Funding arb · Price arb / RWA

CRCL

RWAAll CRCL markets →

LONGCoinbase International▾Bybit 0.0000%Bitget 0.0000%GRVT 0.0000%Deribit 0.0000%Phemex 0.0000%Arcus +0.0041%Aftermath Perps +0.0041%QFEX +0.0043%Gate +0.0044%Polymarket Perps +0.0050%SoDEX +0.0050%Ondo Perps +0.0050%Paradex +0.0082%Lighter +0.0096%OKX +0.0098%Pacifica +0.0100%ApeX Omni +0.0100%Orderly +0.0100%Aevo +0.0104%Vest Markets +0.0115%Variational Omni +0.0117%Aster +0.0169%Binance +0.0181%Extended +0.0184%Lighter RH +0.0192%KuCoin +0.0208%tradeXYZ +0.0221%Phoenix +0.0248%Nado +0.0262%BloFin +0.0304%RISEx +0.0439%Injective +0.0440%Coinbase International +0.0440%edgeX +0.0717%

⇄⇅

SHORTPopdex▾edgeX +0.0717%Injective +0.0440%RISEx +0.0439%BloFin +0.0304%Nado +0.0262%Phoenix +0.0248%tradeXYZ +0.0221%KuCoin +0.0208%Lighter RH +0.0192%Extended +0.0184%Binance +0.0181%Aster +0.0169%Variational Omni +0.0117%Vest Markets +0.0115%Aevo +0.0104%Pacifica +0.0100%ApeX Omni +0.0100%Orderly +0.0100%OKX +0.0098%Lighter +0.0096%Paradex +0.0082%Ondo Perps +0.0050%Polymarket Perps +0.0050%SoDEX +0.0050%Popdex +0.0048%Gate +0.0044%QFEX +0.0043%Aftermath Perps +0.0041%Arcus +0.0041%Bybit 0.0000%Bitget 0.0000%GRVT 0.0000%Deribit 0.0000%Phemex 0.0000%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	Coinbase InternationalCRCL-PERP-INTX	83.900	+0.0440	pay 0.0055% / 1h	28m 06s	$1.4M	$254K	10x	Long Coinbase International
SHORT	PopdexCRCLUSDT	83.770	+0.0048	get 0.0006% / 1h	28m 06s	$374K	$177K	20x	Short Popdex

Price gap−0.155%

Funding gap−0.0392% /8h

Both sides work against this direction now: funding costs $12 a day on $10k and the gap is 0.261% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 6 days it paid −0.214% in total, about −0.0119%/8h on average.

Funding history

SpreadBoth legsCumulative

24H3D7D14D30D90D

you earnyou payavg

RANGE STATS · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.

Price spread between the two exchanges

Spread %Both prices

24H3D7D14D30D90D

Popdex price against Coinbase Internationalnow

RANGE STATS · 7D

Now−0.155%

Average—

Range—

Wider than now—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

Coinbase InternationalPopdex

CRCL on 35 exchanges

lowest funding first

Before you open

2 ok · 3 to watch

• ✓
  OK: Fits both order books10.4 / 9.6 bp

  Entry at $10k a leg, taker fee + slippage. Closing costs about the same.
• i
  Note: Margin at max leverage$1,000 + $500

  Coinbase International 10x, Popdex 20x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Coinbase International · 1h−$13.20

  Short Popdex · 1h+$1.44

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$11.76Long Coinbase International: 24 payments, −$13.20; short Popdex: 24 payments, +$1.44.
• !
  Watch: Gap narrower than usual−0.155% vs +0.106%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• !
  Watch: Short leg is thinner$374K vs $1.4M OI

  Popdex sets your exit cost. Check its book before closing.
• i
  Note: No points program—

  Neither exchange runs points right now.
• !
  Watch: KYCCoinbase International Yes · Popdex No

  ID and a suitability check; perps are for eligible non-US countries, not for US or UK retail.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned−0.0119%/8h × 21 periods−$25.03

Price spread−0.155% → +0.106% (7d avg)−$26.11

Slippage, 4 orderslive order books−$19.87

Fee Coinbase International bp × 2 orders−$10.00

Fee Popdex bp × 2 orders−$6.40

Net · 7 days · $10k−$87.41

Costs to cover0.363%Break-evennever at this rate

Slippage: Coinbase International: live order book, 1 min ago; Popdex: live order book, 45 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGCoinbase International5.3710.4 bp−$1016.9 bp−$169doesn’t fitdoesn’t fit

SELL · SHORTPopdex1.199.6 bp−$1024.0 bp−$240doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

CRCL news

posts that mention CRCL or Circle Internet Group, from every exchangeSearch all news →

09-25 00:50	Injective	Token	The Injective Stockdrop officially starts next week. Anyone who participated in the $INJ BuyBack yesterday will be eligible to earn a stock token on Robinhood Chain. Here are just a few of the tokenized stocks that you could get: $AMC $SNAP $GLXY $HIMS $SMCI $RKLB $CRCL $INTC $MSTR $SPCX $COIN $NVDA $AAPL $TSLA $META $MU $SNDK More ▇▇▇▇ and ▇▇ @injective on X ↗
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09-21 13:35	gTrade (Gains Network)	Listing	new market CRCL/USD ($CRCL) seen by our collector
09-18 17:30	Vest Markets	Other	$COIN is rebounding from Tuesday's Senate defeat of the CLARITY Act, up around 12% on the session. The SEC issued a five-year innovation exemption that allows tokenized versions of U.S. stocks to trade on blockchain venues, with a comment period open. Crypto-linked equities are broadly higher, with $MSTR, $HOOD and $CRCL also up on the session. @VestExchange on X ↗
09-17 02:09	SoDEX	Other	📊 SoDEX 24h Movers · Sep 17 77 of 93 markets higher. The Fed's 25-basis-point rate hike dragged down US equities and crypto-related stocks, while select altcoins bucked the trend. Saudi efforts to restore pipeline capacity weighed on oil prices. What moved them $ZEC · Whale short positions face severe unrealized losses, potentially fueling a short squeeze. ARB · Tokenized card platform Deadstock completed a $2.5M seed round on Arbitrum. ONDO · Ondo's subsidiary became the first tokenized firm to join the DTCC Fund/SERV network. CRCL · Crypto-related stocks fell with the broader US market following the Fed rate hike. HOOD · Crypto-related stocks declined alongside the broader market after the Fed rate decision. 77 up · 15 down · 1 flat across 93 perp markets. 25 also trade spot. @sodex_official on X ↗
09-16 13:44	Deribit	Listing	🚨 Always Open. To More. Now live on Deribit: Trade 17 new equity and ETF perpetuals across technology, ETFs, semiconductors, fintech, and crypto linked equities. All settled in USDC. MSTR · CRCL · NVDA · MSFT · META · TSLA · AAPL · GOOGL · AMZN · QQQ · SPY · AMD · HOOD · INTC · MRVL · SPCX · TSM This launch is part of Deribit’s biggest-ever product expansion: more than 90 new USDC-settled perpetuals across crypto, listed equities and ETFs, commodities, the COIN50 index and private-market valuations. Read more: Deribit. Always Open. Equity, Commodity and Pre-IPO perpetuals are offered under the Limited Licence Approval Deribit FZE received from VARA, and are subject to the conditions, eligibility requirements and restrictions applicable to that approval. @DeribitOfficial on X ↗