Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0175%/8h= −19.2% APRpaid last 24h −0.154%

Price spread now: Ondo Perps against edgeX−0.147%54s7-day average −0.108% · you buy dearer than you sell

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

Long on edgeX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.829%−$83 on $10k

Price spread, last 4 days (all we have)−0.107%−$11 · spread now −0.147%, 7d avg −0.108%

Together, before fees−0.936%+ Points / potential airdropedgeX: Active · Ondo Perps: Active · farm board−$94 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Ondo Perps is 0.039% cheaper against edgeX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.108%). Swap the legs. The two prices were read 54 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	edgeX CRCLUSDC	91.425	0.0226	pay 0.0113% / 4h	1h 50m	$52K	$277K	10x
Short	Ondo Perps CRCL-USD.P	91.290	0.0050	get 0.0006% / 1h	50m 21s	$1.1M	$5.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against edgeX. 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 edgeXbpFee Ondo PerpsbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$36.83
Price spread: −0.147% → −0.108%: −$3.94
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$54.77
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 57 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 edgeX live order book, 57 min ago	6.01 bp	11.7 bp −$12	23.0 bp −$230	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
Bitget CRCLUSDT	−0.0735%	8h	91.530	+0.115%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0084%	1h	91.200	−0.246%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.490	+0.072%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.540	+0.126%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.430	+0.006%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.460	+0.039%	$1.0M	$48K	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.410	−0.016%	$93K	$289K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.429	+0.004%	$2K	$27K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.433	+0.009%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	91.290	−0.147%	$1.1M	$5.2M	10x

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	91.470	+0.050%	$891K	$605K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.460	+0.039%	$1.3M	$1.8M	10x	as long as short
Aster CRCLUSDT	+0.0069%	8h	91.496	+0.078%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.456	+0.034%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0081%	8h	91.508	+0.091%	$104.6M	$397.3M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.460	+0.039%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.490	+0.072%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.330	−0.103%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.460	+0.039%	$912	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.468	+0.048%	$4	—	10x	as long as short
Lighter RH CRCL	+0.0152%	1h	91.474	+0.054%	$977K	$2.7M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0172%	8h	91.443	+0.020%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0173%	8h	91.430	+0.006%	$65K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0181%	8h	91.490	+0.072%	$22.2M	$62.7M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0190%	1h	91.429	+0.005%	$67.7M	$44.3M	10x	as long as short
BloFin CRCL-USDT	+0.0200%	8h	91.430	+0.006%	$1.1M	$1.6M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0202%	1h	91.436	+0.013%	$383K	$1.3M	10x	as long as short
edgeX CRCLUSDClong	+0.0226%	4h	91.425	long leg	$52K	$277K	10x
Phoenix CRCL	+0.0245%	1h	91.374	−0.055%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.486	+0.067%	$417K	$269K	10x	as long as short
Lighter CRCL	+0.0384%	1h	91.487	+0.068%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.553%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0447%	1h	91.295	−0.142%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1064%	1h	91.470	+0.050%	$5K	$769K	10x	as long as short