Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h −0.013%

Price spread now: Ondo Perps against Paradex−0.076%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Ondo Perps: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Ondo Perps is 0.076% cheaper against Paradex than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex CRCL-USD-PERP	91.279	0.0161	pay 0.0161% / 8h	4m 17s	$420	$905	5x
Short	Ondo Perps CRCL-USD.P	91.210	0.0050	get 0.0006% / 1h	4m 17s	$1.1M	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Paradex. 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 ParadexbpFee Ondo PerpsbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$23.25
Price spread: −0.076% → 0.000%: −$7.6
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$39.85
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; 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 Paradex no order-book sample	—	—	—	—	—
Sell Ondo Perps no order-book sample	—	—	—	—	—

Paradex and 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	−0.0346%	8h	91.360	+0.088%	$17.3M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0085%	1h	90.980	−0.328%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.340	+0.066%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.300	+0.023%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.285	+0.006%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.260	−0.021%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.220	−0.065%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.280	+0.001%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	91.210	−0.076%	$1.1M	$4.8M	10x
Bybit CRCLUSDT	+0.0065%	8h	91.300	+0.023%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.280	+0.001%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.229%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0091%	1h	91.228	−0.056%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.280	+0.001%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.270	−0.010%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	−0.120%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.260	−0.021%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.306	+0.029%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0132%	8h	91.253	−0.029%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0154%	1h	91.276	−0.004%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERPlong	+0.0161%	8h	91.279	long leg	$420	$905	5x
Aster CRCLUSDT	+0.0199%	8h	91.299	+0.021%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0216%	8h	91.306	+0.030%	$104.9M	$389.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	91.278	−0.002%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.260	−0.021%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	91.227	−0.058%	$70K	$1.1M	10x	as long as short
Lighter CRCL	+0.0264%	1h	91.281	+0.002%	$2.9M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0291%	8h	91.310	+0.034%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0333%	8h	91.320	+0.044%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0438%	1h	91.172	−0.117%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.505%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.310	+0.034%	$412K	$263K	10x	as long as short
edgeX CRCLUSDC	+0.0907%	4h	91.195	−0.092%	$52K	$270K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0957%	1h	91.280	+0.001%	$5K	$769K	10x	as long as short