Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.027%

Price spread now: SoDEX against Phemex−0.080%7-day average — · you buy dearer than you sell

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

Long on Phemex 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 0.080% cheaper against Phemex than usual: you would sell low and buy high (spread −0.080% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 5.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.770	0	get 0.0000% / 4h	42m 12s	$1.0M	$51K	10x
Short	SoDEX CRCL-USD	94.694	0.0050	get 0.0006% / 1h	42m 12s	$48K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Phemex. 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 PhemexbpFee SoDEXbpOrdersPrice spread, now −0.080%Rate

Funding earned: $10.5
Price spread: −0.080% → 0.000%: −$8.02
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$17.52
Costs to cover: 0.200%
Break-even: 18.7 days

Slippage unknown: Phemex: live order book, just now; 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 Phemex live order book, just now	1.05 bp	44.8 bp −$45	doesn't fit	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
Gate CRCL_USDT	0.0000%	8h	94.740	−0.032%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.770	long leg	$1.0M	$51K	10x
QFEX CRCL-USD	+0.0022%	1h	94.820	+0.053%	$1.4M	$2.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.630	−0.148%	$941K	$724K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.760	−0.011%	—	$45K	25x	as long as short
SoDEX CRCL-USDshort	+0.0050%	1h	94.694	−0.080%	$48K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.720	−0.053%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.715	−0.058%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0061%	1h	94.732	−0.040%	$367K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0080%	1h	94.742	−0.030%	$894K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.790	+0.021%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.720	−0.053%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.720	−0.053%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.750	−0.021%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0102%	8h	94.720	−0.053%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.728	−0.044%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.663	−0.113%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0134%	8h	94.830	+0.063%	$778	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0165%	8h	94.850	+0.085%	$62K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0192%	8h	94.724	−0.048%	$109.5M	$390.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.713	−0.060%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0203%	8h	94.755	−0.016%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0206%	8h	94.730	−0.042%	$22.9M	$60.7M	50x	as long as short
edgeX CRCLUSDC	+0.0223%	4h	94.814	+0.047%	$24K	$269K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0266%	1h	94.667	−0.109%	$71.1M	$42.9M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.878	+0.114%	$28K	$92K	10x	as long as short
Nado CRCL-PERP	+0.0305%	1h	94.662	−0.114%	$127K	$73K	3x	as long as short
BloFin CRCL-USDT	+0.0306%	8h	94.830	+0.063%	$1.1M	$595K	20x	as long as short
Bitget CRCLUSDT	+0.0316%	8h	94.710	−0.063%	$16.9M	$35.4M	25x	as long as short
Lighter CRCL	+0.0440%	1h	94.739	−0.033%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.834%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.830	+0.063%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.830	+0.063%	$433K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0701%	1h	94.740	−0.032%	$4K	$772K	10x	as long as short