Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.014%

Price spread now: tradeXYZ against Ondo Perps+0.106%7-day average +0.089% · you sell dearer than you buy

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

Long on Ondo Perps Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 7 days+0.269%+$27 · spread now +0.106%, 7d avg +0.089%

Together, before fees+0.348%+ Points / potential airdropOndo Perps: Active · tradeXYZ: Active · farm board+$35 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	94.130	0.0050	pay 0.0006% / 1h	45m 33s	$1.1M	$5.8M	10x
Short	tradeXYZ xyz:CRCL	94.230	0.0050	get 0.0006% / 1h	45m 33s	$71.6M	$42.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$0.08
Price spread: +0.106% → +0.089%: $1.76
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$21.32
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; tradeXYZ: live order book, 3 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 tradeXYZ live order book, 3 min ago	0.85 bp	11.0 bp −$11	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.100	−0.032%	$941K	$724K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.300	+0.181%	$15.5M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.260	+0.138%	$7.2M	$26.9M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.241	+0.118%	$64K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.250	+0.127%	$1.0M	$52K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.235	+0.112%	$890K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.220	+0.096%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.150	+0.021%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.218	+0.094%	$2K	$21K	5x	as long as short
tradeXYZ xyz:CRCLshort	+0.0050%	1h	94.230	+0.106%	$71.6M	$42.3M	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	94.274	+0.153%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.196	+0.070%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	94.130	long leg	$1.1M	$5.8M	10x
Pacifica CRCL	+0.0100%	1h	94.181	+0.055%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.310	+0.191%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.230	+0.106%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.240	+0.117%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.207	+0.081%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0109%	8h	94.234	+0.111%	$773	$740	5x	as long as short
Bitget CRCLUSDT	+0.0145%	8h	94.320	+0.202%	$16.9M	$35.1M	25x	as long as short
OKX CRCL-USDT-SWAP	+0.0157%	8h	94.320	+0.202%	$22.8M	$60.4M	50x	as long as short
Variational Omni CRCL	+0.0162%	8h	94.220	+0.096%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0200%	4h	94.169	+0.042%	$24K	$268K	10x	as long as short
Nado CRCL-PERP	+0.0218%	1h	94.159	+0.031%	$131K	$76K	3x	as long as short
Binance CRCLUSDT	+0.0220%	8h	94.255	+0.132%	$109.2M	$389.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0224%	1h	94.228	+0.104%	$1.1M	$4.3M	10x	as long as short
Aster CRCLUSDT	+0.0226%	8h	94.250	+0.128%	$1.1M	$4.9M	20x	as long as short
Lighter CRCL	+0.0280%	1h	94.248	+0.125%	$3.0M	$2.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.205	+0.080%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0346%	8h	94.250	+0.127%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.650	+0.552%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.210	+0.085%	$96K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0600%	1h	94.180	+0.053%	$4K	$772K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.265	+0.143%	$430K	$303K	10x	as long as short