Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.019%

Price spread now: Bybit against Ondo Perps+0.076%7-day average +0.175% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$17 on $10k

Price spread, last 7 days+0.205%+$20 · spread now +0.076%, 7d avg +0.175%

Together, before fees+0.370%+ Points / potential airdropOndo Perps: Active · farm board+$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.098% cheaper against Ondo Perps than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.175%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.165%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.600	0.0050	pay 0.0006% / 1h	50m 54s	$1.0M	$5.1M	10x
Short	Bybit CRCLUSDT	91.670	0	get 0.0000% / 8h	2h 50m	$14.7M	$26.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$10.58
Price spread: +0.076% → +0.175%: −$9.84
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$36.43
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.55 bp	10.6 bp −$11	18.5 bp −$185	doesn't fit	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
Bitget CRCLUSDT	−0.0747%	8h	91.720	+0.131%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.370	−0.251%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.670	+0.076%	$14.7M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.700	+0.109%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.669	+0.075%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.640	+0.044%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0024%	8h	91.696	+0.105%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.691	+0.099%	$974K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.638	+0.042%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0034%	8h	91.661	+0.067%	$104.5M	$393.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.590	−0.011%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.609	+0.010%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.635	+0.038%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.648	+0.052%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.600	long leg	$1.0M	$5.1M	10x
edgeX CRCLUSDC	+0.0053%	4h	91.553	−0.051%	$51K	$276K	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.610	+0.011%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0059%	1h	91.619	+0.021%	$68.0M	$42.6M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.218%	$911K	$521K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.631	+0.033%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.635	+0.038%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.640	+0.044%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.520	−0.087%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.670	+0.076%	$914	$2K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	91.609	+0.010%	$62K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.655	+0.060%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0114%	8h	91.690	+0.098%	$22.3M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.665	+0.071%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0138%	8h	91.700	+0.109%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.482	−0.129%	$27K	$82K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0296%	1h	91.650	+0.055%	$4K	$768K	10x	as long as short
Lighter CRCL	+0.0376%	1h	91.678	+0.085%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0382%	1h	91.605	+0.006%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.491%	$5K	$19K	30x	as long as short