Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0744%/8h= +81.5% APRpaid last 24h +0.154%

Price spread now: edgeX against Ondo Perps+0.063%54s7-day average +0.108% · you sell dearer than you buy

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

Long on Ondo Perps Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.829%+$83 on $10k

Price spread, last 4 days (all we have)+0.149%+$15 · spread now +0.063%, 7d avg +0.108%

Together, before fees+0.978%+ Points / potential airdropOndo Perps: Active · edgeX: Active · farm board+$98 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.045% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.063% now, against its 7-day average of +0.108%). If the spread goes back, that is −$5 on $10k: about 5 hours of funding at the current rate (+$22 a day). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.240	0.0050	pay 0.0006% / 1h	30m 01s	$1.1M	$5.2M	10x
Short	edgeX CRCLUSDC	91.298	0.0795	get 0.0397% / 4h	1h 30m	$52K	$278K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.063%Rate

Funding earned: $156.34
Price spread: +0.063% → +0.108%: −$4.53
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $137.8
Costs to cover: 0.140%
Break-even: 0.8 days

Slippage unknown: Ondo Perps: no order-book sample; edgeX: live order book, 13 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 edgeX live order book, 13 min ago	6.02 bp	11.6 bp −$12	23.8 bp −$238	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	−0.0716%	8h	91.450	+0.230%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.090	−0.164%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.380	+0.153%	$14.6M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.450	+0.230%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	+0.141%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.370	+0.142%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.443	+0.222%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.273	+0.037%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.290	+0.055%	$94K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.403	+0.179%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.240	long leg	$1.1M	$5.2M	10x
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.044%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.360	+0.132%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0076%	1h	91.344	+0.114%	$67.6M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0086%	8h	91.476	+0.259%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.357	+0.128%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.360	+0.132%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.290	+0.055%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.400	+0.175%	$911	$2K	10x	as long as short
Binance CRCLUSDT	+0.0100%	8h	91.450	+0.230%	$104.5M	$397.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.407	+0.183%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.414	+0.191%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0133%	1h	91.389	+0.163%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0159%	8h	91.372	+0.145%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0186%	8h	91.369	+0.141%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0199%	8h	91.460	+0.241%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0219%	8h	91.390	+0.164%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.232	−0.009%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.395	+0.170%	$416K	$268K	10x	as long as short
Lighter CRCL	+0.0288%	1h	91.438	+0.217%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0407%	1h	91.400	+0.175%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0410%	1h	91.322	+0.090%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.720	+0.526%	$5K	$19K	30x	as long as short
edgeX CRCLUSDCshort	+0.0795%	4h	91.298	+0.063%	$52K	$278K	10x