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: Ondo Perps against Phemex−0.127%7-day average −0.099% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

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

Funding pays, the price is against you. Ondo Perps is 0.029% cheaper against Phemex than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of −0.099%). If the spread goes back, that is −$3 on $10k: about 45 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.400	0	get 0.0000% / 4h	1h 48m	$1.0M	$50K	10x
Short	Ondo Perps CRCL-USD.P	94.280	0.0050	get 0.0006% / 1h	48m 30s	$1.1M	$5.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Phemex. 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 PhemexbpFee Ondo PerpsbpOrdersPrice spread, now −0.127%Rate

Funding earned: $10.58
Price spread: −0.127% → −0.099%: −$2.86
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$9.28
Costs to cover: 0.170%
Break-even: 13.1 days

Slippage unknown: Phemex: live order book, 4 min ago; 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 Phemex live order book, 4 min ago	2.65 bp	41.8 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

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	94.390	−0.011%	$7.2M	$27.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	94.400	0.000%	$4K	$771K	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.400	long leg	$1.0M	$50K	10x
QFEX CRCL-USD	+0.0033%	1h	94.360	−0.042%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.035%	$50K	$1.2M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.419	+0.020%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	−0.032%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.399	−0.001%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	94.280	−0.127%	$1.1M	$5.9M	10x
Variational Omni CRCL	+0.0066%	8h	94.407	+0.007%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0070%	8h	94.360	−0.042%	$15.5M	$25.9M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0074%	1h	94.382	−0.019%	$357K	$1.1M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	−0.117%	$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	94.380	−0.021%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.260	−0.148%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.400	0.000%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.414	+0.015%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	94.320	−0.084%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0122%	8h	94.336	−0.068%	$108.3M	$388.4M	50x	as long as short
Aster CRCLUSDT	+0.0153%	8h	94.374	−0.028%	$1.1M	$4.8M	20x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.378	−0.024%	$430K	$309K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0176%	8h	94.317	−0.088%	$773	$740	5x	as long as short
Lighter RH CRCL	+0.0184%	1h	94.373	−0.029%	$880K	$2.9M	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.486	+0.091%	$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	94.370	−0.032%	$22.8M	$60.5M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	+0.009%	$24K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0241%	8h	94.390	−0.011%	$1.1M	$581K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0277%	1h	94.313	−0.092%	$70.7M	$42.8M	10x	as long as short
Bitget CRCLUSDT	+0.0328%	8h	94.360	−0.042%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0342%	1h	94.239	−0.171%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0408%	1h	94.387	−0.014%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.477%	$5K	$19K	30x	as long as short