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 +0.009%

Price spread now: Bybit against SoDEX−0.024%7-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 Bybit

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 Bybit is 0.024% cheaper against SoDEX than usual: you would sell low and buy high (−$2 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	SoDEX CRCL-USD	94.443	0.0050	pay 0.0006% / 1h	27m 38s	$47K	$3K	10x
Short	Bybit CRCLUSDT	94.420	0	get 0.0000% / 8h	7h 27m	$15.5M	$25.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$10.5
Price spread: −0.024% → 0.000%: −$2.44
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.94
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.53 bp	9.8 bp −$10	16.6 bp −$166	doesn't fit	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.247%	$942K	$622K	10x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	94.420	−0.024%	$15.5M	$25.7M	50x
Gate CRCL_USDT	0.0000%	8h	94.440	−0.003%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.020%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.410	−0.035%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0029%	8h	94.440	−0.003%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.424	−0.020%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.333	−0.116%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.390	−0.056%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	−0.141%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.371	−0.076%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.423	−0.021%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	94.443	long leg	$47K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.310	−0.141%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.360	−0.088%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	−0.024%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.151%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.450	+0.007%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.452	+0.010%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.437	−0.006%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.008%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	−0.009%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.430	−0.014%	$22.8M	$59.4M	50x	as long as short
Binance CRCLUSDT	+0.0191%	8h	94.423	−0.021%	$109.4M	$386.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.410	−0.035%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0196%	8h	94.422	−0.023%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.405	−0.040%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	−0.015%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.439	−0.004%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	−0.077%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.473%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.380	−0.067%	$96K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0598%	1h	94.440	−0.003%	$4K	$769K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.456	+0.014%	$431K	$299K	10x	as long as short