Funding you earn now, next payment 00:00 UTC−0.0360%/8h= −39.4% APRnext payment −$0.45 per $10,000 · paid last 24h −0.024%
Price spread now: Coinbase International against Phoenix−0.134%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.031%+$3 on $10k
+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 −$11 a day on $10k at the current rate, and Coinbase International is 0.134% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.031% in total (about 1.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.45 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix CRCL | 94.226 | 0.0296 | pay 0.0037% / 1h | 36m 23s | $28K | $92K | 10x |
| Short | Coinbase International CRCL-PERP-INTX | 94.100 | −0.0064 | pay 0.0008% / 1h | 36m 23s | $941K | $619K | 10x |
Phoenix CRCL
Coinbase International CRCL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$75.55
- Price spread: −0.134% → 0.000%
- −$13.37
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$105.92
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Coinbase International: live order book, 37 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Coinbase International live order book, 37 min ago | 5.29 bp | 21.9 bp −$22 | 27.4 bp −$274 | doesn't fit | doesn't fit |
Phoenix: 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 | 94.100 | −0.134% | $941K | $619K | 10x | |
| Gate CRCL_USDT | 0.0000% | 8h | 94.350 | +0.132% | $7.2M | $27.0M | 50x | as long as short |
| GRVT CRCL_USDT_Perp | 0.0000% | 8h | 94.341 | +0.122% | $68K | $1.1M | 10x | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 94.260 | +0.036% | $1.0M | $51K | 10x | as long as short |
| Bybit CRCLUSDT | +0.0030% | 8h | 94.350 | +0.132% | $15.5M | $25.8M | 50x | as long as short |
| Lighter RH CRCL | +0.0032% | 1h | 94.357 | +0.139% | $891K | $2.8M | 10x | as long as short |
| QFEX CRCL-USD | +0.0042% | 1h | 94.350 | +0.132% | $1.4M | $2.6M | 10x | as long as short |
| Aftermath Perps CRCLUSD | +0.0043% | 1h | 94.233 | +0.008% | $2K | $22K | 5x | as long as short |
| Vest CRCL-USD-PERP | +0.0046% | 1h | 94.200 | −0.028% | — | $37K | 25x | as long as short |
| tradeXYZ xyz:CRCL | +0.0050% | 1h | 94.287 | +0.065% | $71.7M | $42.1M | 10x | as long as short |
Gate CRCL_USDT
GRVT CRCL_USDT_Perp
Phemex CRCLUSDT
Bybit CRCLUSDT
Lighter RH CRCL
QFEX CRCL-USD
Aftermath Perps CRCLUSD
Vest CRCL-USD-PERP
tradeXYZ xyz:CRCLShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 94.294 | +0.072% | $365K | $1.1M | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 94.267 | +0.044% | $47K | $3K | 10x | as long as short |
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 94.170 | −0.059% | $1.1M | $5.7M | 10x | as long as short |
| Bitget CRCLUSDT | +0.0064% | 8h | 94.370 | +0.153% | $17.0M | $34.9M | 25x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 94.284 | +0.061% | $75K | $99K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 94.360 | +0.142% | $3.0M | $1.9M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 94.220 | −0.006% | $69K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 94.340 | +0.121% | $941 | $3K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 94.299 | +0.078% | $4 | — | 10x | as long as short |
| Paradex CRCL-USD-PERP | +0.0110% | 8h | 94.371 | +0.154% | $774 | $740 | 5x | as long as short |
| Variational Omni CRCL | +0.0149% | 8h | 94.220 | −0.006% | $2.5M | $3.1M | — | as long as short |
| OKX CRCL-USDT-SWAP | +0.0157% | 8h | 94.350 | +0.132% | $22.8M | $60.1M | 50x | as long as short |
| Binance CRCLUSDT | +0.0204% | 8h | 94.340 | +0.121% | $109.3M | $387.3M | 50x | as long as short |
| Extended CRCL_24_5-USD | +0.0208% | 1h | 94.330 | +0.111% | $1.1M | $5.3M | 10x | as long as short |
| Aster CRCLUSDT | +0.0209% | 8h | 94.358 | +0.141% | $1.1M | $4.9M | 20x | as long as short |
| Nado CRCL-PERP | +0.0231% | 1h | 94.280 | +0.057% | $132K | $76K | 3x | as long as short |
| Phoenix CRCLlong | +0.0296% | 1h | 94.226 | long leg | $28K | $92K | 10x | |
| Lighter CRCL | +0.0304% | 1h | 94.369 | +0.152% | $3.0M | $2.2M | 10x | as long as short |
| BloFin CRCL-USDT | +0.0324% | 8h | 94.310 | +0.089% | $1.1M | $560K | 20x | as long as short |
| Injective CRCL/USDC PERP | +0.0440% | 1h | 94.730 | +0.535% | $5K | $19K | 30x | as long as short |
| edgeX CRCLUSDC | +0.0464% | 4h | 94.309 | +0.088% | $24K | $268K | 10x | as long as short |
| Arcus CRCL-USD | +0.0521% | 1h | 94.260 | +0.036% | $96K | $276K | 10x | as long as short |
| RISEx CRCL/USDC | +0.0677% | 1h | 94.350 | +0.132% | $430K | $299K | 10x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.0705% | 1h | 94.290 | +0.068% | $4K | $772K | 10x | as long as short |
Polymarket Perps CRCL-USD
SoDEX CRCL-USD
Ondo Perps CRCL-USD.P
Bitget CRCLUSDT
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
Paradex CRCL-USD-PERP
Variational Omni CRCL
OKX CRCL-USDT-SWAP
Binance CRCLUSDT
Extended CRCL_24_5-USD
Aster CRCLUSDT
Nado CRCL-PERP
Lighter CRCL
BloFin CRCL-USDT
Injective CRCL/USDC PERP
edgeX CRCLUSDC
Arcus CRCL-USD
RISEx CRCL/USDC
Deribit CRCL_USDC-PERPETUAL