Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h −0.029%

Price spread now: Coinbase International against Gate−0.152%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$520.518% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 4 days (all we have)+0.114%+$11 · spread now −0.152%, 7d avg −0.060%

Together, before fees+0.148%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.092% cheaper against Gate than usual: you would sell low and buy high (spread −0.152% now, against its 7-day average of −0.060%). If the spread goes back, that is −$9 on $10k: about 19 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CRCL_USDT	91.940	0	get 0.0000% / 8h	4h 44m	$7.3M	$27.0M	50x
Short	Coinbase International CRCL-PERP-INTX	91.800	0.0016	get 0.0002% / 1h	44m 34s	$906K	$490K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now −0.152%Rate

Funding earned: $3.36
Price spread: −0.152% → −0.060%: −$9.21
Slippage, 4 orders: −$26.76
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$57.61
Costs to cover: 0.518%
Break-even: 127.0 days

Slippage from Gate: live order book, 4 min ago; Coinbase International: live order book, 14 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 Gate live order book, 4 min ago	1.63 bp	15.8 bp −$16	22.7 bp −$227	doesn't fit	doesn't fit
Sell Coinbase International live order book, 14 min ago	5.44 bp	10.4 bp −$10	16.9 bp −$169	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
Bitget CRCLUSDT	−0.0952%	8h	91.950	+0.011%	$16.2M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.630	−0.337%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.888	−0.056%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.856	−0.091%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.896	−0.048%	$104.8M	$387.6M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.910	−0.033%	$15.0M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.892	−0.052%	$420K	$298K	10x	as long as short
Gate CRCL_USDTlong	0.0000%	8h	91.940	long leg	$7.3M	$27.0M	50x
Variational Omni CRCL	0.0000%	8h	91.818	−0.133%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.879	−0.066%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.810	−0.141%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0010%	8h	91.940	0.000%	$22.0M	$60.7M	50x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0016%	1h	91.800	−0.152%	$906K	$490K	10x
edgeX CRCLUSDC	+0.0021%	4h	91.784	−0.169%	$51K	$277K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.840	−0.109%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0029%	1h	91.817	−0.133%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.855	−0.092%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	−0.011%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.798	−0.154%	$68.5M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.847	−0.101%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.772	−0.183%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.750	−0.207%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0087%	8h	91.859	−0.088%	$423	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.840	−0.109%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.790	−0.163%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.730	−0.228%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.790	−0.163%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.825	−0.125%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.790	−0.163%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.884	−0.061%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0216%	1h	91.925	−0.016%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0301%	1h	91.819	−0.132%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.424%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0513%	1h	91.800	−0.152%	$4K	$767K	10x	as long as short