Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0243%/8h= +26.6% APRpaid last 24h +0.025%

Price spread now: BloFin against Ondo Perps+0.095%7-day average +0.111% · you sell dearer than you buy

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

Long on Ondo Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.376%+$38 on $10k

Price spread, last 3 days (all we have)−0.068%−$7 · spread now +0.095%, 7d avg +0.111%

Together, before fees+0.308%+ Points / potential airdropOndo Perps: Active · farm board+$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.111%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	94.510	0.0050	pay 0.0006% / 1h	45m 58s	$1.1M	$5.9M	10x
Short	BloFin CRCL-USDT	94.600	0.0293	get 0.0293% / 8h	45m 58s	$1.1M	$589K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Ondo Perps. 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 Ondo PerpsbpFee BloFinbpOrdersPrice spread, now +0.095%Rate

Funding earned: $50.95
Price spread: +0.095% → +0.111%: −$1.59
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $32.37
Costs to cover: 0.170%
Break-even: 2.6 days

Slippage unknown: Ondo Perps: no order-book sample; BloFin: live order book, 1 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell BloFin live order book, 1 min ago	0.53 bp	11.2 bp −$11	18.9 bp −$189	59.0 bp −$5,896	doesn't fit

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
Gate CRCL_USDT	0.0000%	8h	94.770	+0.275%	$7.3M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.730	+0.233%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.650	+0.148%	$1.4M	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.590	+0.085%	$941K	$724K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.520	+0.011%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.673	+0.172%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	94.510	long leg	$1.1M	$5.9M	10x
Aftermath Perps CRCLUSD	+0.0051%	1h	94.534	+0.026%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0063%	1h	94.649	+0.147%	$367K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0088%	1h	94.756	+0.260%	$893K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.620	+0.116%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.630	+0.127%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.450	−0.063%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.680	+0.180%	$944	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0101%	8h	94.770	+0.275%	$15.6M	$25.8M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.736	+0.239%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0113%	8h	94.523	+0.014%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0129%	8h	94.626	+0.123%	$776	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	94.531	+0.022%	$63K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0173%	8h	94.757	+0.261%	$109.1M	$389.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	94.704	+0.206%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0186%	8h	94.716	+0.218%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0201%	8h	94.770	+0.275%	$22.9M	$60.7M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0280%	1h	94.700	+0.201%	$71.0M	$42.7M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.557	+0.050%	$28K	$92K	10x	as long as short
BloFin CRCL-USDTshort	+0.0293%	8h	94.600	+0.095%	$1.1M	$589K	20x
Nado CRCL-PERP	+0.0306%	1h	94.622	+0.119%	$127K	$73K	3x	as long as short
Bitget CRCLUSDT	+0.0313%	8h	94.780	+0.286%	$16.9M	$35.4M	25x	as long as short
Lighter CRCL	+0.0424%	1h	94.770	+0.275%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.950	+0.466%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0525%	4h	94.516	+0.006%	$24K	$268K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.650	+0.148%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.641	+0.138%	$432K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0912%	1h	94.740	+0.243%	$4K	$772K	10x	as long as short