Funding you earn now, next payment 01:00 UTC−0.0239%/8h= −26.2% APRnext payment −$0.30 per $10,000 · paid last 24h −0.032%
Price spread now: Coinbase International against Phoenix−0.297%72s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.026%+$3 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Coinbase International is 0.297% cheaper against Phoenix than usual: you would sell low and buy high (−$30 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.026% in total (about 1.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.30 per $10,000. 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 | Phoenix CRCL | 91.923 | 0.0231 | pay 0.0029% / 1h | 38m 04s | $27K | $92K | 10x |
| Short | Coinbase International CRCL-PERP-INTX | 91.650 | −0.0008 | pay 0.0001% / 1h | 38m 04s | $912K | $584K | 10x |
Phoenix CRCL
Coinbase International CRCL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$50.18
- Price spread: −0.297% → 0.000%
- −$29.7
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$96.88
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Coinbase International: live order book, 30 min ago. Net counts fees only.
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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Coinbase International live order book, 30 min ago | 1.06 bp | 13.5 bp −$13 | 21.8 bp −$218 | doesn't fit | doesn't fit |
Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0270% | 8h | 91.870 | −0.058% | $16.0M | $35.4M | 25x | as long as short |
| Coinbase International CRCL-PERP-INTXshort | −0.0008% | 1h | 91.650 | −0.297% | $912K | $584K | 10x | |
| Bybit CRCLUSDT | 0.0000% | 8h | 91.880 | −0.047% | $15.1M | $25.8M | 50x | as long as short |
| RISEx CRCL/USDC | 0.0000% | 1h | 91.876 | −0.052% | $420K | $301K | 10x | as long as short |
| Gate CRCL_USDT | 0.0000% | 8h | 91.790 | −0.145% | $7.2M | $26.3M | 50x | as long as short |
| GRVT CRCL_USDT_Perp | 0.0000% | 8h | 91.910 | −0.014% | $68K | $1.1M | 10x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | 0.0000% | 1h | 91.780 | −0.156% | $4K | $769K | 10x | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 91.810 | −0.123% | $1.0M | $49K | 10x | as long as short |
| Variational Omni CRCL | +0.0004% | 8h | 91.891 | −0.035% | $2.5M | $3.2M | — | as long as short |
| Vest CRCL-USD-PERP | +0.0007% | 1h | 91.630 | −0.319% | — | $37K | 25x | as long as short |
Bitget CRCLUSDT
Bybit CRCLUSDT
RISEx CRCL/USDC
Gate CRCL_USDT
GRVT CRCL_USDT_Perp
Deribit CRCL_USDC-PERPETUAL
Phemex CRCLUSDT
Variational Omni CRCL
Vest CRCL-USD-PERPShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aftermath Perps CRCLUSD | +0.0027% | 1h | 92.020 | +0.105% | $2K | $22K | 5x | as long as short |
| Lighter RH CRCL | +0.0032% | 1h | 91.837 | −0.094% | $975K | $2.9M | 10x | as long as short |
| Arcus CRCL-USD | +0.0040% | 1h | 91.880 | −0.047% | $93K | $272K | 10x | as long as short |
| tradeXYZ xyz:CRCL | +0.0050% | 1h | 91.766 | −0.171% | $69.2M | $41.7M | 10x | as long as short |
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 91.845 | −0.085% | $355K | $1.1M | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 91.760 | −0.177% | $46K | $3K | 10x | as long as short |
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 91.760 | −0.177% | $1.0M | $5.5M | 10x | as long as short |
| QFEX CRCL-USD | +0.0057% | 1h | 91.840 | −0.090% | $1.3M | $2.4M | 10x | as long as short |
| Extended CRCL_24_5-USD | +0.0080% | 1h | 91.813 | −0.120% | $1.1M | $5.7M | 10x | as long as short |
| Aster CRCLUSDT | +0.0082% | 8h | 91.853 | −0.076% | $1.1M | $4.9M | 20x | as long as short |
| Binance CRCLUSDT | +0.0082% | 8h | 91.860 | −0.069% | $104.8M | $393.4M | 50x | as long as short |
| OKX CRCL-USDT-SWAP | +0.0083% | 8h | 91.880 | −0.047% | $21.6M | $60.2M | 50x | as long as short |
| Paradex CRCL-USD-PERP | +0.0085% | 8h | 91.854 | −0.076% | $753 | $740 | 5x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 91.860 | −0.069% | $129K | $154K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 91.880 | −0.047% | $2.9M | $1.9M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 92.210 | +0.312% | $68K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 91.820 | −0.112% | $915 | $3K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 91.792 | −0.142% | $4 | — | 10x | as long as short |
| Nado CRCL-PERP | +0.0186% | 1h | 91.851 | −0.078% | $131K | $103K | 3x | as long as short |
| Lighter CRCL | +0.0192% | 1h | 91.833 | −0.098% | $3.0M | $2.4M | 10x | as long as short |
| BloFin CRCL-USDT | +0.0222% | 8h | 92.330 | +0.443% | $1.1M | $1.1M | 20x | as long as short |
| Phoenix CRCLlong | +0.0231% | 1h | 91.923 | long leg | $27K | $92K | 10x | |
| Injective CRCL/USDC PERP | +0.0440% | 1h | 92.270 | +0.377% | $5K | $19K | 30x | as long as short |
| edgeX CRCLUSDC | +0.0628% | 4h | 92.314 | +0.426% | $23K | $267K | 10x | as long as short |
Aftermath Perps CRCLUSD
Lighter RH CRCL
Arcus CRCL-USD
tradeXYZ xyz:CRCL
Polymarket Perps CRCL-USD
SoDEX CRCL-USD
Ondo Perps CRCL-USD.P
QFEX CRCL-USD
Extended CRCL_24_5-USD
Aster CRCLUSDT
Binance CRCLUSDT
OKX CRCL-USDT-SWAP
Paradex CRCL-USD-PERP
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
Nado CRCL-PERP
Lighter CRCL
BloFin CRCL-USDT
Injective CRCL/USDC PERP
edgeX CRCLUSDC