Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0722%/8h= +79.1% APRpaid last 24h +0.152%

Price spread now: edgeX against Coinbase International+0.151%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs+$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.640%+$64 on $10k

Price spread, last 4 days (all we have)−0.066%−$7 · spread now +0.151%, 7d avg +0.043%

Together, before fees+0.574%+ Points / potential airdropedgeX: Active · farm board+$57 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and edgeX is 0.107% dearer against Coinbase International than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	91.070	0.0088	pay 0.0011% / 1h	8m 36s	$871K	$500K	10x
Short	edgeX CRCLUSDC	91.207	0.0810	get 0.0405% / 4h	8m 36s	$52K	$269K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.151%Rate

Funding earned: $151.61
Price spread: +0.151% → +0.043%: $10.74
Slippage, 4 orders: −$19.78
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $123.57
Costs to cover: 0.388%
Break-even: 1.3 days

Slippage from Coinbase International: live order book, 30 min ago; edgeX: live order book, 29 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, 30 min ago	2.73 bp	8.3 bp −$8	15.4 bp −$154	doesn't fit	doesn't fit
Sell edgeX live order book, 29 min ago	6.01 bp	11.5 bp −$11	24.1 bp −$241	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	−0.0354%	8h	91.260	+0.209%	$17.3M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0082%	1h	90.890	−0.198%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.230	+0.176%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.230	+0.176%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.217	+0.161%	$982K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.179	+0.119%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.190	+0.132%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.180	+0.121%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	+0.088%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0061%	8h	91.230	+0.176%	$14.8M	$26.5M	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	+0.0071%	1h	91.190	+0.132%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0088%	1h	91.070	long leg	$871K	$500K	10x
tradeXYZ xyz:CRCL	+0.0090%	1h	91.127	+0.063%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.180	+0.121%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.210	+0.154%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	+0.055%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.210	+0.154%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.225	+0.170%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	+0.136%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0154%	1h	91.201	+0.144%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0158%	8h	91.189	+0.131%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0195%	8h	91.223	+0.169%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.169	+0.109%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0210%	8h	91.170	+0.110%	$104.7M	$389.3M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.187	+0.128%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.218	+0.163%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0250%	8h	91.217	+0.161%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0284%	8h	91.180	+0.121%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0329%	8h	91.200	+0.143%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0435%	1h	91.121	+0.056%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.736%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.195	+0.137%	$412K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0628%	1h	91.190	+0.132%	$5K	$769K	10x	as long as short
edgeX CRCLUSDCshort	+0.0810%	4h	91.207	+0.151%	$52K	$269K	10x