Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0192%/8h= −21.1% APRpaid last 24h −0.062%

Price spread now: SoDEX against BloFin−0.098%56s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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 −$6 a day on $10k at the current rate, and SoDEX is 0.098% cheaper against BloFin than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 56 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	BloFin CRCL-USDT	91.820	0.0242	pay 0.0242% / 8h	1h 16m	$1.1M	$1.7M	20x
Short	SoDEX CRCL-USD	91.730	0.0050	get 0.0006% / 1h	16m 21s	$46K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against BloFin. 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 BloFinbpFee SoDEXbpOrdersPrice spread, now −0.098%Rate

Funding earned: −$40.42
Price spread: −0.098% → 0.000%: −$9.8
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$70.22
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; SoDEX: no order-book sample. 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 BloFin live order book, 6 min ago	1.64 bp	10.4 bp −$10	13.6 bp −$136	25.4 bp −$2,542	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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	−0.0524%	8h	91.770	−0.054%	$17.6M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.480	−0.370%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.770	−0.054%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.760	−0.065%	$7.8M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.750	−0.076%	$1.0M	$48K	10x	as long as short
Variational Omni CRCL	+0.0013%	8h	91.789	−0.034%	$2.4M	$3.2M	—	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.683	−0.149%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.720	−0.109%	$94K	$292K	10x	as long as short
Lighter RH CRCL	+0.0048%	1h	91.779	−0.045%	$981K	$2.7M	10x	as long as short
SoDEX CRCL-USDshort	+0.0050%	1h	91.730	−0.098%	$46K	$3K	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.670	−0.163%	$1.1M	$5.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	−0.033%	$894K	$616K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.690	−0.142%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0096%	1h	91.695	−0.136%	$67.9M	$44.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.765	−0.060%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.700	−0.131%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	−0.120%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.730	−0.098%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.742	−0.085%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0115%	8h	91.773	−0.051%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0128%	8h	91.759	−0.066%	$104.9M	$398.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0128%	1h	91.734	−0.094%	$1.0M	$5.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0137%	1h	91.730	−0.098%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0176%	8h	91.764	−0.061%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0201%	8h	91.760	−0.066%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0216%	8h	91.750	−0.076%	$22.3M	$62.9M	50x	as long as short
BloFin CRCL-USDTlong	+0.0242%	8h	91.820	long leg	$1.1M	$1.7M	20x
Phoenix CRCL	+0.0245%	1h	91.779	−0.045%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0267%	4h	91.778	−0.045%	$52K	$278K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.730	−0.098%	$418K	$268K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.769	−0.056%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0419%	1h	91.691	−0.141%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.210	+0.425%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0732%	1h	91.750	−0.076%	$5K	$769K	10x	as long as short