Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.010%

Price spread now: Ondo Perps against SoDEX−0.053%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Ondo Perps is 0.053% cheaper against SoDEX than usual: you would sell low and buy high, −$5 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX CRCL-USD	93.460	0.0050	pay 0.0006% / 1h	59m 43s	$47K	$3K	10x
Short	Ondo Perps CRCL-USD.P	93.410	0.0050	get 0.0006% / 1h	59m 43s	$1.0M	$5.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against SoDEX. 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 SoDEXbpFee Ondo PerpsbpOrdersPrice spread, now −0.053%Rate

Funding earned: $0.08
Price spread: −0.053% → 0.000%: −$5.35
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$18.27
Costs to cover: 0.130%
Break-even: 1529.2 days

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

SoDEX 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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	93.500	+0.043%	$935K	$591K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	93.460	0.000%	$15.3M	$25.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	93.430	−0.033%	$427K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	93.520	+0.064%	$7.2M	$25.5M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	93.490	+0.032%	$16.6M	$34.4M	25x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	93.950	+0.524%	$62K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	93.530	+0.075%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	93.499	+0.042%	$979K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	93.768	+0.329%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	93.500	+0.043%	$1.3M	$2.5M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	+0.0046%	1h	93.380	−0.086%	—	$37K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	93.427	−0.035%	$71.4M	$40.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.483	+0.025%	$362K	$1.1M	10x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	93.460	long leg	$47K	$3K	10x
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	93.410	−0.053%	$1.0M	$5.6M	10x
Variational Omni CRCL	+0.0059%	8h	93.569	+0.116%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0098%	8h	93.474	+0.015%	$766	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	93.469	+0.010%	$75K	$96K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	93.490	+0.032%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	93.750	+0.310%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.450	−0.011%	$932	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.504	+0.047%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0121%	8h	93.450	−0.011%	$22.6M	$58.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0136%	1h	93.416	−0.047%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0137%	8h	93.465	+0.005%	$107.8M	$385.8M	50x	as long as short
Aster CRCLUSDT	+0.0138%	8h	93.442	−0.019%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0234%	1h	93.424	−0.038%	$154K	$89K	3x	as long as short
BloFin CRCL-USDT	+0.0261%	8h	93.460	0.000%	$1.1M	$690K	20x	as long as short
Phoenix CRCL	+0.0296%	1h	93.980	+0.556%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0328%	1h	93.525	+0.070%	$3.0M	$2.3M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.210	+0.802%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	93.640	+0.193%	$96K	$271K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0713%	1h	93.500	+0.043%	$4K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0940%	4h	93.809	+0.374%	$24K	$268K	10x	as long as short