Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.008%

Price spread now: Bybit against Coinbase International+0.327%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$400.401% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 3 days (all we have)−0.273%−$27 · spread now +0.327%, 7d avg +0.061%

Together, before fees−0.302%−$30 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.266% dearer against Coinbase International than usual: you sell high and buy low, +$27 on $10k if it goes back to its 7-day average of +0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	91.700	−0.0008	get 0.0001% / 1h	16m 57s	$913K	$580K	10x
Short	Bybit CRCLUSDT	92.000	0	get 0.0000% / 8h	6h 16m	$15.0M	$25.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.327%Rate

Funding earned: $1.68
Price spread: +0.327% → +0.061%: $26.59
Slippage, 4 orders: −$19.13
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.86
Costs to cover: 0.401%
Break-even: 56.4 days

Slippage from Coinbase International: live order book, 51 min ago; Bybit: live order book, 2 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, 51 min ago	1.06 bp	6.1 bp −$6	10.6 bp −$106	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.09 bp	10.5 bp −$10	18.8 bp −$188	doesn't fit	doesn't fit

CRCL on 33 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	−0.0806%	8h	92.030	+0.360%	$16.0M	$35.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0039%	1h	91.670	−0.033%	—	$40K	25x	as long as short
Coinbase International CRCL-PERP-INTXlong	−0.0008%	1h	91.700	long leg	$913K	$580K	10x
Bybit CRCLUSDTshort	0.0000%	8h	92.000	+0.327%	$15.0M	$25.9M	50x
RISEx CRCL/USDC	0.0000%	1h	91.933	+0.254%	$420K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.020	+0.349%	$7.1M	$26.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.938	+0.260%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	+0.033%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.980	+0.305%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.872	+0.188%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.970	+0.294%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.830	+0.142%	$93K	$273K	10x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	91.926	+0.247%	$1.1M	$5.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.865	+0.180%	$69.0M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.862	+0.177%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.895	+0.213%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.730	+0.033%	$999K	$5.5M	10x	as long as short
Binance CRCLUSDT	+0.0051%	8h	91.954	+0.277%	$104.9M	$394.2M	50x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.920	+0.240%	$1.3M	$2.3M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0057%	8h	91.990	+0.316%	$21.8M	$60.4M	50x	as long as short
Aster CRCLUSDT	+0.0060%	8h	91.970	+0.294%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0074%	8h	91.964	+0.288%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.977	+0.302%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.990	+0.316%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	+0.022%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.900	+0.218%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.923	+0.243%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0153%	1h	91.894	+0.212%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	91.930	+0.251%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0200%	1h	91.980	+0.305%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.850	+0.164%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.872%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	+0.007%	$23K	$268K	10x	as long as short