Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0408%/8h= +44.6% APRpaid last 24h +0.039%

Price spread now: GRVT against Ondo Perps+0.208%53s7-day average +0.163% · you sell dearer than you buy

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

Long on Ondo Perps Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 7 days+0.513%+$51 · spread now +0.208%, 7d avg +0.163%

Together, before fees+0.625%+ Points / potential airdropOndo Perps: Active · GRVT: Active · farm board+$62 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and GRVT 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 +0.163%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.112% in total (about 5.8% a year). A funding rate is set anew for every payment. 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	91.320	0.0050	pay 0.0006% / 1h	43m 45s	$1.1M	$4.8M	10x
Short	GRVT CRCL_USDT_Perp	91.510	0.0458	get 0.0458% / 8h	7h 43m	$62K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.208%Rate

Funding earned: $85.6
Price spread: +0.208% → +0.163%: $4.51
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $76.1
Costs to cover: 0.140%
Break-even: 0.8 days

Slippage unknown: Ondo Perps: no order-book sample; GRVT: live order book, 4 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 GRVT live order book, 4 min ago	1.09 bp	6.9 bp −$7	14.4 bp −$144	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	−0.0174%	8h	91.360	+0.044%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0091%	1h	91.110	−0.230%	—	$31K	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.310	−0.011%	$1.0M	$48K	10x	as long as short
Gate CRCL_USDT	+0.0003%	8h	91.380	+0.066%	$7.9M	$26.3M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.334	+0.015%	$983K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	−0.142%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.314	−0.007%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.320	0.000%	$95K	$287K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.275	−0.049%	$67.3M	$44.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.271	−0.054%	$377K	$1.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	91.310	−0.011%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.320	long leg	$1.1M	$4.8M	10x
Bybit CRCLUSDT	+0.0056%	8h	91.340	+0.022%	$14.9M	$26.5M	50x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.360	+0.044%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.379	+0.065%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.330	+0.011%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.320	0.000%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.330	+0.011%	$911	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.319	−0.001%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0144%	8h	91.351	+0.034%	$420	$766	5x	as long as short
Variational Omni CRCL	+0.0157%	8h	91.350	+0.033%	$2.4M	$3.3M	—	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.320	0.000%	$5K	$769K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.329	+0.010%	$2.9M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0221%	8h	91.367	+0.051%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0237%	8h	91.331	+0.012%	$104.9M	$387.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	91.306	−0.015%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.375	+0.060%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0294%	8h	91.340	+0.022%	$22.3M	$61.6M	50x	as long as short
Nado CRCL-PERP	+0.0354%	1h	91.294	−0.028%	$134K	$109K	3x	as long as short
BloFin CRCL-USDT	+0.0357%	8h	91.330	+0.011%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.635%	$5K	$19K	30x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0458%	8h	91.510	+0.208%	$62K	$1.1M	10x
RISEx CRCL/USDC	+0.0501%	1h	91.335	+0.016%	$412K	$258K	10x	as long as short
edgeX CRCLUSDC	+0.0574%	4h	91.486	+0.181%	$52K	$270K	10x	as long as short