Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0308%/8h= +33.7% APRpaid last 24h +0.083%

Price spread now: BloFin against Coinbase International−0.033%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as in the Funding arb table

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

costs, in and out, $10k−$280.285% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.236%+$24 on $10k

Price spread, last 4 days (all we have)−0.065%−$7 · spread now −0.033%, 7d avg +0.042%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.075% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.042%). If the spread goes back, that is −$8 on $10k: about 20 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.236% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	90.900	0.0032	pay 0.0004% / 1h	29m 01s	$937K	$570K	10x
Short	BloFin CRCL-USDT	90.870	0.0340	get 0.0340% / 8h	7h 29m	$1.1M	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.033%Rate

Funding earned: $64.64
Price spread: −0.033% → +0.042%: −$7.52
Slippage, 4 orders: −$6.48
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $28.64
Costs to cover: 0.285%
Break-even: 3.9 days

Slippage from Coinbase International: live order book, 4 min ago; BloFin: 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	0.55 bp	5.5 bp −$6	9.4 bp −$94	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	1.65 bp	8.7 bp −$9	11.9 bp −$119	32.4 bp −$3,235	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
Vest CRCL-USD-PERP	−0.0100%	1h	90.670	−0.253%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0034%	8h	90.890	−0.011%	$17.4M	$36.2M	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.840	−0.066%	$14.9M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	90.920	+0.022%	$7.8M	$26.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.890	−0.011%	$1.0M	$47K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0008%	8h	90.967	+0.074%	$71K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.887	−0.014%	$977K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0032%	1h	90.900	long leg	$937K	$570K	10x
Aftermath Perps CRCLUSD	+0.0037%	1h	90.966	+0.073%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.800	−0.110%	$94K	$283K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	90.811	−0.098%	$66.9M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.800	−0.110%	$375K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.840	−0.066%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.790	−0.121%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	90.870	−0.033%	$1.3M	$1.7M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0080%	1h	90.830	−0.077%	$5K	$764K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	90.830	−0.077%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.840	−0.066%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.950	+0.055%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.840	−0.066%	$906	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.872	−0.030%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0125%	8h	90.796	−0.115%	$418	$766	5x	as long as short
Variational Omni CRCL	+0.0148%	8h	90.940	+0.044%	$2.4M	$3.3M	—	as long as short
Aster CRCLUSDT	+0.0206%	8h	90.853	−0.052%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0208%	1h	90.878	−0.024%	$2.9M	$2.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	90.817	−0.091%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0220%	8h	90.848	−0.057%	$104.5M	$386.3M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.098	+0.218%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0283%	8h	90.840	−0.066%	$22.2M	$61.2M	50x	as long as short
edgeX CRCLUSDC	+0.0304%	4h	90.952	+0.057%	$52K	$271K	10x	as long as short
BloFin CRCL-USDTshort	+0.0340%	8h	90.870	−0.033%	$1.1M	$1.7M	20x
Nado CRCL-PERP	+0.0364%	1h	90.788	−0.123%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.397%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	90.854	−0.051%	$410K	$258K	10x	as long as short