Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.033%

Price spread now: Ondo Perps against Gate−0.142%7-day average −0.183% · you buy dearer than you sell

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

Long on Gate Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 7 days−0.562%−$56 · spread now −0.142%, 7d avg −0.183%

Together, before fees−0.719%+ Points / potential airdropOndo Perps: Active · farm board−$72 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Ondo Perps is 0.041% dearer against Gate than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.183%. Mind the row above: over the last 7 days funding on this pair cost −0.157%, 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	Gate CRCL_USDT	91.540	0	get 0.0000% / 8h	1h 26m	$7.8M	$27.5M	50x
Short	Ondo Perps CRCL-USD.P	91.410	0.0050	get 0.0006% / 1h	26m 35s	$1.1M	$5.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Gate. 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 GatebpFee Ondo PerpsbpOrdersPrice spread, now −0.142%Rate

Funding earned: $10.58
Price spread: −0.142% → −0.183%: $4.1
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$5.32
Costs to cover: 0.200%
Break-even: 10.5 days

Slippage unknown: Gate: live order book, 2 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 Gate live order book, 2 min ago	3.83 bp	13.7 bp −$14	31.1 bp −$311	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	−0.0690%	8h	91.590	+0.055%	$17.5M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.200	−0.371%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.550	+0.011%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDTlong	0.0000%	8h	91.540	long leg	$7.8M	$27.5M	50x
Variational Omni CRCL	0.0000%	8h	91.369	−0.187%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.470	−0.076%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.562	+0.024%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.315	−0.246%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.400	−0.153%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.473	−0.073%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	91.410	−0.142%	$1.1M	$5.2M	10x
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.371%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.550	+0.011%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0073%	1h	91.487	−0.058%	$67.7M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0088%	8h	91.549	+0.010%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.452	−0.096%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.460	−0.087%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.360	−0.197%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.500	−0.044%	$912	$2K	10x	as long as short
Binance CRCLUSDT	+0.0101%	8h	91.524	−0.017%	$104.5M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.515	−0.028%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.494	−0.050%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0127%	1h	91.479	−0.067%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0153%	8h	91.528	−0.013%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	−0.165%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0198%	8h	91.590	+0.055%	$22.3M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0220%	8h	91.470	−0.076%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.318	−0.243%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.517	−0.025%	$417K	$268K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.573	+0.036%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0402%	1h	91.432	−0.118%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0406%	1h	91.500	−0.044%	$5K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	+0.415%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0466%	4h	91.418	−0.133%	$52K	$276K	10x	as long as short