CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0457%/8h= −50.1% APRnext payment −$0.57 per $10,000 · paid last 24h −0.056%

Price spread now: Coinbase International against Deribit−0.253%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Deribit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.018%+$2 on $10k

Price spread, last 3 days (all we have)+0.281%+$28 · spread now −0.253%, 7d avg −0.029%

Together, before fees+0.298%+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Coinbase International is 0.225% cheaper against Deribit than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.029%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.018% in total (about 1.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.57 per $10,000. 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	Deribit CRCL_USDC-PERPETUAL	94.750	0.0489	pay 0.0061% / 1h	25m 11s	$4K	$772K	10x
Short	Coinbase International CRCL-PERP-INTX	94.510	0.0032	get 0.0004% / 1h	25m 11s	$940K	$723K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Deribit. 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 DeribitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.253%Rate

Funding earned: −$96.04
Price spread: −0.253% → −0.029%: −$22.48
Slippage, 4 orders: −$22.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$158.24
Costs to cover: 0.397%
Break-even: never at this rate

Slippage from Deribit: live order book, 54 min ago; Coinbase International: live order book, 53 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 Deribit live order book, 54 min ago	0.53 bp	9.3 bp −$9	12.6 bp −$126	doesn't fit	doesn't fit
Sell Coinbase International live order book, 53 min ago	4.24 bp	9.2 bp −$9	14.3 bp −$143	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	94.700	−0.053%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.720	−0.032%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.680	−0.074%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.775	+0.026%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0032%	1h	94.510	−0.253%	$940K	$723K	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.680	−0.074%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.681	−0.073%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.723	−0.028%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.650	−0.106%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.750	0.000%	$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	+0.0098%	8h	94.770	+0.021%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.666	−0.089%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.740	−0.011%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.670	−0.084%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.730	−0.021%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.746	−0.004%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0116%	8h	94.743	−0.008%	$777	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0173%	1h	94.684	−0.070%	$71.1M	$42.9M	10x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.744	−0.006%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0195%	8h	94.750	0.000%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0223%	8h	94.781	+0.032%	$61K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0231%	8h	94.724	−0.027%	$109.8M	$390.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.700	−0.053%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0236%	8h	94.744	−0.006%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0273%	1h	94.681	−0.073%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.774	+0.025%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0304%	8h	94.710	−0.042%	$16.9M	$35.4M	25x	as long as short
Lighter CRCL	+0.0344%	1h	94.783	+0.035%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0351%	8h	94.750	0.000%	$1.1M	$600K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.855%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0489%	1h	94.750	long leg	$4K	$772K	10x
Arcus CRCL-USD	+0.0533%	1h	94.690	−0.063%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.710	−0.042%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0542%	4h	94.739	−0.011%	$24K	$269K	10x	as long as short