Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h +0.002%

Price spread now: Coinbase International against Orderly−0.138%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Coinbase International is 0.138% cheaper against Orderly than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	94.340	0.0100	pay 0.0100% / 8h	7h 32m	$941	$3K	10x
Short	Coinbase International CRCL-PERP-INTX	94.210	−0.0064	pay 0.0008% / 1h	32m 21s	$942K	$622K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$34.44
Price spread: −0.138% → 0.000%: −$13.78
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$64.22
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 41 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 41 min ago	5.29 bp	21.9 bp −$22	27.4 bp −$274	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	94.210	−0.138%	$942K	$622K	10x
Bybit CRCLUSDT	0.0000%	8h	94.350	+0.011%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.350	+0.011%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.300	−0.042%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.310	−0.032%	$1.0M	$51K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.313	−0.029%	$891K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0040%	8h	94.330	−0.011%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.246	−0.100%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.310	−0.032%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.200	−0.148%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0047%	4h	94.288	−0.055%	$24K	$268K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.273	−0.071%	$71.7M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.292	−0.051%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.334	−0.006%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.180	−0.170%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.264	−0.080%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.350	+0.011%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.230	−0.117%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	94.340	long leg	$941	$3K	10x
Aevo CRCL-PERP	+0.0104%	1h	94.348	+0.008%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.306	−0.036%	$773	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	−0.010%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0154%	8h	94.320	−0.021%	$22.8M	$59.3M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0174%	1h	94.310	−0.032%	$4K	$771K	10x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.341	+0.001%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0196%	8h	94.352	+0.012%	$109.3M	$386.5M	50x	as long as short
Aster CRCLUSDT	+0.0203%	8h	94.368	+0.029%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0221%	1h	94.259	−0.086%	$132K	$76K	3x	as long as short
Lighter CRCL	+0.0288%	1h	94.328	−0.013%	$3.0M	$2.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.307	−0.035%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0319%	8h	94.350	+0.011%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.413%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.280	−0.064%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.305	−0.037%	$430K	$299K	10x	as long as short