Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0181%/8h= +19.8% APRpaid last 24h +0.048%

Price spread now: Binance against Ondo Perps+0.121%56s7-day average +0.143% · you sell dearer than you buy

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

Long on Ondo Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

Price spread, last 7 days+0.609%+$61 · spread now +0.121%, 7d avg +0.143%

Together, before fees+0.772%+ Points / potential airdropOndo Perps: Active · farm board+$77 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.022% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.121% now, against its 7-day average of +0.143%). If the spread goes back, that is −$2 on $10k: about 10 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.163% in total) that is about 23 hours. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.030	0.0050	pay 0.0006% / 1h	36m 38s	$1.1M	$4.7M	10x
Short	Binance CRCLUSDT	91.140	0.0231	get 0.0231% / 8h	7h 36m	$104.8M	$387.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Ondo Perps. 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 Ondo PerpsbpFee BinancebpOrdersPrice spread, now +0.121%Rate

Funding earned: $37.95
Price spread: +0.121% → +0.143%: −$2.25
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: $20.7
Costs to cover: 0.150%
Break-even: 3.2 days

Slippage unknown: Ondo Perps: no order-book sample; Binance: live order book, 7 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.55 bp	6.5 bp −$6	11.0 bp −$110	33.2 bp −$3,324	137.6 bp −$68.8K

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	−0.0104%	8h	91.210	+0.198%	$17.3M	$36.3M	25x	as long as short
Vest CRCL-USD-PERP	−0.0095%	1h	90.960	−0.077%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.160	+0.143%	$14.9M	$26.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.240	+0.231%	$1.0M	$47K	10x	as long as short
Gate CRCL_USDT	+0.0016%	8h	91.220	+0.209%	$7.8M	$26.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.157	+0.140%	$981K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	+0.176%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.175	+0.159%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.170	+0.154%	$95K	$285K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.079	+0.054%	$67.1M	$44.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	91.126	+0.105%	$376K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.150	+0.132%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.030	long leg	$1.1M	$4.7M	10x
QFEX CRCL-USD	+0.0065%	1h	91.150	+0.132%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.139	+0.120%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.220	+0.209%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.160	+0.143%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.160	+0.143%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.188	+0.174%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0135%	8h	91.133	+0.113%	$419	$766	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	91.220	+0.209%	$62K	$1.1M	10x	as long as short
Variational Omni CRCL	+0.0155%	8h	91.190	+0.176%	$2.4M	$3.3M	—	as long as short
Aster CRCLUSDT	+0.0215%	8h	91.175	+0.159%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0224%	1h	91.146	+0.127%	$2.9M	$2.1M	10x	as long as short
Binance CRCLUSDTshort	+0.0231%	8h	91.140	+0.121%	$104.8M	$387.2M	50x
Extended CRCL_24_5-USD	+0.0232%	1h	91.156	+0.138%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.200	+0.187%	$27K	$66K	10x	as long as short
edgeX CRCLUSDC	+0.0262%	4h	91.189	+0.175%	$52K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0296%	8h	91.170	+0.154%	$22.3M	$61.3M	50x	as long as short
BloFin CRCL-USDT	+0.0351%	8h	91.200	+0.187%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0373%	1h	91.109	+0.086%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.252%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.204	+0.192%	$412K	$258K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0518%	1h	91.170	+0.154%	$5K	$769K	10x	as long as short