Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h −0.039%

Price spread now: Ondo Perps against GRVT−0.194%7-day average −0.163% · you buy dearer than you sell

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

Long on GRVT Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 7 days−0.526%−$53 · spread now −0.194%, 7d avg −0.163%

Together, before fees−0.638%+ Points / potential airdropGRVT: Active · Ondo Perps: Active · farm board−$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.031% cheaper against GRVT than usual: you would sell low and buy high (spread −0.194% now, against its 7-day average of −0.163%). If the spread goes back, that is −$3 on $10k: about 2.5 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.112%, 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	GRVT CRCL_USDT_Perp	90.967	0.0008	pay 0.0008% / 8h	7h 28m	$71K	$1.1M	10x
Short	Ondo Perps CRCL-USD.P	90.790	0.0050	get 0.0006% / 1h	28m 56s	$1.1M	$4.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against GRVT. 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 GRVTbpFee Ondo PerpsbpOrdersPrice spread, now −0.194%Rate

Funding earned: $8.9
Price spread: −0.194% → −0.163%: −$3.14
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$8.24
Costs to cover: 0.140%
Break-even: 13.5 days

Slippage unknown: GRVT: live order book, 4 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 GRVT live order book, 4 min ago	0.55 bp	8.7 bp −$9	16.3 bp −$163	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
Vest CRCL-USD-PERP	−0.0100%	1h	90.670	−0.326%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0034%	8h	90.890	−0.085%	$17.4M	$36.2M	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.840	−0.139%	$14.9M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	90.920	−0.052%	$7.8M	$26.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.890	−0.085%	$1.0M	$47K	10x	as long as short
GRVT CRCL_USDT_Perplong	+0.0008%	8h	90.967	long leg	$71K	$1.1M	10x
Lighter RH CRCL	+0.0032%	1h	90.887	−0.088%	$977K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	90.900	−0.074%	$937K	$570K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	90.966	−0.001%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.800	−0.183%	$94K	$283K	10x	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	90.811	−0.171%	$66.9M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.800	−0.183%	$375K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.840	−0.139%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	90.790	−0.194%	$1.1M	$4.7M	10x
QFEX CRCL-USD	+0.0065%	1h	90.870	−0.107%	$1.3M	$1.7M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0080%	1h	90.830	−0.150%	$5K	$764K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	90.830	−0.150%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.840	−0.139%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.950	−0.019%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.840	−0.139%	$906	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.872	−0.104%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0125%	8h	90.796	−0.188%	$418	$766	5x	as long as short
Variational Omni CRCL	+0.0148%	8h	90.940	−0.030%	$2.4M	$3.3M	—	as long as short
Aster CRCLUSDT	+0.0206%	8h	90.853	−0.125%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0208%	1h	90.878	−0.098%	$2.9M	$2.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	90.817	−0.165%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0220%	8h	90.848	−0.130%	$104.5M	$386.3M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.098	+0.144%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0283%	8h	90.840	−0.139%	$22.2M	$61.2M	50x	as long as short
edgeX CRCLUSDC	+0.0304%	4h	90.952	−0.016%	$52K	$271K	10x	as long as short
BloFin CRCL-USDT	+0.0340%	8h	90.870	−0.107%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0364%	1h	90.788	−0.196%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.323%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	90.854	−0.124%	$410K	$258K	10x	as long as short