346	−0.121%	$3.1M	$2.2M	10x	as long as short
Bitget CRCLUSDT	+0.0317%	8h	94.450	−0.011%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.487%	$5K	$20K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0492%	1h	94.400	−0.064%	$4K	$771K	10x	as long as short
edgeX CRCLUSDC	+0.0995%	4h	94.463	+0.003%	$24K	$268K	10x	as long as short