Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0006%/8h= −0.7% APRpaid last 24h −0.002%

Price spread now: Bybit against Coinbase International+0.149%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$460.460% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)−0.113%−$11 · spread now +0.149%, 7d avg +0.057%

Together, before fees−0.155%−$15 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: Bybit is 0.092% dearer against Coinbase International than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	94.100	0.0080	pay 0.0010% / 1h	28m 46s	$936K	$740K	10x
Short	Bybit CRCLUSDT	94.240	0.0074	get 0.0074% / 8h	1h 28m	$15.5M	$25.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.149%Rate

Funding earned: −$1.3
Price spread: +0.149% → +0.057%: $9.22
Slippage, 4 orders: −$24.96
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$38.05
Costs to cover: 0.460%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 55 min ago; Bybit: live order book, 5 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, 55 min ago	5.29 bp	13.5 bp −$13	20.3 bp −$203	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.06 bp	11.3 bp −$11	18.8 bp −$188	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	94.210	+0.117%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.200	+0.106%	$1.0M	$50K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.231	+0.139%	$888K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.060	−0.043%	$1.3M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.040	−0.064%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.192	+0.097%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.164	+0.068%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.132	+0.034%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.130	+0.032%	$1.1M	$5.8M	10x	as long as short
Bybit CRCLUSDTshort	+0.0074%	8h	94.240	+0.149%	$15.5M	$25.9M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTXlong	+0.0080%	1h	94.100	long leg	$936K	$740K	10x
Pacifica CRCL	+0.0100%	1h	94.120	+0.021%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.300	+0.213%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.170	+0.074%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.160	+0.064%	$939	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.202	+0.109%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0126%	8h	94.190	+0.096%	$59K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	94.183	+0.088%	$2.5M	$3.2M	—	as long as short
tradeXYZ xyz:CRCL	+0.0148%	1h	94.179	+0.084%	$70.6M	$42.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0153%	8h	94.201	+0.107%	$772	$740	5x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.195	+0.101%	$430K	$310K	10x	as long as short
Binance CRCLUSDT	+0.0172%	8h	94.207	+0.114%	$108.3M	$388.6M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0175%	1h	94.210	+0.117%	$4K	$771K	10x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	94.178	+0.083%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0194%	8h	94.180	+0.085%	$1.1M	$4.8M	20x	as long as short
edgeX CRCLUSDC	+0.0200%	4h	94.277	+0.188%	$24K	$268K	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.187	+0.092%	$28K	$92K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0212%	8h	94.220	+0.128%	$22.8M	$60.4M	50x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.180	+0.085%	$96K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0266%	1h	94.157	+0.061%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0288%	1h	94.226	+0.134%	$3.0M	$2.3M	10x	as long as short
BloFin CRCL-USDT	+0.0292%	8h	94.120	+0.021%	$1.1M	$579K	20x	as long as short
Bitget CRCLUSDT	+0.0314%	8h	94.220	+0.128%	$16.6M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.701%	$5K	$19K	30x	as long as short