Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: GRVT against Coinbase International+0.086%76s7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.356% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.086%, 7d avg +0.084%

Together, before fees−0.105%+ Points / potential airdropGRVT: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.084%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.102%, so the current rate has only just turned in your favour. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	91.250	0.0072	pay 0.0009% / 1h	34m 14s	$912K	$527K	10x
Short	GRVT CRCL_USDT_Perp	91.328	0.0104	get 0.0104% / 8h	2h 34m	$62K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.086%Rate

Funding earned: $6.72
Price spread: +0.086% → +0.084%: $0.23
Slippage, 4 orders: −$16.57
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$28.62
Costs to cover: 0.356%
Break-even: 36.8 days

Slippage from Coinbase International: live order book, 14 min ago; GRVT: 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, 14 min ago	4.92 bp	10.0 bp −$10	15.1 bp −$151	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	1.64 bp	7.4 bp −$7	18.7 bp −$187	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	−0.0852%	8h	91.370	+0.132%	$16.6M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0070%	1h	91.120	−0.142%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.270	+0.022%	$14.6M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.310	+0.066%	$7.4M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.361	+0.121%	$2.4M	$3.2M	—	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	91.220	−0.033%	$4K	$768K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.320	+0.077%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0014%	8h	91.282	+0.035%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.256	+0.006%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0026%	8h	91.252	+0.002%	$103.8M	$394.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.286	+0.039%	$972K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.330	+0.088%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.339	+0.098%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.326	+0.083%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.280	+0.033%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.360	+0.121%	$996K	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.370	+0.132%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0062%	1h	91.212	−0.042%	$68.2M	$43.2M	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0072%	1h	91.250	long leg	$912K	$527K	10x
Paradex CRCL-USD-PERP	+0.0091%	8h	91.349	+0.108%	$420	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.339	+0.097%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.300	+0.055%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.310	+0.066%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.290	+0.044%	$910	$2K	10x	as long as short
BloFin CRCL-USDT	+0.0103%	8h	91.460	+0.230%	$1.1M	$1.6M	20x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0104%	8h	91.328	+0.086%	$62K	$1.1M	10x
Aevo CRCL-PERP	+0.0104%	1h	91.275	+0.028%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0110%	8h	91.290	+0.044%	$22.1M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.360	+0.121%	$416K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.130	−0.132%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0232%	1h	91.279	+0.032%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0305%	1h	91.324	+0.081%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.866%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0858%	4h	91.307	+0.063%	$52K	$277K	10x	as long as short