Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.019%

Price spread now: Ondo Perps against Bybit+0.164%7-day average −0.175% · you sell dearer than you buy

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

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 7 days−0.445%−$44 · spread now +0.164%, 7d avg −0.175%

Together, before fees−0.611%+ Points / potential airdropOndo Perps: Active · farm board−$61 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Ondo Perps is 0.338% dearer against Bybit than usual: you sell high and buy low: +$34 more if the spread goes back to its 7-day average of −0.175%. Mind the row above: over the last 7 days funding on this pair cost −0.166%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	91.740	0	get 0.0000% / 8h	3h 03m	$14.7M	$26.7M	50x
Short	Ondo Perps CRCL-USD.P	91.890	0.0050	get 0.0006% / 1h	3m 28s	$1.0M	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bybit. 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 BybitbpFee Ondo PerpsbpOrdersPrice spread, now +0.164%Rate

Funding earned: $10.58
Price spread: +0.164% → −0.175%: $33.83
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $28.42
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	1.63 bp	9.3 bp −$9	17.9 bp −$179	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	−0.0669%	8h	91.810	+0.076%	$16.6M	$35.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.550	−0.207%	—	$31K	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	91.740	long leg	$14.7M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.760	+0.022%	$7.4M	$27.6M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.949	+0.228%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.890	+0.164%	$1.0M	$48K	10x	as long as short
edgeX CRCLUSDC	+0.0016%	4h	91.911	+0.187%	$51K	$276K	10x	as long as short
Aster CRCLUSDT	+0.0017%	8h	91.827	+0.095%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.736	−0.004%	$1.2M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0026%	8h	91.760	+0.022%	$104.6M	$392.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.804	+0.070%	$973K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.866	+0.137%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.830	+0.098%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	+0.033%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.700	−0.044%	$68.0M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.744	+0.004%	$385K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.828	+0.096%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	91.890	+0.164%	$1.0M	$5.1M	10x
QFEX CRCL-USD	+0.0060%	1h	91.760	+0.022%	$1.3M	$1.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0081%	8h	91.768	+0.031%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0089%	8h	91.920	+0.196%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0096%	8h	91.920	+0.196%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.756	+0.018%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.820	+0.087%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.800	+0.065%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.830	+0.098%	$916	$2K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0100%	8h	91.760	+0.022%	$22.3M	$61.8M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.844	+0.114%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.760	+0.022%	$418K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.893	+0.167%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.760	+0.022%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0350%	1h	91.714	−0.029%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.676%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0840%	1h	91.840	+0.109%	$4K	$768K	10x	as long as short