Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.043%

Price spread now: Phemex against Ondo Perps+0.127%7-day average +0.099% · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 3 days (all we have)−0.131%−$13 · spread now +0.127%, 7d avg +0.099%

Together, before fees−0.247%+ Points / potential airdropOndo Perps: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.029% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.127% now, against its 7-day average of +0.099%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 46 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	94.280	0.0050	pay 0.0006% / 1h	48m 21s	$1.1M	$5.9M	10x
Short	Phemex CRCLUSDT	94.400	0	get 0.0000% / 4h	1h 48m	$1.0M	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.127%Rate

Funding earned: −$10.58
Price spread: +0.127% → +0.099%: $2.88
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$24.71
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phemex: 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 Phemex live order book, 4 min ago	2.65 bp	41.7 bp −$42	doesn't fit	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
Gate CRCL_USDT	0.0000%	8h	94.370	+0.095%	$7.2M	$27.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	94.400	+0.127%	$4K	$771K	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.400	+0.127%	$1.0M	$50K	10x
QFEX CRCL-USD	+0.0033%	1h	94.360	+0.085%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.162%	$50K	$1.2M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.280	0.000%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.383	+0.110%	$2K	$19K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.399	+0.126%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	94.280	long leg	$1.1M	$5.9M	10x
Polymarket Perps CRCL-USD	+0.0063%	1h	94.296	+0.017%	$357K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CRCL	+0.0066%	8h	94.407	+0.135%	$2.5M	$3.2M	—	as long as short
Bybit CRCLUSDT	+0.0070%	8h	94.370	+0.095%	$15.5M	$25.9M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	+0.011%	$938K	$742K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.340	+0.064%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.360	+0.085%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.260	−0.021%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.360	+0.085%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.375	+0.100%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	94.346	+0.070%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0122%	8h	94.360	+0.085%	$108.4M	$388.4M	50x	as long as short
Aster CRCLUSDT	+0.0153%	8h	94.364	+0.089%	$1.1M	$4.8M	20x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.378	+0.104%	$430K	$309K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0176%	8h	94.317	+0.039%	$773	$740	5x	as long as short
Lighter RH CRCL	+0.0184%	1h	94.373	+0.099%	$880K	$2.9M	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.486	+0.218%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.340	+0.064%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0217%	8h	94.360	+0.085%	$22.8M	$60.4M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	+0.137%	$24K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0241%	8h	94.390	+0.117%	$1.1M	$581K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0280%	1h	94.320	+0.042%	$70.7M	$42.8M	10x	as long as short
Bitget CRCLUSDT	+0.0328%	8h	94.360	+0.085%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0342%	1h	94.239	−0.043%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0408%	1h	94.387	+0.113%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.605%	$5K	$19K	30x	as long as short