Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0191%/8h= +20.9% APRpaid last 24h −0.010%

Price spread now: Bitget against Coinbase International+0.074%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

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

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)−0.052%−$5 · spread now +0.074%, 7d avg +0.068%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.068%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.028% in total (about 1.5% 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	94.390	0.0144	pay 0.0018% / 1h	23m 21s	$939K	$743K	10x
Short	Bitget CRCLUSDT	94.460	0.0335	get 0.0335% / 8h	2h 23m	$16.8M	$35.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.074%Rate

Funding earned: $40.11
Price spread: +0.074% → +0.068%: $0.64
Slippage, 4 orders: −$23.21
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$4.46
Costs to cover: 0.452%
Break-even: 7.8 days

Slippage from Coinbase International: live order book, 65 min ago; Bitget: live order book, 6 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, 65 min ago	5.26 bp	10.8 bp −$11	15.2 bp −$152	doesn't fit	doesn't fit
Sell Bitget live order book, 6 min ago	2.12 bp	12.1 bp −$12	19.8 bp −$198	71.8 bp −$7,179	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
Extended CRCL_24_5-USD	0.0000%	1h	94.424	+0.036%	$1.1M	$3.8M	10x	as long as short
RISEx CRCL/USDC	0.0000%	1h	94.560	+0.180%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.570	+0.191%	$7.2M	$27.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	94.532	+0.150%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.450	+0.064%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.560	+0.180%	$1.0M	$50K	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	94.426	+0.038%	$108.4M	$389.3M	50x	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.540	+0.159%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0023%	8h	94.430	+0.042%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.425	+0.037%	$881K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster CRCLUSDT	+0.0042%	8h	94.370	−0.021%	$1.1M	$4.8M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.437	+0.049%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.460	+0.074%	—	$45K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.373	−0.018%	$70.9M	$42.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.446	+0.059%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.502	+0.119%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.480	+0.095%	$1.1M	$5.9M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.601	+0.224%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.520	+0.138%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.095%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.410	+0.021%	$941	$3K	10x	as long as short
BloFin CRCL-USDT	+0.0100%	8h	94.520	+0.138%	$1.1M	$589K	20x	as long as short
Paradex CRCL-USD-PERP	+0.0102%	8h	94.642	+0.267%	$719	$428	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.413	+0.024%	$4	—	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0144%	1h	94.390	long leg	$939K	$743K	10x
Nado CRCL-PERP	+0.0195%	1h	94.427	+0.039%	$126K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0225%	8h	94.550	+0.170%	$22.8M	$60.8M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.600	+0.222%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0272%	1h	94.451	+0.065%	$3.1M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.400	+0.011%	$4K	$771K	10x	as long as short
Bitget CRCLUSDTshort	+0.0335%	8h	94.460	+0.074%	$16.8M	$35.2M	25x
Injective CRCL/USDC PERP	+0.0440%	1h	94.830	+0.466%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.580	+0.201%	$97K	$272K	10x	as long as short
edgeX CRCLUSDC	+0.0931%	4h	94.439	+0.052%	$24K	$266K	10x	as long as short