Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0043%/8h= +4.8% APRpaid last 24h −0.019%

Price spread now: Ondo Perps against Bybit−0.159%7-day average −0.182% · you buy dearer than you sell

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

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 7 days−0.300%−$30 · spread now −0.159%, 7d avg −0.182%

Together, before fees−0.467%+ Points / potential airdropOndo Perps: Active · farm board−$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Ondo Perps is 0.024% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.182%. Mind the row above: over the last 7 days funding on this pair cost −0.167%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	94.460	0.0007	pay 0.0007% / 8h	7h 28m	$15.5M	$25.7M	50x
Short	Ondo Perps CRCL-USD.P	94.310	0.0050	get 0.0006% / 1h	28m 22s	$1.0M	$5.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.159%Rate

Funding earned: $9.11
Price spread: −0.159% → −0.182%: $2.37
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$4.52
Costs to cover: 0.160%
Break-even: 10.5 days

Slippage unknown: Bybit: live order book, 5 min ago; Ondo Perps: 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, 5 min ago	0.53 bp	10.4 bp −$10	17.8 bp −$178	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.265%	$942K	$622K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.450	−0.011%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.002%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.330	−0.138%	$1.0M	$49K	10x	as long as short
Bybit CRCLUSDTlong	+0.0007%	8h	94.460	long leg	$15.5M	$25.7M	50x
Bitget CRCLUSDT	+0.0031%	8h	94.460	0.000%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.487	+0.029%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.333	−0.134%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.450	−0.011%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	−0.159%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.384	−0.080%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.423	−0.039%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.443	−0.018%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	94.310	−0.159%	$1.0M	$5.7M	10x
Pacifica CRCL	+0.0100%	1h	94.400	−0.064%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	−0.042%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.169%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.450	−0.011%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.452	−0.008%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0106%	8h	94.486	+0.027%	$775	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	−0.010%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	−0.027%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.450	−0.011%	$22.8M	$59.5M	50x	as long as short
Binance CRCLUSDT	+0.0192%	8h	94.460	0.000%	$109.4M	$386.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.440	−0.022%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0197%	8h	94.471	+0.012%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.405	−0.058%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	−0.033%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.500	+0.042%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	−0.095%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.455%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.370	−0.095%	$96K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0598%	1h	94.440	−0.021%	$4K	$769K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.471	+0.012%	$431K	$299K	10x	as long as short