Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.4% APRpaid last 24h +0.015%

Price spread now: Orderly against Ondo Perps+0.241%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.241% dearer against Ondo Perps than usual: you sell high and buy low: +$24 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.230	0.0050	pay 0.0006% / 1h	53m 59s	$1.0M	$5.2M	10x
Short	Orderly PERP_CRCL_USDC_mythos	91.450	0.0100	get 0.0100% / 8h	5h 53m	$912	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.241%Rate

Funding earned: $10.42
Price spread: +0.241% → 0.000%: $24.11
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $23.53
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Ondo Perps and Orderly: 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 33 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	−0.1088%	8h	91.440	+0.230%	$15.6M	$34.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0072%	1h	91.180	−0.055%	—	$38K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.330	+0.110%	$901K	$545K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.370	+0.153%	$14.9M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.460	+0.252%	$418K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.440	+0.230%	$7.1M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.580	+0.384%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.610	+0.417%	$63K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.390	+0.175%	$1.0M	$49K	10x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.420	+0.208%	$1.3M	$2.2M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0024%	1h	91.351	+0.133%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0025%	1h	91.601	+0.407%	$2K	$23K	5x	as long as short
Binance CRCLUSDT	+0.0026%	8h	91.375	+0.158%	$104.0M	$383.6M	50x	as long as short
OKX CRCL-USDT-SWAP	+0.0031%	8h	91.390	+0.175%	$21.6M	$58.7M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.415	+0.203%	$968K	$2.9M	10x	as long as short
Aster CRCLUSDT	+0.0035%	8h	91.488	+0.282%	$1.1M	$4.9M	20x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.530	+0.329%	$93K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.315	+0.093%	$68.5M	$41.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.375	+0.159%	$354K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.388	+0.173%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.230	long leg	$1.0M	$5.2M	10x
Paradex CRCL-USD-PERP	+0.0070%	8h	91.440	+0.230%	$750	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.451	+0.242%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.500	+0.296%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.550	+0.351%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	91.450	+0.241%	$912	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.393	+0.179%	$4	—	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.380	+0.164%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0191%	1h	91.417	+0.205%	$130K	$103K	3x	as long as short
Phoenix CRCL	+0.0231%	1h	91.761	+0.582%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0240%	1h	91.478	+0.272%	$2.9M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0292%	4h	91.590	+0.394%	$23K	$267K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.200	+1.063%	$5K	$19K	30x	as long as short