Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.033%

Price spread now: Gate against Ondo Perps+0.219%7-day average +0.182% · you sell dearer than you buy

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

Long on Ondo Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 7 days+0.671%+$67 · spread now +0.219%, 7d avg +0.182%

Together, before fees+0.828%+ Points / potential airdropOndo Perps: Active · farm board+$83 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.037% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.219% now, against its 7-day average of +0.182%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.157%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.500	0.0050	pay 0.0006% / 1h	49m 01s	$1.1M	$5.0M	10x
Short	Gate CRCL_USDT	91.700	0	get 0.0000% / 8h	49m 01s	$7.8M	$27.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Ondo Perps. 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 Ondo PerpsbpFee GatebpOrdersPrice spread, now +0.219%Rate

Funding earned: −$10.58
Price spread: +0.219% → +0.182%: $3.7
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$26.88
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Gate: live order book, 5 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Gate live order book, 5 min ago	2.18 bp	15.5 bp −$15	25.1 bp −$251	doesn't fit	doesn't fit

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	−0.0340%	8h	91.730	+0.251%	$17.6M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.330	−0.186%	—	$31K	25x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	91.700	+0.219%	$7.8M	$27.3M	50x
Phemex CRCLUSDT	0.0000%	4h	91.630	+0.142%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0018%	8h	91.700	+0.219%	$14.8M	$26.6M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.668	+0.184%	$980K	$2.6M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.510	+0.011%	$97K	$293K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.511	+0.012%	$2K	$28K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.602	+0.111%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.500	long leg	$1.1M	$5.0M	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.570	+0.077%	$1.3M	$1.8M	10x	as long as short
Variational Omni CRCL	+0.0072%	8h	91.477	−0.025%	$2.4M	$3.3M	—	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.109%	$890K	$415K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.590	+0.099%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.600	+0.109%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.460	−0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.640	+0.153%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.660	+0.175%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0145%	1h	91.597	+0.106%	$67.8M	$43.8M	10x	as long as short
Aster CRCLUSDT	+0.0151%	8h	91.689	+0.206%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0166%	8h	91.710	+0.230%	$105.3M	$394.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	91.685	+0.202%	$1.0M	$5.0M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0177%	8h	91.577	+0.085%	$421	$905	5x	as long as short
Polymarket Perps CRCL-USD	+0.0198%	1h	91.604	+0.114%	$380K	$1.3M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.412	−0.096%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0236%	8h	91.520	+0.022%	$69K	$1.1M	10x	as long as short
Lighter CRCL	+0.0240%	1h	91.664	+0.179%	$2.9M	$2.3M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0250%	8h	91.700	+0.219%	$22.3M	$62.2M	50x	as long as short
BloFin CRCL-USDT	+0.0286%	8h	91.660	+0.175%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0409%	1h	91.544	+0.048%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.990	+0.536%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.595	+0.104%	$410K	$270K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0515%	1h	91.620	+0.131%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0824%	4h	91.524	+0.026%	$52K	$277K	10x	as long as short