Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0246%/8h= +26.9% APRpaid last 24h +0.049%

Price spread now: OKX against Coinbase International+0.210%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.253%−$25 · spread now +0.210%, 7d avg +0.059%

Together, before fees−0.256%−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and OKX is 0.151% dearer against Coinbase International than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.059%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.003% in total (about -0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	90.560	0.0032	pay 0.0004% / 1h	25m 00s	$933K	$562K	10x
Short	OKX CRCL-USDT-SWAP	90.750	0.0278	get 0.0278% / 8h	7h 25m	$22.1M	$61.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.210%Rate

Funding earned: $51.56
Price spread: +0.210% → +0.059%: $15.05
Slippage, 4 orders: −$5.87
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $40.74
Costs to cover: 0.259%
Break-even: 1.5 days

Slippage from Coinbase International: live order book, 8 min ago; OKX: 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, 8 min ago	0.55 bp	5.5 bp −$6	9.4 bp −$94	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.55 bp	6.2 bp −$6	9.8 bp −$98	78.2 bp −$7,818	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
Vest CRCL-USD-PERP	−0.0104%	1h	90.440	−0.133%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.760	+0.221%	$14.9M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	90.740	+0.199%	$7.7M	$26.5M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	90.810	+0.276%	$17.4M	$36.0M	25x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	90.751	+0.211%	$71K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.650	+0.099%	$1.0M	$47K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.723	+0.180%	$976K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0032%	1h	90.560	long leg	$933K	$562K	10x
Aftermath Perps CRCLUSD	+0.0037%	1h	90.771	+0.233%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.630	+0.077%	$94K	$278K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	90.671	+0.123%	$67.1M	$44.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.530	−0.033%	$374K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.621	+0.067%	$45K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.590	+0.033%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	90.580	+0.022%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	90.620	+0.066%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.670	+0.121%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.690	+0.144%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.690	+0.144%	$904	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.698	+0.153%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0120%	8h	90.601	+0.045%	$417	$766	5x	as long as short
Variational Omni CRCL	+0.0136%	8h	90.587	+0.030%	$2.4M	$3.3M	—	as long as short
Aster CRCLUSDT	+0.0199%	8h	90.730	+0.187%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0200%	1h	90.697	+0.151%	$2.9M	$2.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	90.734	+0.192%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0210%	8h	90.759	+0.220%	$104.1M	$386.3M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	90.710	+0.166%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0278%	8h	90.750	+0.210%	$22.1M	$61.4M	50x
BloFin CRCL-USDT	+0.0330%	8h	90.680	+0.133%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0359%	1h	90.571	+0.012%	$133K	$109K	3x	as long as short
edgeX CRCLUSDC	+0.0419%	4h	90.701	+0.156%	$52K	$269K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	90.790	+0.254%	$106K	$121K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	90.685	+0.138%	$409K	$258K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0523%	1h	90.680	+0.133%	$5K	$760K	10x	as long as short