Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0146%/8hpaid last 24h +0.014%

Price spread now: BloFin against Coinbase International+0.074%58s7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.365% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now +0.074%, 7d avg +0.040%

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

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.034% dearer against Coinbase International than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.040%. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	94.790	0.0144	pay 0.0018% / 1h	21m 37s	$947K	$730K	10x
Short	BloFin CRCL-USDT	94.860	0.0290	get 0.0290% / 8h	4h 21m	$1.1M	$576K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.074%Rate

Funding earned: $30.66
Price spread: +0.074% → +0.040%: $3.4
Slippage, 4 orders: −$14.54
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$2.48
Costs to cover: 0.365%
Break-even: 7.6 days

Slippage from Coinbase International: live order book, 11 min ago; BloFin: live order book, 10 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, 11 min ago	6.37 bp	11.4 bp −$11	14.3 bp −$143	doesn't fit	doesn't fit
Sell BloFin live order book, 10 min ago	0.53 bp	7.3 bp −$7	14.8 bp −$148	58.4 bp −$5,838	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
Gate CRCL_USDT	0.0000%	8h	94.840	+0.053%	$7.2M	$26.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.780	−0.011%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.867	+0.081%	$816K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.720	−0.074%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.766	−0.025%	$357K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.765	−0.026%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.700	−0.095%	$1.1M	$5.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	94.830	+0.042%	$1.4M	$2.6M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0073%	1h	94.809	+0.020%	$71.2M	$41.2M	10x	as long as short
Bybit CRCLUSDT	+0.0086%	8h	94.830	+0.042%	$15.5M	$25.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CRCL-USD-PERP	+0.0097%	8h	94.849	+0.062%	$721	$428	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.800	+0.011%	$78K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.800	+0.011%	$70K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.780	−0.011%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.791	+0.001%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0108%	8h	94.850	+0.063%	$54K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0123%	8h	94.715	−0.080%	$2.5M	$3.2M	—	as long as short
KuCoin CRCLUSDTM	+0.0133%	8h	94.800	+0.011%	$2.9M	$1.7M	20x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0144%	1h	94.790	long leg	$947K	$730K	10x
Aster CRCLUSDT	+0.0162%	8h	94.873	+0.087%	$1.1M	$4.7M	20x	as long as short
Phoenix CRCL	+0.0162%	1h	94.827	+0.039%	$28K	$92K	10x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.835	+0.047%	$1.2M	$3.5M	10x	as long as short
Binance CRCLUSDT	+0.0169%	8h	94.820	+0.032%	$108.9M	$376.9M	50x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.840	+0.053%	$421K	$312K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0288%	8h	94.830	+0.042%	$23.0M	$59.4M	50x	as long as short
BloFin CRCL-USDTshort	+0.0290%	8h	94.860	+0.074%	$1.1M	$576K	20x
Lighter CRCL	+0.0304%	1h	94.892	+0.108%	$3.0M	$2.1M	10x	as long as short
Nado CRCL-PERP	+0.0318%	1h	94.720	−0.074%	$132K	$67K	3x	as long as short
Aftermath Perps CRCLUSD	+0.0359%	1h	94.681	−0.115%	$2K	$16K	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0384%	1h	94.760	−0.032%	$4K	$802K	10x	as long as short
Bitget CRCLUSDT	+0.0413%	8h	94.850	+0.063%	$17.0M	$34.3M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.200	+0.433%	$5K	$20K	30x	as long as short
edgeX CRCLUSDC	+0.0631%	4h	94.827	+0.039%	$24K	$266K	10x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.820	+0.032%	$102K	$257K	10x	as long as short