Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.001%

Price spread now: SoDEX against Bitget−0.022%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on SoDEX

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

Funding pays, the price is against you. SoDEX is 0.022% cheaper against Bitget than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 35 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CRCLUSDT	92.550	0	get 0.0000% / 8h	5h 27m	$18.5M	$33.5M	25x
Short	SoDEX CRCL-USD	92.530	0.0050	get 0.0006% / 1h	27m 07s	$46K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Bitget. 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 BitgetbpFee SoDEXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $10.5
Price spread: −0.022% → 0.000%: −$2.16
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$11.66
Costs to cover: 0.200%
Break-even: 14.8 days

Slippage unknown: Bitget: live order book, 5 min ago; 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 Bitget live order book, 5 min ago	1.62 bp	9.8 bp −$10	15.7 bp −$157	44.0 bp −$4,399	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 exchanges

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	−0.0048%	1h	92.570	+0.022%	$866K	$745K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.570	+0.022%	$15.0M	$25.1M	50x	as long as short
Bitget CRCLUSDTlong	0.0000%	8h	92.550	long leg	$18.5M	$33.5M	25x
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	92.450	−0.108%	$5K	$415K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.580	+0.032%	$1.0M	$45K	10x	as long as short
Vest CRCL-USD-PERP	+0.0015%	1h	92.450	−0.108%	—	$30K	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.510	−0.043%	$998K	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.581	+0.033%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.496	−0.058%	$67.6M	$39.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.550	0.000%	$329K	$951K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USDshort	+0.0050%	1h	92.530	−0.022%	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.490	−0.065%	$999K	$3.8M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	92.580	+0.032%	$1.3M	$1.6M	10x	as long as short
Injective CRCL/USDC PERP	+0.0072%	1h	92.090	−0.497%	$38K	$172K	30x	as long as short
Gate CRCL_USDT	+0.0082%	8h	92.630	+0.086%	$7.5M	$25.5M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0091%	8h	92.577	+0.029%	$426	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.550	0.000%	$139K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.550	0.000%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.530	−0.022%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.560	+0.011%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.543	−0.008%	$4	—	10x	as long as short
edgeX CRCLUSDC	+0.0125%	4h	92.613	+0.068%	$53K	$268K	10x	as long as short
Phoenix CRCL	+0.0197%	1h	92.540	−0.011%	$27K	$66K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	92.550	0.000%	$93K	$205K	10x	as long as short
Variational Omni CRCL	+0.0256%	8h	92.573	+0.025%	$2.5M	$3.2M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0273%	8h	92.560	+0.011%	$22.7M	$56.5M	50x	as long as short
Nado CRCL-PERP	+0.0291%	1h	92.451	−0.107%	$154K	$94K	3x	as long as short
Lighter CRCL	+0.0296%	1h	92.532	−0.019%	$2.9M	$2.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0312%	1h	92.520	−0.032%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0314%	8h	92.560	+0.011%	$106.6M	$350.2M	50x	as long as short
Aster CRCLUSDT	+0.0320%	8h	92.587	+0.040%	$1.1M	$4.5M	20x	as long as short
BloFin CRCL-USDT	+0.0436%	8h	92.550	0.000%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0482%	8h	92.620	+0.076%	$68K	$979K	10x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	92.597	+0.050%	$415K	$225K	10x	as long as short