CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0547%/8h= +59.9% APRnext payment +$0.68 per $10,000 · paid last 24h +0.089%

Price spread now: Deribit against Ondo Perps+0.138%7-day average +0.093% · you sell dearer than you buy

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

Long on Ondo Perps Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.099%+$10 on $10k

Price spread, last 3 days (all we have)−0.133%−$13 · spread now +0.138%, 7d avg +0.093%

Together, before fees−0.034%+ Points / potential airdropOndo Perps: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Deribit is 0.045% dearer against Ondo Perps than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.093%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.099% in total (about 7.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.68 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	94.310	0.0050	pay 0.0006% / 1h	28m 10s	$1.0M	$5.7M	10x
Short	Deribit CRCL_USDC-PERPETUAL	94.440	0.0598	get 0.0075% / 1h	28m 10s	$4K	$769K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpOrdersPrice spread, now +0.138%Rate

Funding earned: $114.96
Price spread: +0.138% → +0.093%: $4.51
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $107.47
Costs to cover: 0.120%
Break-even: 0.5 days

Slippage unknown: Ondo Perps: no order-book sample; Deribit: live order book, 46 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 Deribit live order book, 46 min ago	0.53 bp	11.4 bp −$11	16.9 bp −$169	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.106%	$942K	$622K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.460	+0.159%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.161%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.410	+0.106%	$1.0M	$49K	10x	as long as short
Bybit CRCLUSDT	+0.0007%	8h	94.470	+0.170%	$15.5M	$25.7M	50x	as long as short
Bitget CRCLUSDT	+0.0031%	8h	94.460	+0.159%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.436	+0.134%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.333	+0.025%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.450	+0.148%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	0.000%	—	$37K	25x	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	94.372	+0.066%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.423	+0.120%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.443	+0.141%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	94.310	long leg	$1.0M	$5.7M	10x
Pacifica CRCL	+0.0100%	1h	94.400	+0.095%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	+0.117%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.011%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.450	+0.148%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.452	+0.151%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0106%	8h	94.486	+0.186%	$775	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.149%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0141%	4h	94.435	+0.132%	$24K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.440	+0.138%	$22.8M	$59.5M	50x	as long as short
Binance CRCLUSDT	+0.0192%	8h	94.452	+0.151%	$109.4M	$386.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.440	+0.138%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0197%	8h	94.435	+0.133%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.405	+0.101%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	+0.126%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.456	+0.155%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	+0.064%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.615%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.370	+0.064%	$96K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0598%	1h	94.440	+0.138%	$4K	$769K	10x
RISEx CRCL/USDC	+0.0677%	1h	94.471	+0.171%	$431K	$299K	10x	as long as short