Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0760%/8h= +83.2% APRpaid last 24h +0.154%

Price spread now: edgeX against Ondo Perps+0.063%7-day average +0.110% · you sell dearer than you buy

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

Long on Ondo Perps Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.829%+$83 on $10k

Price spread, last 4 days (all we have)+0.709%+$71 · spread now +0.063%, 7d avg +0.110%

Together, before fees+1.538%+ Points / potential airdropOndo Perps: Active · edgeX: Active · farm board+$154 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.048% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.063% now, against its 7-day average of +0.110%). If the spread goes back, that is −$5 on $10k: about 5 hours of funding at the current rate (+$23 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.150	0.0050	pay 0.0006% / 1h	7m 11s	$1.1M	$4.8M	10x
Short	edgeX CRCLUSDC	91.207	0.0810	get 0.0405% / 4h	7m 11s	$52K	$269K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Ondo Perps. 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 Ondo PerpsbpFee edgeXbpOrdersPrice spread, now +0.063%Rate

Funding earned: $159.5
Price spread: +0.063% → +0.110%: −$4.76
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $140.75
Costs to cover: 0.140%
Break-even: 0.8 days

Slippage unknown: Ondo Perps: no order-book sample; edgeX: live order book, 31 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 edgeX live order book, 31 min ago	6.01 bp	11.5 bp −$11	24.1 bp −$241	doesn't fit	doesn't fit

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	−0.0355%	8h	91.300	+0.165%	$17.3M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	90.910	−0.263%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.270	+0.132%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.250	+0.110%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.234	+0.092%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.170	+0.021%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.180	+0.033%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.204	+0.059%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.150	long leg	$1.1M	$4.8M	10x
Bybit CRCLUSDT	+0.0061%	8h	91.250	+0.110%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.170	+0.022%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.088%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0089%	1h	91.171	+0.023%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.150	0.000%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.230	+0.088%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	−0.033%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.210	+0.066%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.228	+0.086%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	+0.048%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0152%	1h	91.209	+0.065%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0157%	8h	91.178	+0.030%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0195%	8h	91.251	+0.111%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.186	+0.040%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0211%	8h	91.226	+0.083%	$104.8M	$389.3M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.187	+0.041%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.231	+0.089%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0250%	8h	91.217	+0.073%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0285%	8h	91.260	+0.121%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0331%	8h	91.250	+0.110%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0408%	1h	91.190	+0.044%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0433%	1h	91.131	−0.021%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.647%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.224	+0.082%	$412K	$268K	10x	as long as short
edgeX CRCLUSDCshort	+0.0810%	4h	91.207	+0.063%	$52K	$269K	10x