Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.044%

Price spread now: Ondo Perps against OKX−0.044%7-day average −0.156% · you buy dearer than you sell

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

Long on OKX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$16 on $10k

Price spread, last 7 days−0.071%−$7 · spread now −0.044%, 7d avg −0.156%

Together, before fees−0.226%+ Points / potential airdropOndo Perps: Active · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.112% dearer against OKX than usual: you sell high and buy low (spread −0.044% now, against its 7-day average of −0.156%): +$11 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	91.400	0.0174	pay 0.0174% / 8h	1h 54m	$22.2M	$62.6M	50x
Short	Ondo Perps CRCL-USD.P	91.360	0.0050	get 0.0006% / 1h	54m 36s	$1.1M	$5.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against OKX. 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 OKXbpFee Ondo PerpsbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$26.05
Price spread: −0.044% → −0.156%: $11.21
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$29.84
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: OKX: 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 OKX live order book, 4 min ago	0.55 bp	7.1 bp −$7	14.7 bp −$147	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	−0.0743%	8h	91.460	+0.066%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.100	−0.328%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.390	−0.011%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.430	+0.033%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.489	+0.097%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.460	+0.066%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.456	+0.061%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.480	+0.088%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.438	+0.042%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	91.360	−0.044%	$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	+0.077%	$891K	$605K	10x	as long as short
Aster CRCLUSDT	+0.0061%	8h	91.417	+0.019%	$1.0M	$5.1M	20x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.360	−0.044%	$1.3M	$1.8M	10x	as long as short
Extended CRCL_24_5-USD	+0.0072%	1h	91.376	−0.027%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0077%	8h	91.387	−0.014%	$104.5M	$397.4M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.360	−0.044%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.420	+0.022%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.410	+0.011%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.430	+0.033%	$912	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.434	+0.037%	$4	—	10x	as long as short
Lighter RH CRCL	+0.0120%	1h	91.415	+0.016%	$976K	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0166%	8h	91.542	+0.155%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0167%	8h	91.384	−0.017%	$420	$905	5x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0174%	8h	91.400	long leg	$22.2M	$62.6M	50x
BloFin CRCL-USDT	+0.0194%	8h	91.420	+0.022%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.554	+0.168%	$27K	$82K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0222%	1h	91.338	−0.068%	$67.7M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0225%	1h	91.384	−0.018%	$383K	$1.3M	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.405	+0.005%	$416K	$271K	10x	as long as short
Lighter CRCL	+0.0360%	1h	91.415	+0.016%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.580%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0475%	1h	91.304	−0.105%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0735%	1h	91.430	+0.033%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0851%	4h	91.640	+0.262%	$52K	$276K	10x	as long as short