Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0085%/8h= −9.3% APRpaid last 24h −0.034%

Price spread now: Ondo Perps against Paradex−0.152%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Ondo Perps is 0.152% cheaper against Paradex than usual: you would sell low and buy high (−$15 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	Paradex CRCL-USD-PERP	94.874	0.0135	pay 0.0135% / 8h	44m 54s	$778	$740	5x
Short	Ondo Perps CRCL-USD.P	94.730	0.0050	get 0.0006% / 1h	44m 54s	$1.1M	$5.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Paradex. 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 ParadexbpFee Ondo PerpsbpOrdersPrice spread, now −0.152%Rate

Funding earned: −$17.76
Price spread: −0.152% → 0.000%: −$15.2
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$41.96
Costs to cover: 0.090%
Break-even: never at this rate

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

Paradex 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 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	94.850	−0.026%	$7.3M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.760	−0.120%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.820	−0.057%	$1.4M	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.690	−0.194%	$942K	$724K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.650	−0.236%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.791	−0.088%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	94.730	−0.152%	$1.1M	$5.9M	10x
Aftermath Perps CRCLUSD	+0.0052%	1h	94.621	−0.267%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0081%	1h	94.796	−0.082%	$367K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0088%	1h	94.884	+0.010%	$894K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.772	−0.107%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.730	−0.152%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.510	−0.384%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.810	−0.068%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0103%	8h	94.870	−0.004%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.874	−0.001%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.663	−0.222%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERPlong	+0.0135%	8h	94.874	long leg	$778	$740	5x
GRVT CRCL_USDT_Perp	+0.0152%	8h	94.531	−0.362%	$63K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0176%	8h	94.840	−0.036%	$109.2M	$389.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	94.823	−0.054%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0187%	8h	94.800	−0.078%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0203%	8h	94.840	−0.036%	$22.9M	$60.8M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0288%	1h	94.805	−0.073%	$71.2M	$42.8M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.557	−0.334%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0296%	8h	94.830	−0.047%	$1.1M	$595K	20x	as long as short
Nado CRCL-PERP	+0.0313%	1h	94.741	−0.140%	$127K	$73K	3x	as long as short
Bitget CRCLUSDT	+0.0314%	8h	94.840	−0.036%	$17.0M	$35.4M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.260	+0.407%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0456%	1h	94.917	+0.045%	$3.1M	$2.2M	10x	as long as short
edgeX CRCLUSDC	+0.0525%	4h	94.516	−0.378%	$24K	$268K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.830	−0.047%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.842	−0.034%	$433K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1016%	1h	94.930	+0.059%	$4K	$772K	10x	as long as short