Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0247%/8h= −27.0% APRpaid last 24h −0.049%

Price spread now: Coinbase International against OKX0.000%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$330.327% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now 0.000%, 7d avg −0.060%

Together, before fees−0.031%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.060% dearer against OKX than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.060%): +$6 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.002% in total) that is about 6 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.002% in total (about -0.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	95.700	0.0223	pay 0.0223% / 8h	4h 55m	$23.4M	$65.9M	50x
Short	Coinbase International CRCL-PERP-INTX	95.700	−0.0024	pay 0.0003% / 1h	55m 32s	$873K	$807K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$51.78
Price spread: 0.000% → −0.060%: $5.99
Slippage, 4 orders: −$12.71
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$78.51
Costs to cover: 0.327%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Coinbase International: live order book, 51 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 OKX live order book, 1 min ago	0.52 bp	8.1 bp −$8	17.4 bp −$174	doesn't fit	doesn't fit
Sell Coinbase International live order book, 51 min ago	2.15 bp	7.7 bp −$8	16.1 bp −$161	doesn't fit	doesn't fit

CRCL on 34 exchanges

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	−0.0024%	1h	95.700	0.000%	$873K	$807K	10x
Bybit CRCLUSDT	0.0000%	8h	95.720	+0.021%	$15.7M	$28.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.656	−0.046%	$425K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.680	−0.021%	$18.9M	$38.2M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	95.760	+0.063%	$1.1M	$47K	10x	as long as short
QFEX CRCL-USD	+0.0014%	1h	95.600	−0.104%	$1.4M	$1.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	95.799	+0.103%	$1.0M	$2.6M	10x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	−0.073%	$39K	$172K	30x	as long as short
Vest CRCL-USD-PERP	+0.0034%	1h	95.610	−0.094%	—	$30K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0034%	1h	94.479	−1.276%	$2K	$29K	5x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CRCL_USDT	+0.0048%	8h	95.660	−0.042%	$7.8M	$25.8M	50x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.580	−0.125%	$1.0M	$4.3M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.610	−0.094%	$96K	$231K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0090%	1h	95.640	−0.063%	$69.6M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.598	−0.107%	$142K	$149K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.630	−0.073%	$2.5M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.830	+0.136%	$99K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.770	+0.073%	$755	$2K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	95.645	−0.058%	$440	$477	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.823	+0.128%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0169%	8h	95.760	+0.062%	$2.7M	$3.3M	—	as long as short
Phoenix CRCL	+0.0197%	1h	94.470	−1.285%	$28K	$94K	10x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0223%	8h	95.700	long leg	$23.4M	$65.9M	50x
Extended CRCL_24_5-USD	+0.0264%	1h	95.616	−0.088%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0267%	8h	95.672	−0.030%	$110.8M	$387.6M	50x	as long as short
Aster CRCLUSDT	+0.0285%	8h	95.720	+0.021%	$1.2M	$4.7M	20x	as long as short
Nado CRCL-PERP	+0.0295%	1h	95.769	+0.072%	$153K	$91K	3x	as long as short
GRVT CRCL_USDT_Perp	+0.0328%	8h	96.099	+0.417%	$62K	$1.0M	10x	as long as short
BloFin CRCL-USDT	+0.0370%	8h	96.030	+0.345%	$1.2M	$1.8M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0512%	1h	95.627	−0.076%	$306K	$1.0M	10x	as long as short
edgeX CRCLUSDC	+0.0551%	4h	95.621	−0.083%	$55K	$277K	10x	as long as short
Lighter CRCL	+0.0552%	1h	95.734	+0.036%	$3.3M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0691%	1h	95.780	+0.084%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.6470%	1h	95.688	−0.013%	$48K	$3K	10x	as long as short