Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0050%/8h= +5.4% APRpaid last 24h +0.028%

Price spread now: KuCoin against Ondo Perps+0.198%7-day average +0.153% · you sell dearer than you buy

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

Long on Ondo Perps Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.203%+$20 on $10k

Price spread, last 7 days+0.547%+$55 · spread now +0.198%, 7d avg +0.153%

Together, before fees+0.750%+ Points / potential airdropOndo Perps: Active · farm board+$75 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and KuCoin is 0.045% dearer against Ondo Perps than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.153%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.030	0.0050	pay 0.0006% / 1h	34m 08s	$1.1M	$4.7M	10x
Short	KuCoin CRCLUSDTM	91.210	0.0100	get 0.0100% / 8h	7h 34m	$2.6M	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Ondo 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 Ondo PerpsbpFee KuCoinbpOrdersPrice spread, now +0.198%Rate

Funding earned: $10.42
Price spread: +0.198% → +0.153%: $4.48
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$2.11
Costs to cover: 0.170%
Break-even: 8.4 days

Slippage unknown: Ondo Perps: no order-book sample; KuCoin: live order book, 3 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 KuCoin live order book, 3 min ago	1.64 bp	33.8 bp −$34	doesn't fit	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
Vest CRCL-USD-PERP	−0.0096%	1h	90.850	−0.198%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0075%	8h	91.190	+0.176%	$17.3M	$36.2M	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.190	+0.176%	$14.9M	$26.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.240	+0.231%	$1.0M	$47K	10x	as long as short
Gate CRCL_USDT	+0.0021%	8h	91.190	+0.176%	$7.8M	$26.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.176	+0.160%	$981K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	+0.176%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.133	+0.113%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.090	+0.066%	$95K	$284K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.074	+0.048%	$67.1M	$44.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	91.080	+0.055%	$376K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.164	+0.147%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.030	long leg	$1.1M	$4.7M	10x
QFEX CRCL-USD	+0.0065%	1h	91.120	+0.099%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.130	+0.110%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	91.210	+0.198%	$2.6M	$1.7M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	+0.099%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.170	+0.154%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.200	+0.186%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0133%	8h	91.137	+0.117%	$419	$766	5x	as long as short
Variational Omni CRCL	+0.0152%	8h	91.180	+0.165%	$2.4M	$3.3M	—	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	91.220	+0.209%	$62K	$1.1M	10x	as long as short
Aster CRCLUSDT	+0.0215%	8h	91.197	+0.184%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0216%	1h	91.176	+0.160%	$2.9M	$2.1M	10x	as long as short
Binance CRCLUSDT	+0.0230%	8h	91.158	+0.141%	$104.8M	$386.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	91.161	+0.144%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.200	+0.187%	$27K	$66K	10x	as long as short
edgeX CRCLUSDC	+0.0262%	4h	91.189	+0.175%	$52K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0294%	8h	91.150	+0.132%	$22.3M	$61.4M	50x	as long as short
BloFin CRCL-USDT	+0.0350%	8h	91.150	+0.132%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0373%	1h	91.208	+0.196%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0408%	1h	91.190	+0.176%	$5K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.252%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.150	+0.132%	$412K	$257K	10x	as long as short