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: Ondo Perps against Orderly−0.241%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Ondo Perps

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 against this trade now: funding costs −$1 a day on $10k at the current rate, and Ondo Perps is 0.241% cheaper against Orderly than usual: you would sell low and buy high (−$24 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	91.450	0.0100	pay 0.0100% / 8h	5h 54m	$912	$2K	10x
Short	Ondo Perps CRCL-USD.P	91.230	0.0050	get 0.0006% / 1h	54m 25s	$1.0M	$5.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Orderly. 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 OrderlybpFee Ondo PerpsbpOrdersPrice spread, now −0.241%Rate

Funding earned: −$10.42
Price spread: −0.241% → 0.000%: −$24.06
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$45.47
Costs to cover: 0.110%
Break-even: never at this rate

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

Orderly and 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 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	91.480	+0.033%	$15.7M	$34.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0072%	1h	91.180	−0.295%	—	$38K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.330	−0.131%	$901K	$545K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.420	−0.033%	$14.9M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.460	+0.011%	$418K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.450	0.000%	$7.1M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.580	+0.142%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.610	+0.175%	$63K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.370	−0.087%	$1.0M	$49K	10x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.420	−0.033%	$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	91.388	−0.068%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0025%	1h	91.601	+0.165%	$2K	$23K	5x	as long as short
Binance CRCLUSDT	+0.0026%	8h	91.420	−0.033%	$104.0M	$383.5M	50x	as long as short
OKX CRCL-USDT-SWAP	+0.0031%	8h	91.450	0.000%	$21.7M	$58.8M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.473	+0.025%	$968K	$2.9M	10x	as long as short
Aster CRCLUSDT	+0.0035%	8h	91.516	+0.072%	$1.1M	$4.9M	20x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.530	+0.087%	$93K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.361	−0.097%	$68.4M	$40.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.375	−0.082%	$354K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.388	−0.068%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	91.230	−0.241%	$1.0M	$5.2M	10x
Paradex CRCL-USD-PERP	+0.0070%	8h	91.440	−0.011%	$750	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.451	+0.001%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.500	+0.055%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.550	+0.109%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.450	long leg	$912	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.393	−0.062%	$4	—	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.380	−0.077%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0191%	1h	91.417	−0.036%	$130K	$103K	3x	as long as short
Phoenix CRCL	+0.0231%	1h	91.761	+0.340%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0240%	1h	91.488	+0.042%	$2.9M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0292%	4h	91.590	+0.153%	$23K	$267K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.200	+0.820%	$5K	$19K	30x	as long as short