Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0071%/8h= −7.7% APRpaid last 24h −0.034%

Price spread now: Coinbase International against Binance−0.105%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

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

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now −0.105%, 7d avg −0.030%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Coinbase International is 0.075% cheaper against Binance than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CRCLUSDT	91.496	0.0159	pay 0.0159% / 8h	56m 12s	$105.1M	$395.2M	50x
Short	Coinbase International CRCL-PERP-INTX	91.400	0.0088	get 0.0011% / 1h	56m 12s	$890K	$420K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$14.82
Price spread: −0.105% → −0.030%: −$7.5
Slippage, 4 orders: −$12.73
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$55.05
Costs to cover: 0.327%
Break-even: never at this rate

Slippage from Binance: live order book, 2 min ago; Coinbase International: live order book, 47 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 Binance live order book, 2 min ago	0.55 bp	6.5 bp −$7	11.8 bp −$118	36.2 bp −$3,616	doesn't fit
Sell Coinbase International live order book, 47 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	−0.0349%	8h	91.570	+0.081%	$17.6M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.210	−0.313%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.560	+0.070%	$7.8M	$27.2M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.530	+0.037%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0010%	8h	91.500	+0.004%	$14.8M	$26.6M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.537	+0.045%	$978K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.497	0.000%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.510	+0.015%	$98K	$293K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.478	−0.020%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.410	−0.094%	$1.1M	$5.0M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CRCL	+0.0057%	8h	91.499	+0.003%	$2.4M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0071%	1h	91.510	+0.015%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0088%	1h	91.400	−0.105%	$890K	$420K	10x
Pacifica CRCL	+0.0100%	1h	91.536	+0.043%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.550	+0.059%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.440	−0.061%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.490	−0.007%	$912	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.503	+0.007%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0144%	8h	91.533	+0.040%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDTlong	+0.0159%	8h	91.496	long leg	$105.1M	$395.2M	50x
Extended CRCL_24_5-USD	+0.0160%	1h	91.484	−0.013%	$1.0M	$5.0M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0182%	1h	91.460	−0.040%	$67.7M	$44.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0182%	8h	91.473	−0.025%	$421	$905	5x	as long as short
Polymarket Perps CRCL-USD	+0.0201%	1h	91.495	−0.001%	$383K	$1.3M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0226%	8h	91.550	+0.059%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0243%	8h	91.520	+0.026%	$22.2M	$62.1M	50x	as long as short
Phoenix CRCL	+0.0245%	1h	91.481	−0.017%	$27K	$74K	10x	as long as short
BloFin CRCL-USDT	+0.0278%	8h	91.570	+0.081%	$1.1M	$1.7M	20x	as long as short
Lighter CRCL	+0.0288%	1h	91.517	+0.023%	$2.9M	$2.3M	10x	as long as short
Nado CRCL-PERP	+0.0406%	1h	91.416	−0.088%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0406%	1h	91.470	−0.029%	$5K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.890	+0.430%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.530	+0.037%	$418K	$265K	10x	as long as short
edgeX CRCLUSDC	+0.0477%	4h	91.500	+0.004%	$52K	$278K	10x	as long as short