Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0221%/8h= +24.2% APRpaid last 24h +0.028%

Price spread now: OKX against Coinbase International+0.149%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 3 days (all we have)−0.103%−$10 · spread now +0.149%, 7d avg +0.050%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and OKX is 0.099% dearer against Coinbase International than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.050%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.041% in total (about -2.2% a year). A funding rate is set anew for every payment. 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	Coinbase International CRCL-PERP-INTX	94.100	−0.0064	get 0.0008% / 1h	45m 52s	$941K	$724K	10x
Short	OKX CRCL-USDT-SWAP	94.240	0.0157	get 0.0157% / 8h	7h 45m	$22.8M	$60.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.149%Rate

Funding earned: $46.33
Price spread: +0.149% → +0.050%: $9.91
Slippage, 4 orders: −$26.78
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $9.46
Costs to cover: 0.468%
Break-even: 5.6 days

Slippage from Coinbase International: live order book, 27 min ago; OKX: live order book, 3 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, 27 min ago	5.29 bp	10.3 bp −$10	13.8 bp −$138	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.53 bp	7.6 bp −$8	13.1 bp −$131	168.6 bp −$16.9K	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-INTXlong	−0.0064%	1h	94.100	long leg	$941K	$724K	10x
Bybit CRCLUSDT	0.0000%	8h	94.240	+0.149%	$15.5M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.260	+0.170%	$7.2M	$26.9M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.241	+0.150%	$64K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.250	+0.159%	$1.0M	$52K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.195	+0.101%	$889K	$2.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0042%	1h	94.123	+0.024%	$71.6M	$42.3M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.250	+0.159%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.090	−0.011%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.218	+0.126%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	94.178	+0.083%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.196	+0.102%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.130	+0.032%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.255	+0.164%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.290	+0.202%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.160	+0.064%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.240	+0.149%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.207	+0.113%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0110%	8h	94.277	+0.188%	$773	$740	5x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0157%	8h	94.240	+0.149%	$22.8M	$60.3M	50x
Bitget CRCLUSDT	+0.0158%	8h	94.240	+0.149%	$16.9M	$35.1M	25x	as long as short
Variational Omni CRCL	+0.0162%	8h	94.220	+0.128%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0200%	4h	94.169	+0.074%	$24K	$268K	10x	as long as short
Nado CRCL-PERP	+0.0216%	1h	94.199	+0.106%	$132K	$76K	3x	as long as short
Binance CRCLUSDT	+0.0224%	8h	94.220	+0.127%	$109.1M	$389.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0224%	1h	94.208	+0.115%	$1.1M	$4.3M	10x	as long as short
Aster CRCLUSDT	+0.0226%	8h	94.239	+0.148%	$1.1M	$4.9M	20x	as long as short
Lighter CRCL	+0.0280%	1h	94.209	+0.116%	$3.0M	$2.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.131	+0.033%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0346%	8h	94.250	+0.159%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.650	+0.584%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.210	+0.117%	$96K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0600%	1h	94.180	+0.085%	$4K	$772K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.279	+0.190%	$430K	$303K	10x	as long as short