Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h +0.050%

Price spread now: OKX against Ondo Perps+0.146%48s7-day average +0.157% · you sell dearer than you buy

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

Long on Ondo Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.185%+$18 on $10k

Price spread, last 7 days+0.998%+$100 · spread now +0.146%, 7d avg +0.157%

Together, before fees+1.183%+ Points / potential airdropOndo Perps: Active · farm board+$118 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.157%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 48 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	95.740	0.0050	pay 0.0006% / 1h	46m 47s	$1.1M	$4.3M	10x
Short	OKX CRCL-USDT-SWAP	95.880	0.0221	get 0.0221% / 8h	4h 46m	$23.6M	$68.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.146%Rate

Funding earned: $35.75
Price spread: +0.146% → +0.157%: −$1.04
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: $19.71
Costs to cover: 0.150%
Break-even: 3.1 days

Slippage unknown: Ondo Perps: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	0.52 bp	7.7 bp −$8	15.5 bp −$155	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 exchanges

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	−0.0024%	1h	95.840	+0.104%	$874K	$808K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	95.920	+0.188%	$16.1M	$29.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.859	+0.124%	$426K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.870	+0.136%	$19.4M	$39.7M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	95.970	+0.240%	$1.1M	$47K	10x	as long as short
QFEX CRCL-USD	+0.0014%	1h	95.690	−0.052%	$1.4M	$1.7M	10x	as long as short
Gate CRCL_USDT	+0.0030%	8h	95.980	+0.251%	$7.8M	$26.7M	50x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	−0.115%	$39K	$172K	30x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	95.426	−0.328%	$2K	$29K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	95.800	+0.063%	—	$29K	25x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	95.740	long leg	$1.1M	$4.3M	10x
Lighter RH CRCL	+0.0056%	1h	95.997	+0.268%	$1.0M	$2.7M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.870	+0.136%	$97K	$242K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0085%	1h	95.776	+0.038%	$69.5M	$44.5M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.702	−0.040%	$143K	$151K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.820	+0.084%	$2.5M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.390	−0.366%	$98K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.870	+0.136%	$755	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.572	−0.175%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0115%	8h	95.713	−0.028%	$440	$477	5x	as long as short
Phoenix CRCL	+0.0136%	1h	95.400	−0.355%	$28K	$94K	10x	as long as short
Variational Omni CRCL	+0.0157%	8h	95.650	−0.094%	$2.7M	$3.3M	—	as long as short
OKX CRCL-USDT-SWAPshort	+0.0221%	8h	95.880	+0.146%	$23.6M	$68.2M	50x
edgeX CRCLUSDC	+0.0236%	4h	95.429	−0.325%	$55K	$279K	10x	as long as short
Binance CRCLUSDT	+0.0270%	8h	95.910	+0.178%	$112.5M	$396.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0272%	1h	95.907	+0.175%	$1.1M	$4.0M	10x	as long as short
Aster CRCLUSDT	+0.0286%	8h	95.927	+0.195%	$1.2M	$4.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0310%	8h	95.460	−0.292%	$66K	$1.0M	10x	as long as short
BloFin CRCL-USDT	+0.0384%	8h	96.000	+0.272%	$1.2M	$1.8M	20x	as long as short
Nado CRCL-PERP	+0.0385%	1h	95.777	+0.039%	$154K	$93K	3x	as long as short
Polymarket Perps CRCL-USD	+0.0429%	1h	95.945	+0.214%	$320K	$1.2M	10x	as long as short
Lighter CRCL	+0.0464%	1h	95.994	+0.265%	$3.3M	$2.5M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1315%	1h	95.970	+0.240%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.1764%	1h	95.815	+0.078%	$48K	$3K	10x	as long as short