Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h −0.011%

Price spread now: Coinbase International against Bybit−0.108%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$490.491% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now −0.108%, 7d avg −0.073%

Together, before fees+0.051%+$5 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: Coinbase International is 0.035% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	92.490	0	get 0.0000% / 8h	6h 18m	$15.0M	$25.2M	50x
Short	Coinbase International CRCL-PERP-INTX	92.390	0.0008	get 0.0001% / 1h	18m 06s	$856K	$704K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.108%Rate

Funding earned: $1.68
Price spread: −0.108% → −0.073%: −$3.49
Slippage, 4 orders: −$28.1
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$50.9
Costs to cover: 0.491%
Break-even: 219.1 days

Slippage from Bybit: live order book, 4 min ago; Coinbase International: live order book, 33 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 Bybit live order book, 4 min ago	0.54 bp	10.2 bp −$10	18.1 bp −$181	doesn't fit	doesn't fit
Sell Coinbase International live order book, 33 min ago	7.61 bp	14.5 bp −$14	19.6 bp −$196	doesn't fit	doesn't fit

CRCL on 34 exchanges

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
Vest CRCL-USD-PERP	−0.0021%	1h	92.250	−0.259%	—	$30K	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	92.490	long leg	$15.0M	$25.2M	50x
Bitget CRCLUSDT	0.0000%	8h	92.530	+0.043%	$18.1M	$34.0M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.430	−0.065%	$1.0M	$45K	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0008%	1h	92.390	−0.108%	$856K	$704K	10x
Lighter RH CRCL	+0.0032%	1h	92.499	+0.010%	$999K	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.305	−0.200%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.420	−0.076%	$67.6M	$40.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.483	−0.008%	$380K	$852K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.466	−0.026%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.320	−0.184%	$1.1M	$3.9M	10x	as long as short
Gate CRCL_USDT	+0.0061%	8h	92.530	+0.043%	$7.3M	$25.8M	50x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.420	−0.076%	$1.3M	$1.6M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.420	−0.076%	$138K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.380	−0.119%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.270	−0.238%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.460	−0.032%	$922	$1K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0101%	8h	92.453	−0.040%	$425	$477	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.518	+0.030%	$4	—	10x	as long as short
Phoenix CRCL	+0.0199%	1h	92.188	−0.327%	$27K	$66K	10x	as long as short
Lighter CRCL	+0.0240%	1h	92.537	+0.051%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0258%	8h	92.386	−0.112%	$2.5M	$3.3M	—	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0291%	1h	92.470	−0.022%	$5K	$488K	10x	as long as short
Nado CRCL-PERP	+0.0314%	1h	92.438	−0.056%	$151K	$112K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0327%	8h	92.520	+0.032%	$22.8M	$57.6M	50x	as long as short
Aster CRCLUSDT	+0.0340%	8h	92.498	+0.009%	$1.1M	$4.5M	20x	as long as short
Extended CRCL_24_5-USD	+0.0344%	1h	92.465	−0.026%	$1.1M	$4.4M	10x	as long as short
Binance CRCLUSDT	+0.0347%	8h	92.500	+0.011%	$106.7M	$361.6M	50x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.470	−0.022%	$96K	$226K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.432%	$38K	$172K	30x	as long as short
BloFin CRCL-USDT	+0.0464%	8h	92.370	−0.130%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.453	−0.040%	$410K	$243K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0609%	8h	92.303	−0.202%	$63K	$1.0M	10x	as long as short
edgeX CRCLUSDC	+0.0669%	4h	92.436	−0.058%	$53K	$269K	10x	as long as short