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: SoDEX against Bybit−0.073%46s7-day average — · you buy dearer than you sell

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

Long on Bybit 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 0.073% cheaper against Bybit than usual: you would sell low and buy high (spread −0.073% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 4.9 days of funding at the current rate (+$2 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	91.900	0	get 0.0000% / 8h	3h 39m	$14.9M	$26.5M	50x
Short	SoDEX CRCL-USD	91.833	0.0050	get 0.0006% / 1h	39m 28s	$46K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Bybit. 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 BybitbpFee SoDEXbpOrdersPrice spread, now −0.073%Rate

Funding earned: $10.5
Price spread: −0.073% → 0.000%: −$7.29
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$15.79
Costs to cover: 0.190%
Break-even: 17.5 days

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	1.09 bp	9.8 bp −$10	18.3 bp −$183	doesn't fit	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 CRCLUSDT	−0.0709%	8h	91.920	+0.022%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.610	−0.316%	—	$31K	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	91.900	long leg	$14.9M	$26.5M	50x
Gate CRCL_USDT	0.0000%	8h	91.950	+0.054%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.849	−0.056%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.820	−0.087%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0008%	8h	91.838	−0.067%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0015%	8h	91.890	−0.011%	$104.7M	$391.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.862	−0.041%	$1.2M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.861	−0.043%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0040%	1h	91.873	−0.029%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	−0.054%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.011%	$907K	$510K	10x	as long as short
BloFin CRCL-USDT	+0.0049%	8h	91.810	−0.098%	$1.1M	$1.6M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.787	−0.123%	$68.2M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.840	−0.065%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USDshort	+0.0050%	1h	91.833	−0.073%	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.239%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.870	−0.033%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0065%	8h	91.870	−0.033%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0079%	8h	91.910	+0.011%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.864	−0.039%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.810	−0.098%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	+0.022%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.790	−0.120%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.845	−0.060%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.888	−0.013%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0132%	8h	91.860	−0.043%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.905	+0.005%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.886	−0.015%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0367%	1h	91.746	−0.167%	$134K	$106K	3x	as long as short
edgeX CRCLUSDC	+0.0426%	4h	91.799	−0.110%	$51K	$275K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.501%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1058%	1h	91.870	−0.033%	$4K	$768K	10x	as long as short