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= +5.5% APRpaid last 24h −0.008%

Price spread now: Ondo Perps against Bitget−0.227%7-day average −0.176% · you buy dearer than you sell

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

Long on Bitget Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.262%−$26 on $10k

Price spread, last 7 days−0.540%−$54 · spread now −0.227%, 7d avg −0.176%

Together, before fees−0.802%+ Points / potential airdropOndo Perps: Active · farm board−$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.051% cheaper against Bitget than usual: you would sell low and buy high (spread −0.227% now, against its 7-day average of −0.176%). If the spread goes back, that is −$5 on $10k: about 3.4 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.262%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CRCLUSDT	92.330	0	get 0.0000% / 8h	7h 21m	$17.7M	$36.0M	25x
Short	Ondo Perps CRCL-USD.P	92.120	0.0050	get 0.0006% / 1h	21m 29s	$1.1M	$4.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bitget. 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 BitgetbpFee Ondo PerpsbpOrdersPrice spread, now −0.227%Rate

Funding earned: $10.58
Price spread: −0.227% → −0.176%: −$5.1
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$11.52
Costs to cover: 0.170%
Break-even: 14.6 days

Slippage unknown: Bitget: live order book, 7 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 Bitget live order book, 7 min ago	1.10 bp	9.4 bp −$9	15.1 bp −$151	54.9 bp −$5,490	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
Vest CRCL-USD-PERP	−0.0105%	1h	91.460	−0.942%	—	$31K	25x	as long as short
Bitget CRCLUSDTlong	0.0000%	8h	92.330	long leg	$17.7M	$36.0M	25x
Phemex CRCLUSDT	0.0000%	4h	91.820	−0.552%	$1.0M	$47K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.944	−0.418%	$990K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.870	−0.498%	$945K	$566K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0035%	1h	91.168	−1.258%	$2K	$29K	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0040%	8h	91.320	−1.094%	$71K	$1.1M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.240	−0.097%	$96K	$278K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.120	−0.227%	$67.7M	$43.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.062	−0.290%	$380K	$999K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	91.416	−0.990%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	92.120	−0.227%	$1.1M	$4.7M	10x
QFEX CRCL-USD	+0.0065%	1h	92.010	−0.347%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.986	−0.372%	$135K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.060	−0.292%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.100	−1.332%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.250	−0.087%	$920	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.297	−0.036%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0123%	8h	92.280	−0.054%	$15.1M	$26.8M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0128%	8h	91.956	−0.406%	$423	$766	5x	as long as short
Variational Omni CRCL	+0.0136%	8h	90.587	−1.887%	$2.4M	$3.3M	—	as long as short
Gate CRCL_USDT	+0.0147%	8h	92.270	−0.065%	$7.9M	$26.6M	50x	as long as short
edgeX CRCLUSDC	+0.0154%	4h	91.204	−1.219%	$52K	$270K	10x	as long as short
Lighter CRCL	+0.0184%	1h	91.941	−0.421%	$3.0M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0216%	8h	92.190	−0.152%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0224%	1h	92.014	−0.342%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0241%	8h	92.260	−0.076%	$106.2M	$388.2M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.817	−0.556%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0296%	8h	92.300	−0.032%	$22.5M	$62.2M	50x	as long as short
BloFin CRCL-USDT	+0.0332%	8h	91.320	−1.094%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0352%	1h	92.118	−0.230%	$135K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	90.790	−1.668%	$106K	$121K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.637	−0.751%	$414K	$256K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0730%	1h	91.920	−0.444%	$5K	$760K	10x	as long as short