Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.002%

Price spread now: Bitget against SoDEX−0.114%49s7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 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 −$3 a day on $10k at the current rate, and Bitget is 0.114% cheaper against SoDEX than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 49 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	SoDEX CRCL-USD	91.164	0.0050	pay 0.0006% / 1h	33m 32s	$46K	$3K	10x
Short	Bitget CRCLUSDT	91.060	−0.0066	pay 0.0066% / 8h	7h 33m	$17.3M	$36.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SoDEX. 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 SoDEXbpFee BitgetbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$24.36
Price spread: −0.114% → 0.000%: −$11.41
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$55.77
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bitget: live order book, 5 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 SoDEX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 5 min ago	1.10 bp	9.9 bp −$10	14.3 bp −$143	31.5 bp −$3,147	doesn't fit

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
Vest CRCL-USD-PERP	−0.0096%	1h	90.850	−0.344%	—	$31K	25x	as long as short
Bitget CRCLUSDTshort	−0.0066%	8h	91.060	−0.114%	$17.3M	$36.2M	25x
Bybit CRCLUSDT	0.0000%	8h	91.060	−0.114%	$15.0M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.090	−0.081%	$7.8M	$26.4M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.240	+0.083%	$1.0M	$47K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.090	−0.081%	$980K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	+0.029%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.103	−0.067%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.000	−0.180%	$94K	$283K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.967	−0.216%	$67.0M	$44.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	90.972	−0.211%	$376K	$1.2M	10x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	91.164	long leg	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.990	−0.191%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.080	−0.092%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.020	−0.158%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.100	−0.070%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	−0.048%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.170	+0.007%	$909	$1K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	91.175	+0.012%	$71K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.200	+0.039%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0132%	8h	91.054	−0.120%	$419	$766	5x	as long as short
Variational Omni CRCL	+0.0152%	8h	91.180	+0.018%	$2.4M	$3.3M	—	as long as short
Aster CRCLUSDT	+0.0215%	8h	91.105	−0.065%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0216%	1h	91.093	−0.078%	$2.9M	$2.1M	10x	as long as short
Binance CRCLUSDT	+0.0230%	8h	91.049	−0.126%	$104.7M	$386.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	91.064	−0.110%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.098	−0.072%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0292%	8h	91.030	−0.147%	$22.3M	$61.3M	50x	as long as short
BloFin CRCL-USDT	+0.0350%	8h	91.150	−0.015%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0370%	1h	90.969	−0.214%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0408%	1h	91.190	+0.029%	$5K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.104%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.066	−0.108%	$411K	$257K	10x	as long as short
edgeX CRCLUSDC	+0.0936%	4h	91.171	+0.007%	$52K	$270K	10x	as long as short