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: Bybit against Coinbase International+0.066%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on Coinbase International Short on Bybit

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)−0.005%$0 · spread now +0.066%, 7d avg +0.066%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.066%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	91.310	0.0056	pay 0.0007% / 1h	43m 29s	$889K	$604K	10x
Short	Bybit CRCLUSDT	91.370	0	get 0.0000% / 8h	1h 43m	$14.7M	$26.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$11.76
Price spread: +0.066% → +0.066%: −$0.03
Slippage, 4 orders: −$18.22
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$51.01
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 65 min ago; Bybit: live order book, 5 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 Coinbase International live order book, 65 min ago	4.92 bp	10.0 bp −$10	15.1 bp −$151	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.55 bp	9.4 bp −$9	15.9 bp −$159	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	−0.0723%	8h	91.430	+0.131%	$17.4M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0085%	1h	91.090	−0.241%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.370	+0.066%	$14.7M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.400	+0.099%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.309	−0.001%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.350	+0.044%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.345	+0.038%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.350	+0.044%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.333	+0.025%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	0.000%	$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-INTXlong	+0.0056%	1h	91.310	long leg	$889K	$604K	10x
QFEX CRCL-USD	+0.0068%	1h	91.360	+0.055%	$1.3M	$1.8M	10x	as long as short
Aster CRCLUSDT	+0.0078%	8h	91.382	+0.079%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0088%	1h	91.337	+0.029%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0092%	8h	91.363	+0.058%	$104.5M	$397.5M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.320	+0.011%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.350	+0.044%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.350	+0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.340	+0.033%	$911	$2K	10x	as long as short
Lighter RH CRCL	+0.0104%	1h	91.380	+0.077%	$976K	$2.7M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.354	+0.048%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0131%	1h	91.295	−0.016%	$67.6M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0158%	1h	91.331	+0.023%	$382K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0169%	8h	91.321	+0.012%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0181%	8h	91.343	+0.036%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0188%	8h	91.390	+0.088%	$22.2M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0208%	8h	91.490	+0.197%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.381	+0.078%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.385	+0.082%	$416K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0297%	1h	91.390	+0.088%	$5K	$769K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.372	+0.068%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0435%	1h	91.330	+0.022%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.679%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0765%	4h	91.348	+0.041%	$52K	$278K	10x	as long as short