Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.008%

Price spread now: Orderly against Coinbase International+0.254%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.254% dearer against Coinbase International than usual: you sell high and buy low: +$25 more if the spread goes back to zero (this spread has no 7-day history yet).

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	25m 51s	$940K	$723K	10x
Short	Orderly PERP_CRCL_USDC_mythos	94.750	0.0100	get 0.0100% / 8h	25m 51s	$945	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.254%Rate

Funding earned: $14.28
Price spread: +0.254% → 0.000%: $25.39
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $23.67
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, 53 min ago; Orderly: no order-book sample. Net counts fees only.

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, 53 min ago	4.24 bp	9.7 bp −$10	15.7 bp −$157	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	94.730	+0.233%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.750	+0.254%	$1.0M	$51K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.730	+0.233%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.757	+0.261%	$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	94.710	+0.212%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.719	+0.221%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.727	+0.230%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.650	+0.148%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.762	+0.266%	$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	94.750	+0.254%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.710	+0.212%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.730	+0.233%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.670	+0.169%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	94.750	+0.254%	$945	$3K	10x
Aevo CRCL-PERP	+0.0104%	1h	94.755	+0.259%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0117%	8h	94.758	+0.262%	$777	$740	5x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.744	+0.248%	$2.5M	$3.1M	—	as long as short
tradeXYZ xyz:CRCL	+0.0177%	1h	94.716	+0.218%	$71.1M	$42.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0196%	8h	94.730	+0.233%	$22.9M	$60.7M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0215%	8h	94.770	+0.275%	$61K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0228%	8h	94.720	+0.222%	$109.8M	$390.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.703	+0.205%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0234%	8h	94.749	+0.252%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0275%	1h	94.632	+0.129%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.656	+0.154%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0304%	8h	94.750	+0.254%	$17.0M	$35.4M	25x	as long as short
BloFin CRCL-USDT	+0.0346%	8h	94.750	+0.254%	$1.1M	$599K	20x	as long as short
Lighter CRCL	+0.0360%	1h	94.774	+0.279%	$3.1M	$2.2M	10x	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	94.750	+0.254%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.760	+0.265%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0542%	4h	94.739	+0.242%	$24K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0701%	1h	94.770	+0.275%	$4K	$772K	10x	as long as short