Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.008%

Price spread now: SoDEX against Bybit−0.046%46s7-day average — · you buy dearer than you sell

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

Long on Bybit 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

Funding pays, the price is against you. SoDEX is 0.046% cheaper against Bybit than usual: you would sell low and buy high (spread −0.046% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 3.1 days of funding at the current rate (+$2 a day). The two prices were read 46 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	Bybit CRCLUSDT	91.630	0	get 0.0000% / 8h	2h 49m	$14.7M	$26.7M	50x
Short	SoDEX CRCL-USD	91.588	0.0050	get 0.0006% / 1h	49m 33s	$46K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Bybit. 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 BybitbpFee SoDEXbpOrdersPrice spread, now −0.046%Rate

Funding earned: $10.5
Price spread: −0.046% → 0.000%: −$4.58
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$13.08
Costs to cover: 0.190%
Break-even: 15.7 days

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.55 bp	10.7 bp −$11	19.1 bp −$191	doesn't fit	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	−0.0749%	8h	91.670	+0.044%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.370	−0.284%	—	$31K	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	91.630	long leg	$14.7M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.650	+0.022%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.669	+0.043%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.630	0.000%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0025%	8h	91.668	+0.042%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.655	+0.027%	$975K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.603	−0.030%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0035%	8h	91.624	−0.006%	$104.4M	$393.5M	50x	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	91.600	−0.033%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.609	−0.023%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.620	−0.011%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USDshort	+0.0050%	1h	91.588	−0.046%	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.600	−0.033%	$1.0M	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0053%	4h	91.553	−0.084%	$51K	$276K	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.610	−0.022%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.251%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0074%	1h	91.584	−0.050%	$68.1M	$42.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.611	−0.021%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.616	−0.015%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.630	0.000%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.600	−0.033%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.660	+0.033%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.630	−0.001%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.680	+0.055%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0114%	8h	91.630	0.000%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.640	+0.011%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0138%	8h	91.700	+0.076%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.658	+0.031%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0360%	1h	91.638	+0.009%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0361%	1h	91.575	−0.060%	$133K	$108K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0405%	1h	91.630	0.000%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.458%	$5K	$19K	30x	as long as short