CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0441%/8h= −48.3% APRnext payment −$0.55 per $10,000 · paid last 24h −0.089%

Price spread now: Ondo Perps against Deribit−0.127%7-day average −0.093% · you buy dearer than you sell

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

Long on Deribit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.099%−$10 on $10k

Price spread, last 3 days (all we have)+0.123%+$12 · spread now −0.127%, 7d avg −0.093%

Together, before fees+0.023%+ Points / potential airdropOndo Perps: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Ondo Perps is 0.034% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.093%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.099% in total (about -7.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.55 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	94.430	0.0492	pay 0.0061% / 1h	29m 21s	$4K	$769K	10x
Short	Ondo Perps CRCL-USD.P	94.310	0.0050	get 0.0006% / 1h	29m 21s	$1.0M	$5.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpFee Ondo PerpsbpOrdersPrice spread, now −0.127%Rate

Funding earned: −$92.7
Price spread: −0.127% → −0.093%: −$3.44
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$108.14
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 45 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 Deribit live order book, 45 min ago	0.53 bp	10.3 bp −$10	14.3 bp −$143	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	−0.233%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.410	−0.021%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.410	−0.021%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.034%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.340	−0.095%	$1.0M	$51K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.399	−0.033%	$889K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0033%	8h	94.410	−0.021%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.322	−0.114%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.350	−0.085%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.280	−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	94.342	−0.093%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.369	−0.065%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.404	−0.028%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	94.310	−0.127%	$1.0M	$5.7M	10x
Pacifica CRCL	+0.0100%	1h	94.350	−0.085%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.410	−0.021%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.138%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.390	−0.042%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.433	+0.003%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.412	−0.019%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.022%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	+0.005%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0151%	8h	94.410	−0.021%	$22.8M	$59.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.368	−0.066%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0193%	8h	94.395	−0.037%	$109.3M	$386.2M	50x	as long as short
Aster CRCLUSDT	+0.0199%	8h	94.401	−0.031%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.320	−0.116%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	−0.001%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.394	−0.038%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0314%	8h	94.460	+0.032%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.487%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0492%	1h	94.430	long leg	$4K	$769K	10x
Arcus CRCL-USD	+0.0521%	1h	94.360	−0.074%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.386	−0.046%	$431K	$299K	10x	as long as short