Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1034%/8h= +113.2% APRpaid last 24h −0.030%

Price spread now: SoDEX against Bitget−0.188%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 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

Funding pays, the price is against you. SoDEX is 0.188% cheaper against Bitget than usual: you would sell low and buy high (spread −0.188% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 15 hours of funding at the current rate (+$31 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CRCLUSDT	91.060	−0.0984	get 0.0984% / 8h	2h 24m	$16.7M	$36.5M	25x
Short	SoDEX CRCL-USD	90.889	0.0050	get 0.0006% / 1h	24m 15s	$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 −0.188%Rate

Funding earned: $217.14
Price spread: −0.188% → 0.000%: −$18.78
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $178.36
Costs to cover: 0.200%
Break-even: 1.3 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	1.65 bp	8.8 bp −$9	18.1 bp −$181	66.2 bp −$6,622	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 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 CRCLUSDTlong	−0.0984%	8h	91.060	long leg	$16.7M	$36.5M	25x
Vest CRCL-USD-PERP	−0.0075%	1h	90.620	−0.483%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.980	−0.088%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.020	−0.044%	$7.6M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	90.870	−0.209%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.990	−0.077%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	90.944	−0.127%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	90.931	−0.141%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0024%	8h	90.960	−0.110%	$103.4M	$395.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.981	−0.087%	$971K	$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	90.955	−0.115%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.900	−0.176%	$92K	$290K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.897	−0.179%	$67.9M	$43.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.943	−0.128%	$381K	$1.3M	10x	as long as short
SoDEX CRCL-USDshort	+0.0050%	1h	90.889	−0.188%	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.790	−0.297%	$999K	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	90.910	−0.165%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	90.700	−0.395%	$883K	$598K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0091%	8h	90.893	−0.184%	$418	$905	5x	as long as short
BloFin CRCL-USDT	+0.0092%	8h	90.870	−0.209%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	90.855	−0.226%	$133K	$161K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.950	−0.121%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.750	−0.340%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.930	−0.143%	$907	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.951	−0.120%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0105%	8h	91.230	+0.186%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0112%	8h	90.990	−0.077%	$22.0M	$62.0M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	90.910	−0.164%	$414K	$294K	10x	as long as short
edgeX CRCLUSDC	+0.0136%	4h	90.812	−0.272%	$52K	$277K	10x	as long as short
Lighter CRCL	+0.0208%	1h	90.988	−0.079%	$2.9M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.148	+0.097%	$27K	$82K	10x	as long as short
Nado CRCL-PERP	+0.0299%	1h	90.900	−0.176%	$132K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0300%	1h	90.950	−0.121%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.650	+0.648%	$5K	$19K	30x	as long as short