Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0736%/8h= +80.6% APRpaid last 24h +0.142%

Price spread now: edgeX against Coinbase International+0.206%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs+$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$420.416% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.635%+$64 on $10k

Price spread, last 3 days (all we have)−0.126%−$13 · spread now +0.206%, 7d avg +0.028%

Together, before fees+0.509%+ Points / potential airdropedgeX: Active · farm board+$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and edgeX is 0.178% dearer against Coinbase International than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	94.510	0.0032	pay 0.0004% / 1h	20m 59s	$940K	$723K	10x
Short	edgeX CRCLUSDC	94.705	0.0768	get 0.0384% / 4h	20m 59s	$24K	$268K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.206%Rate

Funding earned: $154.5
Price spread: +0.206% → +0.028%: $17.82
Slippage, 4 orders: −$22.63
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $130.69
Costs to cover: 0.416%
Break-even: 1.1 days

Slippage from Coinbase International: live order book, 57 min ago; edgeX: live order book, 57 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, 57 min ago	4.24 bp	9.7 bp −$10	15.7 bp −$157	doesn't fit	doesn't fit
Sell edgeX live order book, 57 min ago	5.84 bp	11.5 bp −$12	23.5 bp −$235	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	94.740	+0.243%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.730	+0.233%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.730	+0.233%	$1.4M	$2.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.737	+0.240%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0032%	1h	94.510	long leg	$940K	$723K	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.640	+0.138%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.665	+0.164%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.676	+0.176%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.610	+0.106%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.731	+0.234%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0099%	8h	94.810	+0.317%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.720	+0.222%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.720	+0.222%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.620	+0.116%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.710	+0.212%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.737	+0.240%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0117%	8h	94.716	+0.217%	$777	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0173%	1h	94.709	+0.211%	$71.2M	$42.9M	10x	as long as short
Variational Omni CRCL	+0.0184%	8h	94.712	+0.214%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0197%	8h	94.740	+0.243%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0233%	8h	94.746	+0.250%	$61K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	94.721	+0.223%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0241%	8h	94.753	+0.257%	$109.8M	$390.2M	50x	as long as short
Aster CRCLUSDT	+0.0242%	8h	94.730	+0.233%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0273%	1h	94.673	+0.172%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.779	+0.285%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0303%	8h	94.760	+0.265%	$17.0M	$35.4M	25x	as long as short
Lighter CRCL	+0.0352%	1h	94.743	+0.247%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0361%	8h	94.680	+0.180%	$1.1M	$600K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+1.111%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.720	+0.222%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.758	+0.262%	$432K	$303K	10x	as long as short
edgeX CRCLUSDCshort	+0.0768%	4h	94.705	+0.206%	$24K	$268K	10x
Deribit CRCL_USDC-PERPETUAL	+0.0807%	1h	94.710	+0.212%	$4K	$772K	10x	as long as short