Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h +0.002%

Price spread now: Coinbase International against GRVT−0.152%76s7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.424% of the position

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now −0.152%, 7d avg −0.058%

Together, before fees+0.183%+ Points / potential airdropGRVT: Active · farm board+$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Coinbase International is 0.094% cheaper against GRVT than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.058%. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT CRCL_USDT_Perp	91.980	0	get 0.0000% / 8h	6h 00m	$63K	$1.1M	10x
Short	Coinbase International CRCL-PERP-INTX	91.840	−0.0008	pay 0.0001% / 1h	0m 05s	$906K	$552K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against GRVT. 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 GRVTbpFee Coinbase InternationalbpOrdersPrice spread, now −0.152%Rate

Funding earned: −$1.68
Price spread: −0.152% → −0.058%: −$9.43
Slippage, 4 orders: −$23.44
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$53.55
Costs to cover: 0.424%
Break-even: never at this rate

Slippage from GRVT: live order book, 3 min ago; Coinbase International: live order book, 3 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 GRVT live order book, 3 min ago	1.09 bp	8.2 bp −$8	19.4 bp −$194	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	7.08 bp	12.1 bp −$12	15.5 bp −$155	doesn't fit	doesn't fit

CRCL on 33 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	−0.0985%	8h	91.790	−0.207%	$15.8M	$34.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0066%	1h	91.540	−0.478%	—	$40K	25x	as long as short
Gate CRCL_USDT	−0.0042%	8h	91.730	−0.272%	$7.1M	$27.0M	50x	as long as short
Coinbase International CRCL-PERP-INTXshort	−0.0008%	1h	91.840	−0.152%	$906K	$552K	10x
Bybit CRCLUSDT	0.0000%	8h	91.790	−0.207%	$15.0M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.750	−0.250%	$419K	$297K	10x	as long as short
Variational Omni CRCL	0.0000%	8h	91.759	−0.240%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perplong	0.0000%	8h	91.980	long leg	$63K	$1.1M	10x
Phemex CRCLUSDT	0.0000%	4h	91.750	−0.250%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.843	−0.149%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.768	−0.231%	$972K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0040%	1h	91.732	−0.270%	$1.1M	$5.7M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	−0.131%	$93K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0043%	8h	91.820	−0.174%	$21.7M	$58.9M	50x	as long as short
Binance CRCLUSDT	+0.0043%	8h	91.756	−0.244%	$104.5M	$383.7M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.710	−0.294%	$68.8M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.710	−0.294%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.726	−0.276%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.630	−0.381%	$1.0M	$5.3M	10x	as long as short
Aster CRCLUSDT	+0.0051%	8h	91.761	−0.238%	$1.1M	$4.9M	20x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.750	−0.250%	$1.3M	$2.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0071%	8h	91.769	−0.229%	$753	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.765	−0.234%	$132K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.800	−0.196%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.910	−0.076%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.710	−0.294%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.714	−0.289%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0171%	1h	91.722	−0.281%	$131K	$103K	3x	as long as short
Lighter CRCL	+0.0208%	1h	91.791	−0.206%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	92.028	+0.052%	$27K	$92K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0295%	1h	91.740	−0.261%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.370	+0.424%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0786%	4h	91.980	0.000%	$23K	$268K	10x	as long as short