Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h −0.011%

Price spread now: Coinbase International against KuCoin−0.064%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1171.174% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.035%+$4 · spread now −0.064%, 7d avg −0.040%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Coinbase International is 0.024% cheaper against KuCoin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRCLUSDTM	94.260	0.0100	pay 0.0100% / 8h	7h 48m	$3.0M	$1.9M	20x
Short	Coinbase International CRCL-PERP-INTX	94.200	−0.0064	pay 0.0008% / 1h	48m 52s	$942K	$725K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$34.44
Price spread: −0.064% → −0.040%: −$2.41
Slippage, 4 orders: −$95.37
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$154.22
Costs to cover: 1.174%
Break-even: never at this rate

Slippage from KuCoin: live order book, 8 min ago; Coinbase International: live order book, 25 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 KuCoin live order book, 8 min ago	2.11 bp	48.0 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 25 min ago	5.29 bp	21.9 bp −$22	27.4 bp −$274	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
Coinbase International CRCL-PERP-INTXshort	−0.0064%	1h	94.200	−0.064%	$942K	$725K	10x
tradeXYZ xyz:CRCL	−0.0019%	1h	94.127	−0.141%	$71.6M	$42.3M	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.250	−0.011%	$15.5M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.250	−0.011%	$7.2M	$26.9M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.250	−0.011%	$1.0M	$52K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.178	−0.087%	$889K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.140	−0.127%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.070	−0.202%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.271	+0.012%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.143	−0.124%	$365K	$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
SoDEX CRCL-USD	+0.0050%	1h	94.143	−0.124%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.290	+0.032%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.132	−0.136%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	94.260	long leg	$3.0M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	94.210	−0.053%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.190	−0.074%	$939	$3K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	94.348	+0.093%	$70K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.243	−0.018%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0111%	8h	94.121	−0.147%	$772	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0159%	8h	94.220	−0.042%	$22.8M	$60.3M	50x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.210	−0.053%	$2.5M	$3.1M	—	as long as short
Bitget CRCLUSDT	+0.0201%	8h	94.250	−0.011%	$16.9M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0214%	1h	94.070	−0.202%	$131K	$76K	3x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.220	−0.043%	$1.1M	$4.1M	10x	as long as short
Binance CRCLUSDT	+0.0232%	8h	94.251	−0.010%	$109.2M	$389.6M	50x	as long as short
Aster CRCLUSDT	+0.0234%	8h	94.212	−0.051%	$1.1M	$4.9M	20x	as long as short
Phoenix CRCL	+0.0296%	1h	94.366	+0.112%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0312%	1h	94.192	−0.072%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0352%	8h	94.220	−0.042%	$1.1M	$559K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.570	+0.329%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.240	−0.021%	$96K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.210	−0.053%	$430K	$303K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0707%	1h	94.170	−0.095%	$4K	$772K	10x	as long as short
edgeX CRCLUSDC	+0.0861%	4h	94.390	+0.138%	$24K	$268K	10x	as long as short