Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.008%

Price spread now: Bybit against SoDEX+0.033%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 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

The price spread pays, funding is against you. Bybit is 0.033% dearer against SoDEX than usual: you sell high and buy low (spread +0.033% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX CRCL-USD	91.820	0.0050	pay 0.0006% / 1h	41m 01s	$46K	$3K	10x
Short	Bybit CRCLUSDT	91.850	0	get 0.0000% / 8h	3h 41m	$14.9M	$26.5M	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 +0.033%Rate

Funding earned: −$10.5
Price spread: +0.033% → 0.000%: $3.27
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$26.23
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bybit: live order book, 3 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, 3 min ago	1.09 bp	9.7 bp −$10	15.0 bp −$150	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
Bitget CRCLUSDT	−0.0703%	8h	91.910	+0.098%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.580	−0.261%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.850	+0.033%	$14.9M	$26.5M	50x
Gate CRCL_USDT	0.0000%	8h	91.930	+0.120%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.849	+0.032%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.820	0.000%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0007%	8h	91.802	−0.019%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0012%	8h	91.850	+0.033%	$104.6M	$391.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.788	−0.035%	$1.2M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.824	+0.004%	$973K	$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
Aftermath Perps CRCLUSD	+0.0039%	1h	91.867	+0.051%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	+0.044%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	+0.076%	$907K	$510K	10x	as long as short
BloFin CRCL-USDT	+0.0049%	8h	91.810	−0.011%	$1.1M	$1.6M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.769	−0.056%	$68.1M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.791	−0.032%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	91.820	long leg	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.152%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.810	−0.011%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	+0.141%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0075%	8h	91.900	+0.087%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.817	−0.003%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.790	−0.033%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	+0.109%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	−0.065%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.798	−0.024%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.821	+0.001%	$417K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0127%	8h	91.784	−0.039%	$422	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.905	+0.093%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.818	−0.002%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0362%	1h	91.776	−0.048%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.588%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0501%	4h	91.963	+0.156%	$51K	$275K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0513%	1h	91.780	−0.044%	$4K	$768K	10x	as long as short