Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h +0.031%

Price spread now: Gate against Coinbase International+0.121%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$490.490% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now +0.121%, 7d avg +0.065%

Together, before fees−0.118%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.056% dearer against Coinbase International than usual: you sell high and buy low (spread +0.121% now, against its 7-day average of +0.065%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.3 days. At the pace of the last 7 days (−0.033% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	91.200	0.0056	pay 0.0007% / 1h	33m 31s	$888K	$603K	10x
Short	Gate CRCL_USDT	91.310	0	get 0.0000% / 8h	1h 33m	$7.8M	$27.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.121%Rate

Funding earned: −$11.76
Price spread: +0.121% → +0.065%: $5.59
Slippage, 4 orders: −$24.04
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$55.21
Costs to cover: 0.490%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 10 min ago; Gate: 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, 10 min ago	1.10 bp	6.1 bp −$6	10.8 bp −$108	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.74 bp	16.1 bp −$16	25.3 bp −$253	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
Bitget CRCLUSDT	−0.0727%	8h	91.380	+0.197%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0087%	1h	91.010	−0.208%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.370	+0.186%	$14.6M	$26.7M	50x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	91.310	+0.121%	$7.8M	$27.5M	50x
Variational Omni CRCL	0.0000%	8h	91.259	+0.065%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.230	+0.033%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.349	+0.163%	$976K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.196	−0.004%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.230	+0.033%	$94K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.193	−0.008%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.120	−0.088%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0056%	1h	91.200	long leg	$888K	$603K	10x
QFEX CRCL-USD	+0.0068%	1h	91.300	+0.110%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0077%	1h	91.275	+0.082%	$67.5M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0084%	8h	91.374	+0.191%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0096%	1h	91.299	+0.108%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0097%	8h	91.357	+0.172%	$104.4M	$397.5M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.281	+0.089%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.250	+0.055%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.190	−0.011%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.190	−0.011%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.198	−0.002%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0131%	1h	91.316	+0.127%	$382K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0160%	8h	91.299	+0.108%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0189%	8h	91.330	+0.143%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0193%	8h	91.390	+0.208%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0217%	8h	91.260	+0.066%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.232	+0.035%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.347	+0.161%	$416K	$268K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.342	+0.156%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0299%	1h	91.180	−0.022%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0412%	1h	91.202	+0.002%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.810	+0.669%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0904%	4h	91.319	+0.130%	$52K	$277K	10x	as long as short