Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.004%

Price spread now: SoDEX against Orderly−0.036%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 −$2 a day on $10k at the current rate, and SoDEX is 0.036% cheaper against Orderly than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	94.220	0.0100	pay 0.0100% / 8h	7h 51m	$939	$3K	10x
Short	SoDEX CRCL-USD	94.186	0.0050	get 0.0006% / 1h	51m 13s	$47K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Orderly. 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 OrderlybpFee SoDEXbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$10.5
Price spread: −0.036% → 0.000%: −$3.61
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$28.11
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell SoDEX no order-book sample	—	—	—	—	—

Orderly and 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
tradeXYZ xyz:CRCL	−0.0109%	1h	94.128	−0.098%	$71.5M	$42.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.290	+0.074%	$943K	$726K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.230	+0.011%	$15.6M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.260	+0.042%	$7.2M	$26.9M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.250	+0.032%	$1.0M	$52K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.214	−0.006%	$889K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.220	0.000%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.120	−0.106%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0049%	1h	94.354	+0.143%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.140	−0.085%	$365K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USDshort	+0.0050%	1h	94.186	−0.036%	$47K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.290	+0.074%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.202	−0.019%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.280	+0.064%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.270	+0.053%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	94.220	long leg	$939	$3K	10x
GRVT CRCL_USDT_Perp	+0.0104%	8h	94.348	+0.136%	$70K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.553	+0.353%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0113%	8h	94.228	+0.008%	$773	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0158%	8h	94.210	−0.011%	$22.8M	$60.3M	50x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.210	−0.010%	$2.5M	$3.1M	—	as long as short
Nado CRCL-PERP	+0.0223%	1h	94.150	−0.075%	$131K	$76K	3x	as long as short
Bitget CRCLUSDT	+0.0235%	8h	94.240	+0.021%	$16.9M	$35.2M	25x	as long as short
Binance CRCLUSDT	+0.0238%	8h	94.215	−0.005%	$109.1M	$389.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	94.191	−0.031%	$1.1M	$4.0M	10x	as long as short
Aster CRCLUSDT	+0.0240%	8h	94.266	+0.049%	$1.1M	$4.9M	20x	as long as short
Phoenix CRCL	+0.0296%	1h	94.366	+0.155%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.234	+0.015%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0358%	8h	94.240	+0.021%	$1.1M	$559K	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0387%	1h	94.220	0.000%	$4K	$772K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.690	+0.499%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.350	+0.138%	$97K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.227	+0.007%	$430K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0861%	4h	94.390	+0.180%	$24K	$268K	10x	as long as short