Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h +0.032%

Price spread now: Coinbase International against Phemex−0.212%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1191.195% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.313%+$31 on $10k

Price spread, last 3 days (all we have)+0.203%+$20 · spread now −0.212%, 7d avg −0.036%

Together, before fees+0.516%+$52 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Coinbase International is 0.176% cheaper against Phemex than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.036%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.313%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.410	0	get 0.0000% / 4h	3h 27m	$1.0M	$49K	10x
Short	Coinbase International CRCL-PERP-INTX	94.210	−0.0064	pay 0.0008% / 1h	27m 38s	$942K	$622K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.212%Rate

Funding earned: −$13.44
Price spread: −0.212% → −0.036%: −$17.62
Slippage, 4 orders: −$97.45
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$150.51
Costs to cover: 1.195%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 46 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 Phemex live order book, 5 min ago	1.06 bp	36.5 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 46 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	94.210	−0.212%	$942K	$622K	10x
Bybit CRCLUSDT	0.0000%	8h	94.420	+0.011%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.440	+0.032%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.055%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.410	long leg	$1.0M	$49K	10x
Bitget CRCLUSDT	+0.0029%	8h	94.440	+0.032%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.424	+0.015%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.333	−0.081%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.390	−0.021%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	−0.106%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.371	−0.041%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.423	+0.014%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.443	+0.035%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.310	−0.106%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.360	−0.053%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	+0.011%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.117%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.450	+0.042%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.452	+0.045%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.437	+0.029%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.043%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	+0.026%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.430	+0.021%	$22.8M	$59.4M	50x	as long as short
Binance CRCLUSDT	+0.0191%	8h	94.423	+0.014%	$109.4M	$386.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.410	0.000%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0196%	8h	94.422	+0.012%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.405	−0.005%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	+0.020%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.439	+0.031%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	−0.042%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.508%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.380	−0.032%	$96K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0598%	1h	94.440	+0.032%	$4K	$769K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.456	+0.049%	$431K	$299K	10x	as long as short