Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h −0.041%

Price spread now: Coinbase International against OKX−0.011%7-day average −0.053% · 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−$30as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.011%, 7d avg −0.053%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.042% dearer against OKX than usual: you sell high and buy low (spread −0.011% now, against its 7-day average of −0.053%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	91.190	0.0111	pay 0.0111% / 8h	2h 30m	$22.1M	$61.9M	50x
Short	Coinbase International CRCL-PERP-INTX	91.180	0.0072	get 0.0009% / 1h	30m 58s	$913K	$529K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$8.17
Price spread: −0.011% → −0.053%: $4.23
Slippage, 4 orders: −$14.28
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$38.22
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Coinbase International: live order book, 17 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 OKX live order book, 3 min ago	0.55 bp	7.1 bp −$7	14.0 bp −$140	doesn't fit	doesn't fit
Sell Coinbase International live order book, 17 min ago	4.92 bp	9.9 bp −$10	14.6 bp −$146	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	−0.0880%	8h	91.250	+0.066%	$16.7M	$36.3M	25x	as long as short
Vest CRCL-USD-PERP	−0.0071%	1h	90.900	−0.318%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.170	−0.022%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.230	+0.044%	$7.6M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.161	−0.032%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.170	−0.022%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	91.185	−0.005%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.156	−0.037%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0024%	8h	91.186	−0.005%	$103.7M	$395.0M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.225	+0.038%	$972K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.210	+0.022%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.217	+0.029%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.109	−0.089%	$68.1M	$43.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.142	−0.053%	$382K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.163	−0.030%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	+0.022%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.140	−0.055%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0072%	1h	91.180	−0.011%	$913K	$529K	10x
Paradex CRCL-USD-PERP	+0.0089%	8h	91.147	−0.047%	$419	$905	5x	as long as short
BloFin CRCL-USDT	+0.0097%	8h	91.230	+0.044%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.162	−0.031%	$133K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.180	−0.011%	$2.7M	$1.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0100%	8h	91.150	−0.044%	$62K	$1.1M	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	−0.022%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.190	0.000%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.165	−0.028%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0111%	8h	91.190	long leg	$22.1M	$61.9M	50x
RISEx CRCL/USDC	+0.0117%	1h	91.175	−0.016%	$415K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.110	−0.088%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0224%	1h	91.219	+0.032%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0299%	1h	91.180	−0.011%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0303%	1h	91.115	−0.083%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.932%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0917%	4h	91.164	−0.029%	$52K	$278K	10x	as long as short