Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0290%/8h= +31.8% APRpaid last 24h +0.047%

Price spread now: Binance against Coinbase International+0.232%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 4 days (all we have)−0.145%−$15 · spread now +0.232%, 7d avg +0.036%

Together, before fees−0.170%−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Binance is 0.196% dearer against Coinbase International than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.036%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.025% in total (about -1.3% 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 CRCL-PERP-INTX	92.510	0.0032	pay 0.0004% / 1h	2m 41s	$899K	$673K	10x
Short	Binance CRCLUSDT	92.725	0.0322	get 0.0322% / 8h	7h 02m	$106.9M	$377.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.232%Rate

Funding earned: $60.92
Price spread: +0.232% → +0.036%: $19.62
Slippage, 4 orders: −$4.98
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $55.56
Costs to cover: 0.250%
Break-even: 0.6 days

Slippage from Coinbase International: live order book, 31 min ago; Binance: live order book, 11 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, 31 min ago	0.55 bp	5.5 bp −$6	9.4 bp −$94	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	0.54 bp	6.8 bp −$7	11.8 bp −$118	39.8 bp −$3,978	172.3 bp −$86.1K

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
Vest CRCL-USD-PERP	−0.0078%	1h	92.420	−0.097%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.780	+0.292%	$17.9M	$35.1M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.760	+0.270%	$1.0M	$46K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.780	+0.292%	$997K	$2.5M	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0032%	1h	92.510	long leg	$899K	$673K	10x
Aftermath Perps CRCLUSD	+0.0037%	1h	92.687	+0.192%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.740	+0.249%	$97K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.718	+0.225%	$68.0M	$42.7M	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.620	+0.119%	$1.1M	$4.4M	10x	as long as short
Gate CRCL_USDT	+0.0063%	8h	92.720	+0.227%	$7.4M	$28.0M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0065%	1h	92.700	+0.205%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.790	+0.303%	$136K	$140K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.720	+0.227%	$2.7M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.710	+0.216%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.740	+0.249%	$925	$1K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0103%	1h	92.761	+0.271%	$381K	$964K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.766	+0.277%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0173%	8h	92.802	+0.316%	$427	$766	5x	as long as short
Bybit CRCLUSDT	+0.0185%	8h	92.720	+0.227%	$15.1M	$26.2M	50x	as long as short
Lighter CRCL	+0.0208%	1h	92.738	+0.246%	$3.0M	$2.2M	10x	as long as short
Variational Omni CRCL	+0.0254%	8h	92.860	+0.378%	$2.4M	$3.2M	—	as long as short
Phoenix CRCL	+0.0254%	1h	92.745	+0.254%	$27K	$66K	10x	as long as short
Aster CRCLUSDT	+0.0309%	8h	92.700	+0.205%	$1.1M	$5.0M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0312%	8h	92.760	+0.270%	$22.6M	$59.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0320%	1h	92.686	+0.190%	$1.1M	$5.0M	10x	as long as short
Binance CRCLUSDTshort	+0.0322%	8h	92.725	+0.232%	$106.9M	$377.9M	50x
Nado CRCL-PERP	+0.0363%	1h	92.704	+0.210%	$149K	$111K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0397%	1h	92.730	+0.238%	$5K	$641K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.000	−0.551%	$39K	$172K	30x	as long as short
BloFin CRCL-USDT	+0.0441%	8h	92.760	+0.270%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	92.770	+0.281%	$415K	$255K	10x	as long as short
SoDEX CRCL-USD	+0.0751%	1h	92.751	+0.261%	$46K	$3K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0771%	8h	92.761	+0.272%	$70K	$1.1M	10x	as long as short
edgeX CRCLUSDC	+0.0825%	4h	92.817	+0.332%	$53K	$269K	10x	as long as short