Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.033%

Price spread now: Gate against Ondo Perps+0.415%7-day average +0.186% · you sell dearer than you buy

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

Long on Ondo Perps Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.158%+$16 on $10k

Price spread, last 7 days−0.141%−$14 · spread now +0.415%, 7d avg +0.186%

Together, before fees+0.017%+ Points / potential airdropOndo Perps: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.228% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.415% now, against its 7-day average of +0.186%): +$23 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 15 days. Mind the row above: over the last 7 days funding on this pair paid +0.158%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.650	0.0050	pay 0.0006% / 1h	6m 05s	$1.0M	$5.1M	10x
Short	Gate CRCL_USDT	92.030	0	get 0.0000% / 8h	3h 06m	$7.4M	$27.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.415%Rate

Funding earned: −$10.58
Price spread: +0.415% → +0.186%: $22.82
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$7.77
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	1.63 bp	15.0 bp −$15	32.6 bp −$326	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	−0.0679%	8h	92.000	+0.382%	$16.7M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.680	+0.033%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.960	+0.338%	$14.8M	$26.7M	50x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	92.030	+0.415%	$7.4M	$27.5M	50x
Variational Omni CRCL	0.0000%	8h	91.949	+0.326%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.890	+0.262%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0013%	8h	91.960	+0.338%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0023%	8h	91.967	+0.346%	$104.8M	$392.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.945	+0.322%	$1.2M	$5.6M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.945	+0.322%	$974K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.863	+0.232%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.820	+0.185%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	+0.131%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.880	+0.251%	$68.2M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.923	+0.298%	$386K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.911	+0.285%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.650	long leg	$1.0M	$5.1M	10x
QFEX CRCL-USD	+0.0060%	1h	91.950	+0.327%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0074%	8h	91.931	+0.307%	$423	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0084%	8h	91.800	+0.164%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0085%	8h	91.840	+0.207%	$1.1M	$1.6M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	91.970	+0.349%	$22.3M	$61.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.951	+0.329%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.880	+0.251%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	+0.098%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.930	+0.306%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.932	+0.308%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.950	+0.327%	$419K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.797	+0.160%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.940	+0.316%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0347%	1h	91.834	+0.201%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.775%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0730%	1h	91.930	+0.306%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	+0.217%	$51K	$276K	10x	as long as short