Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.003%

Price spread now: KuCoin against Coinbase International+0.148%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1111.108% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 3 days (all we have)−0.130%−$13 · spread now +0.148%, 7d avg +0.033%

Together, before fees−0.125%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and KuCoin is 0.115% dearer against Coinbase International than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	94.290	0.0080	pay 0.0010% / 1h	45m 58s	$938K	$742K	10x
Short	KuCoin CRCLUSDTM	94.430	0.0100	get 0.0100% / 8h	1h 45m	$3.0M	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.148%Rate

Funding earned: $4.2
Price spread: +0.148% → +0.033%: $11.51
Slippage, 4 orders: −$88.83
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$95.13
Costs to cover: 1.108%
Break-even: 165.5 days

Slippage from Coinbase International: live order book, 37 min ago; KuCoin: live order book, 6 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, 37 min ago	5.29 bp	13.5 bp −$13	20.3 bp −$203	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	2.65 bp	33.6 bp −$34	doesn't fit	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	94.430	+0.148%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.420	+0.138%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.360	+0.074%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.152%	$50K	$1.2M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	+0.021%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.403	+0.120%	$2K	$19K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.363	+0.077%	$361K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.379	+0.094%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.011%	$1.1M	$5.9M	10x	as long as short
Variational Omni CRCL	+0.0066%	8h	94.407	+0.124%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0075%	8h	94.500	+0.223%	$15.5M	$25.9M	50x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0080%	1h	94.290	long leg	$938K	$742K	10x
Pacifica CRCL	+0.0100%	1h	94.350	+0.064%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	94.430	+0.148%	$3.0M	$1.8M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	94.280	−0.011%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.400	+0.117%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.426	+0.145%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0128%	1h	94.405	+0.122%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0129%	8h	94.432	+0.151%	$108.4M	$388.4M	50x	as long as short
Lighter RH CRCL	+0.0136%	1h	94.468	+0.189%	$891K	$2.9M	10x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.400	+0.117%	$431K	$309K	10x	as long as short
Aster CRCLUSDT	+0.0160%	8h	94.370	+0.085%	$1.1M	$4.8M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0174%	8h	94.386	+0.102%	$774	$740	5x	as long as short
Phoenix CRCL	+0.0212%	1h	94.337	+0.050%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.380	+0.095%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0219%	8h	94.460	+0.180%	$22.8M	$60.5M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	+0.126%	$24K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0245%	8h	94.360	+0.074%	$1.1M	$580K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0262%	1h	94.389	+0.105%	$70.8M	$42.9M	10x	as long as short
Bitget CRCLUSDT	+0.0327%	8h	94.420	+0.138%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0334%	1h	94.321	+0.032%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0384%	1h	94.466	+0.187%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.594%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0492%	1h	94.420	+0.138%	$4K	$771K	10x	as long as short