Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h −0.016%

Price spread now: Coinbase International against Bybit+0.055%7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 4 days (all we have)−0.116%−$12 · spread now +0.055%, 7d avg −0.066%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.121% dearer against Bybit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	91.250	0	get 0.0000% / 8h	1h 39m	$14.6M	$26.7M	50x
Short	Coinbase International CRCL-PERP-INTX	91.300	0.0056	get 0.0007% / 1h	39m 39s	$889K	$604K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.055%Rate

Funding earned: $11.76
Price spread: +0.055% → −0.066%: $12.08
Slippage, 4 orders: −$19.05
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$16.2
Costs to cover: 0.400%
Break-even: 16.6 days

Slippage from Bybit: live order book, 4 min ago; Coinbase International: live order book, 4 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 Bybit live order book, 4 min ago	1.09 bp	9.1 bp −$9	14.5 bp −$145	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	1.10 bp	13.7 bp −$14	19.7 bp −$197	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	−0.0720%	8h	91.320	+0.077%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0086%	1h	91.060	−0.208%	—	$31K	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	91.250	long leg	$14.6M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.290	+0.044%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.349	+0.109%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.280	+0.033%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.280	+0.033%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.290	+0.044%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.243	−0.008%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.140	−0.121%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTXshort	+0.0056%	1h	91.300	+0.055%	$889K	$604K	10x
QFEX CRCL-USD	+0.0068%	1h	91.340	+0.099%	$1.3M	$1.8M	10x	as long as short
Lighter RH CRCL	+0.0072%	1h	91.283	+0.036%	$975K	$2.7M	10x	as long as short
Aster CRCLUSDT	+0.0083%	8h	91.307	+0.063%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0096%	8h	91.260	+0.011%	$104.4M	$397.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0096%	1h	91.237	−0.014%	$1.0M	$5.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.217	−0.036%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.260	+0.011%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.350	+0.110%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.270	+0.022%	$910	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.263	+0.015%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0104%	1h	91.178	−0.079%	$67.5M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0150%	1h	91.293	+0.047%	$382K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0166%	8h	91.245	−0.006%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.384	+0.147%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0190%	8h	91.260	+0.011%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0213%	8h	91.390	+0.153%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.381	+0.144%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.258	+0.009%	$415K	$268K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.267	+0.019%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0433%	1h	91.250	0.000%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.810	+0.614%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0627%	1h	91.290	+0.044%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0765%	4h	91.348	+0.107%	$52K	$278K	10x	as long as short