Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Ondo Perps against Phemex−0.185%7-day average −0.098% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.117%+$12 on $10k

Price spread, last 4 days (all we have)+0.164%+$16 · spread now −0.185%, 7d avg −0.098%

Together, before fees+0.280%+ Points / potential airdropOndo Perps: Active · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.087% cheaper against Phemex than usual: you would sell low and buy high (spread −0.185% now, against its 7-day average of −0.098%). If the spread goes back, that is −$9 on $10k: about 5.8 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.660	0	get 0.0000% / 4h	2h 09m	$1.0M	$48K	10x
Short	Ondo Perps CRCL-USD.P	91.490	0.0050	get 0.0006% / 1h	9m 52s	$1.1M	$5.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Phemex. 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 PhemexbpFee Ondo PerpsbpOrdersPrice spread, now −0.185%Rate

Funding earned: $10.58
Price spread: −0.185% → −0.098%: −$8.72
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$15.14
Costs to cover: 0.170%
Break-even: 17.0 days

Slippage unknown: Phemex: 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 Phemex live order book, 3 min ago	0.55 bp	41.5 bp −$41	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	−0.0957%	8h	91.720	+0.065%	$17.2M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.220	−0.480%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.660	0.000%	$14.7M	$26.8M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.660	0.000%	$7.6M	$27.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.539	−0.132%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.660	long leg	$1.0M	$48K	10x
Lighter RH CRCL	+0.0032%	1h	91.618	−0.046%	$976K	$2.9M	10x	as long as short
Aster CRCLUSDT	+0.0033%	8h	91.545	−0.125%	$1.0M	$5.1M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.318	−0.374%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.360	−0.327%	$93K	$289K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0048%	8h	91.658	−0.003%	$104.4M	$397.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	91.633	−0.030%	$1.0M	$5.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.490	−0.185%	$383K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.564	−0.105%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	91.490	−0.185%	$1.1M	$5.2M	10x
tradeXYZ xyz:CRCL	+0.0053%	1h	91.586	−0.081%	$68.1M	$43.9M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.590	−0.076%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.490	−0.185%	$891K	$605K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.560	−0.109%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.560	−0.109%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.220	−0.480%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.630	−0.033%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.660	0.000%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.540	−0.131%	$417K	$283K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0125%	8h	91.320	−0.371%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0127%	8h	91.557	−0.113%	$421	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0144%	8h	91.690	+0.033%	$22.2M	$62.8M	50x	as long as short
BloFin CRCL-USDT	+0.0166%	8h	91.560	−0.109%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.229	−0.470%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.622	−0.041%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0326%	1h	91.486	−0.190%	$133K	$108K	3x	as long as short
edgeX CRCLUSDC	+0.0328%	4h	91.321	−0.370%	$52K	$276K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.770	+0.120%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0733%	1h	91.660	0.000%	$4K	$768K	10x	as long as short