Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.152%

Price spread now: Coinbase International against edgeX−0.144%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on edgeX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.640%−$64 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.144%, 7d avg −0.043%

Together, before fees−0.581%+ Points / potential airdropedgeX: Active · farm board−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Coinbase International is 0.101% cheaper against edgeX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.043%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX CRCLUSDC	91.531	0.0124	pay 0.0062% / 4h	34m 48s	$52K	$275K	10x
Short	Coinbase International CRCL-PERP-INTX	91.400	0.0088	get 0.0011% / 1h	34m 48s	$890K	$403K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against edgeX. 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 edgeXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.144%Rate

Funding earned: −$7.52
Price spread: −0.144% → −0.043%: −$10.05
Slippage, 4 orders: −$19.78
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$56.36
Costs to cover: 0.388%
Break-even: never at this rate

Slippage from edgeX: live order book, 3 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 edgeX live order book, 3 min ago	6.01 bp	11.3 bp −$11	22.5 bp −$225	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	2.73 bp	7.7 bp −$8	13.1 bp −$131	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	−0.0244%	8h	91.480	−0.056%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.140	−0.428%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.450	−0.089%	$7.8M	$27.3M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.390	−0.155%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0025%	8h	91.360	−0.187%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.385	−0.160%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.519	−0.013%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.550	+0.020%	$97K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.380	−0.165%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.400	−0.144%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.390	−0.155%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0088%	1h	91.400	−0.144%	$890K	$403K	10x
Variational Omni CRCL	+0.0097%	8h	91.457	−0.081%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.397	−0.147%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.420	−0.122%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.460	−0.078%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.340	−0.209%	$911	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.386	−0.159%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0116%	1h	91.313	−0.239%	$67.6M	$43.9M	10x	as long as short
edgeX CRCLUSDClong	+0.0124%	4h	91.531	long leg	$52K	$275K	10x
Polymarket Perps CRCL-USD	+0.0157%	1h	91.350	−0.198%	$379K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0165%	8h	91.357	−0.190%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0167%	8h	91.382	−0.163%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0183%	8h	91.370	−0.177%	$105.0M	$389.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.385	−0.160%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.689	+0.172%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.730	+0.217%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0258%	8h	91.410	−0.133%	$22.2M	$61.7M	50x	as long as short
Lighter CRCL	+0.0264%	1h	91.393	−0.151%	$2.9M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0302%	8h	91.370	−0.176%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0407%	1h	91.350	−0.198%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0425%	1h	91.365	−0.182%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.523%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.392	−0.153%	$410K	$272K	10x	as long as short