Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.004%

Price spread now: Orderly against SoDEX+0.030%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Orderly

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.030% dearer against SoDEX than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX CRCL-USD	91.373	0.0050	pay 0.0006% / 1h	29m 22s	$46K	$3K	10x
Short	Orderly PERP_CRCL_USDC_mythos	91.400	0.0100	get 0.0100% / 8h	1h 29m	$911	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.030%Rate

Funding earned: $10.5
Price spread: +0.030% → 0.000%: $2.95
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$0.55
Costs to cover: 0.140%
Break-even: 7.4 days

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

SoDEX and Orderly: 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	−0.0710%	8h	91.480	+0.117%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.110	−0.288%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.430	+0.062%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.440	+0.073%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	−0.004%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.380	+0.008%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.456	+0.091%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.293	−0.088%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.330	−0.047%	$95K	$291K	10x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	91.373	long leg	$46K	$3K	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.240	−0.146%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.189%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.460	+0.095%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0074%	1h	91.347	−0.028%	$67.6M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0087%	8h	91.430	+0.063%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.363	−0.011%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.410	+0.040%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.290	−0.091%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	91.400	+0.030%	$911	$2K	10x
Binance CRCLUSDT	+0.0100%	8h	91.403	+0.033%	$104.5M	$397.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.379	+0.006%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.399	+0.028%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0132%	1h	91.394	+0.023%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0158%	8h	91.419	+0.050%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	+0.017%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0199%	8h	91.420	+0.051%	$22.2M	$62.5M	50x	as long as short
BloFin CRCL-USDT	+0.0219%	8h	91.390	+0.019%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.232	−0.154%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.395	+0.024%	$416K	$268K	10x	as long as short
Lighter CRCL	+0.0288%	1h	91.452	+0.086%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0298%	1h	91.370	−0.003%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0408%	1h	91.352	−0.023%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.720	+0.380%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0857%	4h	91.319	−0.059%	$52K	$278K	10x	as long as short