Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0026%/8h= +2.9% APRpaid last 24h +0.040%

Price spread now: OKX against Coinbase International−0.065%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$4 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.065%, 7d avg +0.052%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.117% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.065% now, against its 7-day average of +0.052%). If the spread goes back, that is −$12 on $10k: about 15 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	91.890	0.0048	pay 0.0006% / 1h	41m 58s	$907K	$510K	10x
Short	OKX CRCL-USDT-SWAP	91.830	0.0074	get 0.0074% / 8h	3h 41m	$22.3M	$61.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.065%Rate

Funding earned: $5.49
Price spread: −0.065% → +0.052%: −$11.71
Slippage, 4 orders: −$16.06
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$42.29
Costs to cover: 0.361%
Break-even: 60.9 days

Slippage from Coinbase International: live order book, 11 min ago; OKX: 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, 11 min ago	4.88 bp	9.9 bp −$10	14.7 bp −$147	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.54 bp	8.5 bp −$9	13.6 bp −$136	160.9 bp −$16.1K	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	−0.0697%	8h	91.850	−0.044%	$16.7M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.600	−0.316%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.830	−0.065%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.790	−0.109%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.979	+0.097%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.810	−0.087%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0009%	8h	91.798	−0.100%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0014%	8h	91.791	−0.108%	$104.6M	$391.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.765	−0.136%	$1.2M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.896	+0.006%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.920	+0.033%	$93K	$272K	10x	as long as short
Lighter RH CRCL	+0.0048%	1h	91.818	−0.078%	$973K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0048%	1h	91.890	long leg	$907K	$510K	10x
tradeXYZ xyz:CRCL	+0.0050%	1h	91.730	−0.174%	$68.1M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.778	−0.122%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.790	−0.109%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	+0.011%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0059%	8h	92.050	+0.174%	$1.1M	$1.6M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.820	−0.076%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	+0.064%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0074%	8h	91.830	−0.065%	$22.3M	$61.5M	50x
Pacifica CRCL	+0.0100%	1h	91.807	−0.090%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.790	−0.109%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.900	+0.011%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	−0.141%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.785	−0.114%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.810	−0.087%	$417K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0128%	8h	91.816	−0.081%	$422	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.939	+0.053%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0280%	1h	91.810	−0.087%	$3.0M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0295%	1h	91.790	−0.109%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0370%	1h	91.735	−0.168%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.511%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0529%	4h	92.039	+0.162%	$51K	$277K	10x	as long as short