Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0431%/8h= −47.2% APRpaid last 24h −0.083%

Price spread now: Coinbase International against BloFin−0.206%7-day average −0.042% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.236%−$24 on $10k

Price spread, last 4 days (all we have)+0.304%+$30 · spread now −0.206%, 7d avg −0.042%

Together, before fees+0.068%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Coinbase International is 0.163% cheaper against BloFin than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.236% in total (about -12.3% 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	BloFin CRCL-USDT	92.450	0.0439	pay 0.0439% / 8h	6h 57m	$1.1M	$1.7M	20x
Short	Coinbase International CRCL-PERP-INTX	92.260	0.0008	get 0.0001% / 1h	57m 01s	$888K	$675K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$90.44
Price spread: −0.206% → −0.042%: −$16.33
Slippage, 4 orders: −$5.35
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$134.11
Costs to cover: 0.273%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Coinbase International: live order book, 36 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 BloFin live order book, 6 min ago	1.62 bp	7.9 bp −$8	11.9 bp −$119	31.4 bp −$3,144	doesn't fit
Sell Coinbase International live order book, 36 min ago	0.55 bp	5.5 bp −$6	8.7 bp −$87	911.8 bp −$91.2K	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
Vest CRCL-USD-PERP	−0.0066%	1h	92.130	−0.346%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.690	+0.260%	$18.0M	$35.2M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.640	+0.206%	$1.0M	$46K	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0008%	1h	92.260	−0.206%	$888K	$675K	10x
Lighter RH CRCL	+0.0032%	1h	92.582	+0.143%	$995K	$2.3M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	92.519	+0.075%	$2K	$29K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.472	+0.024%	$380K	$955K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.455	+0.005%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.300	−0.162%	$1.1M	$4.3M	10x	as long as short
Gate CRCL_USDT	+0.0052%	8h	92.690	+0.260%	$7.3M	$25.3M	50x	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	+0.0080%	1h	92.270	−0.195%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.400	−0.054%	$135K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.640	+0.206%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.510	+0.065%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.540	+0.097%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.515	+0.070%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0143%	8h	92.610	+0.173%	$15.1M	$25.9M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0163%	8h	92.397	−0.057%	$425	$766	5x	as long as short
tradeXYZ xyz:CRCL	+0.0190%	1h	92.558	+0.117%	$67.8M	$42.8M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	92.779	+0.356%	$27K	$64K	10x	as long as short
Variational Omni CRCL	+0.0257%	8h	92.578	+0.138%	$2.4M	$3.2M	—	as long as short
Aster CRCLUSDT	+0.0307%	8h	92.626	+0.190%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0313%	8h	92.590	+0.151%	$22.6M	$59.4M	50x	as long as short
Binance CRCLUSDT	+0.0319%	8h	92.577	+0.137%	$106.7M	$377.5M	50x	as long as short
Lighter CRCL	+0.0320%	1h	92.631	+0.196%	$3.0M	$2.0M	10x	as long as short
Extended CRCL_24_5-USD	+0.0320%	1h	92.560	+0.119%	$1.1M	$5.0M	10x	as long as short
Nado CRCL-PERP	+0.0340%	1h	92.405	−0.049%	$149K	$111K	3x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.450	0.000%	$96K	$267K	10x	as long as short
BloFin CRCL-USDTlong	+0.0439%	8h	92.450	long leg	$1.1M	$1.7M	20x
Injective CRCL/USDC PERP	+0.0440%	1h	93.200	+0.811%	$39K	$172K	30x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.500	+0.054%	$414K	$255K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0507%	1h	92.500	+0.054%	$5K	$617K	10x	as long as short
edgeX CRCLUSDC	+0.0681%	4h	92.633	+0.198%	$53K	$268K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0688%	8h	92.732	+0.305%	$62K	$1.1M	10x	as long as short