Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Polymarket Perps against Ondo Perps+0.033%7-day average +0.054% · you sell dearer than you buy

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

Long on Ondo Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 7 days+0.207%+$21 · spread now +0.033%, 7d avg +0.054%

Together, before fees+0.182%+ Points / potential airdropOndo Perps: Active · farm board+$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.021% cheaper against Ondo Perps than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.950	0.0050	pay 0.0006% / 1h	41m 15s	$1.0M	$5.5M	10x
Short	Polymarket Perps CRCL-USD	91.980	0.0050	get 0.0006% / 1h	41m 15s	$356K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$0.08
Price spread: +0.033% → +0.054%: −$2.12
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$15.2
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Polymarket Perps: live order book, 2 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 Polymarket Perps live order book, 2 min ago	2.44 bp	6.9 bp −$7	8.4 bp −$84	10.6 bp −$1,064	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	−0.0107%	8h	92.000	+0.054%	$16.4M	$35.2M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.890	−0.065%	$915K	$585K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.910	−0.044%	$15.1M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.024	+0.080%	$420K	$300K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.060	+0.120%	$7.2M	$26.1M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.081	+0.142%	$63K	$1.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	91.900	−0.054%	$4K	$769K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.970	+0.022%	$1.0M	$49K	10x	as long as short
Variational Omni CRCL	+0.0004%	8h	91.891	−0.064%	$2.5M	$3.2M	—	as long as short
Vest CRCL-USD-PERP	+0.0014%	1h	91.790	−0.174%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0027%	1h	92.234	+0.309%	$2K	$22K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.010	+0.065%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.110	+0.174%	$94K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.815	−0.147%	$69.3M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USDshort	+0.0050%	1h	91.980	+0.033%	$356K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	91.910	−0.044%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.950	long leg	$1.0M	$5.5M	10x
QFEX CRCL-USD	+0.0057%	1h	91.980	+0.033%	$1.3M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0083%	8h	91.900	−0.054%	$21.7M	$59.9M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	92.051	+0.110%	$755	$740	5x	as long as short
Extended CRCL_24_5-USD	+0.0088%	1h	91.883	−0.073%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0088%	8h	91.892	−0.063%	$105.2M	$391.6M	50x	as long as short
Aster CRCLUSDT	+0.0089%	8h	92.057	+0.117%	$1.1M	$4.9M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	92.020	+0.076%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.040	+0.098%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.210	+0.283%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.910	−0.044%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.880	−0.076%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0207%	1h	92.063	+0.122%	$142K	$94K	3x	as long as short
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.413%	$1.1M	$1.1M	20x	as long as short
Lighter CRCL	+0.0224%	1h	92.020	+0.076%	$3.0M	$2.3M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.994	+0.048%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.910	+2.132%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0628%	4h	92.314	+0.396%	$23K	$267K	10x	as long as short