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 +0.008%

Price spread now: Bybit against SoDEX+0.008%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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX CRCL-USD	91.243	0.0050	pay 0.0006% / 1h	39m 42s	$46K	$3K	10x
Short	Bybit CRCLUSDT	91.250	0	get 0.0000% / 8h	1h 39m	$14.6M	$26.7M	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 +0.008%Rate

Funding earned: −$10.5
Price spread: +0.008% → 0.000%: $0.77
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$28.73
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bybit: live order book, 4 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, 4 min ago	1.09 bp	11.1 bp −$11	19.1 bp −$191	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	−0.0720%	8h	91.320	+0.084%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0086%	1h	91.060	−0.201%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.250	+0.008%	$14.6M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.290	+0.052%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.349	+0.116%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.280	+0.041%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.280	+0.040%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.290	+0.052%	$93K	$289K	10x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	91.243	long leg	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.140	−0.113%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.300	+0.062%	$889K	$604K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.340	+0.106%	$1.3M	$1.8M	10x	as long as short
Lighter RH CRCL	+0.0072%	1h	91.283	+0.044%	$975K	$2.7M	10x	as long as short
Aster CRCLUSDT	+0.0083%	8h	91.307	+0.070%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0096%	8h	91.260	+0.018%	$104.4M	$397.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0096%	1h	91.237	−0.007%	$1.0M	$5.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.217	−0.029%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.260	+0.019%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.350	+0.117%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.270	+0.030%	$910	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.263	+0.022%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0104%	1h	91.178	−0.071%	$67.5M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0150%	1h	91.293	+0.055%	$382K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0166%	8h	91.245	+0.002%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.384	+0.154%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0190%	8h	91.260	+0.019%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0213%	8h	91.390	+0.161%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.381	+0.151%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.258	+0.017%	$415K	$268K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.267	+0.026%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0433%	1h	91.250	+0.008%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.810	+0.621%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0627%	1h	91.290	+0.052%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0765%	4h	91.348	+0.115%	$52K	$278K	10x	as long as short