Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Ondo Perps against tradeXYZ+0.073%7-day average −0.081% · you sell dearer than you buy

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

Long on tradeXYZ Short on Ondo Perps

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−0.232%−$23 · spread now +0.073%, 7d avg −0.081%

Together, before fees−0.311%+ Points / potential airdroptradeXYZ: Active · Ondo Perps: Active · farm board−$31 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 0.154% dearer against tradeXYZ than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	91.823	0.0050	pay 0.0006% / 1h	5m 23s	$68.1M	$42.3M	10x
Short	Ondo Perps CRCL-USD.P	91.890	0.0050	get 0.0006% / 1h	5m 23s	$1.0M	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against tradeXYZ. 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 tradeXYZbpFee Ondo PerpsbpOrdersPrice spread, now +0.073%Rate

Funding earned: $0.08
Price spread: +0.073% → −0.081%: $15.41
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$7.5
Costs to cover: 0.230%
Break-even: 632.2 days

Slippage unknown: tradeXYZ: live order book, 3 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 tradeXYZ live order book, 3 min ago	1.03 bp	10.4 bp −$10	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
Bitget CRCLUSDT	−0.0675%	8h	91.940	+0.127%	$16.6M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.650	−0.188%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.910	+0.095%	$14.8M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.990	+0.182%	$7.4M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.949	+0.137%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.890	+0.073%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0014%	8h	91.917	+0.103%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0024%	8h	91.914	+0.099%	$104.7M	$392.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.857	+0.037%	$1.2M	$5.6M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.931	+0.118%	$974K	$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
Aftermath Perps CRCLUSD	+0.0039%	1h	91.866	+0.047%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	+0.029%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.058%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0050%	1h	91.823	long leg	$68.1M	$42.3M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	91.880	+0.062%	$386K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.911	+0.096%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	91.890	+0.073%	$1.0M	$5.1M	10x
QFEX CRCL-USD	+0.0060%	1h	91.880	+0.062%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0076%	8h	91.899	+0.082%	$423	$905	5x	as long as short
BloFin CRCL-USDT	+0.0085%	8h	91.840	+0.019%	$1.1M	$1.6M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0085%	8h	91.859	+0.039%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	91.910	+0.095%	$22.3M	$61.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.900	+0.084%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.880	+0.062%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.800	−0.025%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.930	+0.117%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.932	+0.119%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.890	+0.073%	$418K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.893	+0.076%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.907	+0.091%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0348%	1h	91.853	+0.033%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.585%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0730%	1h	91.930	+0.117%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	+0.028%	$51K	$276K	10x	as long as short