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 0.000%

Price spread now: Ondo Perps against Polymarket Perps−0.143%7-day average −0.062% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Ondo 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−0.325%−$32 · spread now −0.143%, 7d avg −0.062%

Together, before fees−0.300%+ Points / potential airdropOndo Perps: Active · farm board−$30 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: Ondo Perps is 0.081% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps CRCL-USD	94.445	0.0050	pay 0.0006% / 1h	27m 31s	$366K	$1.1M	10x
Short	Ondo Perps CRCL-USD.P	94.310	0.0050	get 0.0006% / 1h	27m 31s	$1.0M	$5.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Polymarket 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 Polymarket PerpsbpFee Ondo PerpsbpOrdersPrice spread, now −0.143%Rate

Funding earned: $0.08
Price spread: −0.143% → −0.062%: −$8.13
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$21.04
Costs to cover: 0.130%
Break-even: 1760.7 days

Slippage unknown: Polymarket Perps: live order book, 1 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 Polymarket Perps live order book, 1 min ago	1.91 bp	5.9 bp −$6	6.1 bp −$61	9.1 bp −$906	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.249%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.470	+0.026%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.440	−0.005%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	+0.018%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.410	−0.037%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0029%	8h	94.440	−0.005%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.424	−0.022%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.362	−0.088%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.390	−0.058%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.350	−0.101%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.414	−0.033%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USDlong	+0.0050%	1h	94.445	long leg	$366K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	94.443	−0.002%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	94.310	−0.143%	$1.0M	$5.7M	10x
Pacifica CRCL	+0.0100%	1h	94.360	−0.090%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.430	−0.016%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.360	−0.090%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.450	+0.005%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.452	+0.008%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.437	−0.008%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.006%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.470	+0.026%	$22.8M	$59.5M	50x	as long as short
Binance CRCLUSDT	+0.0191%	8h	94.447	+0.002%	$109.4M	$386.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.410	−0.037%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0196%	8h	94.421	−0.025%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0230%	1h	94.340	−0.111%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	−0.017%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.439	−0.006%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	94.370	−0.079%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.471%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.380	−0.069%	$96K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0598%	1h	94.440	−0.005%	$4K	$769K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.456	+0.011%	$431K	$299K	10x	as long as short
edgeX CRCLUSDC	+0.0948%	4h	94.390	−0.058%	$24K	$269K	10x	as long as short