Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0050%/8h= +5.4% APRpaid last 24h +0.028%

Price spread now: KuCoin against Ondo Perps+0.086%7-day average +0.166% · you sell dearer than you buy

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

Long on Ondo Perps Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.204%+$20 on $10k

Price spread, last 7 days+0.371%+$37 · spread now +0.086%, 7d avg +0.166%

Together, before fees+0.575%+ Points / potential airdropOndo Perps: Active · farm board+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.081% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.086% now, against its 7-day average of +0.166%). If the spread goes back, that is −$8 on $10k: about 5.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	93.410	0.0050	pay 0.0006% / 1h	59m 41s	$1.0M	$5.6M	10x
Short	KuCoin CRCLUSDTM	93.490	0.0100	get 0.0100% / 8h	6h 59m	$2.9M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.086%Rate

Funding earned: $10.42
Price spread: +0.086% → +0.166%: −$8.06
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$14.65
Costs to cover: 0.170%
Break-even: 16.8 days

Slippage unknown: Ondo Perps: no order-book sample; KuCoin: 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 KuCoin live order book, 3 min ago	1.60 bp	41.0 bp −$41	doesn't fit	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	93.500	+0.096%	$935K	$591K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	93.460	+0.054%	$15.3M	$25.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	93.430	+0.021%	$427K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	93.520	+0.118%	$7.2M	$25.5M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	93.490	+0.086%	$16.6M	$34.4M	25x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	93.950	+0.578%	$62K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	93.530	+0.128%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	93.499	+0.095%	$979K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	93.768	+0.383%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	93.500	+0.096%	$1.3M	$2.5M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	+0.0046%	1h	93.380	−0.032%	—	$37K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	93.427	+0.018%	$71.4M	$40.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.483	+0.078%	$362K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	93.460	+0.054%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	93.410	long leg	$1.0M	$5.6M	10x
Variational Omni CRCL	+0.0059%	8h	93.569	+0.170%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0098%	8h	93.474	+0.069%	$766	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	93.469	+0.063%	$75K	$96K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	93.490	+0.086%	$2.9M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	93.750	+0.364%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.450	+0.043%	$932	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.504	+0.101%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0121%	8h	93.450	+0.043%	$22.6M	$58.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0136%	1h	93.416	+0.006%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0137%	8h	93.465	+0.059%	$107.8M	$385.8M	50x	as long as short
Aster CRCLUSDT	+0.0138%	8h	93.442	+0.034%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0234%	1h	93.424	+0.015%	$154K	$89K	3x	as long as short
BloFin CRCL-USDT	+0.0261%	8h	93.460	+0.054%	$1.1M	$690K	20x	as long as short
Phoenix CRCL	+0.0296%	1h	93.980	+0.610%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0328%	1h	93.525	+0.123%	$3.0M	$2.3M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.210	+0.856%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	93.640	+0.246%	$96K	$271K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0713%	1h	93.500	+0.096%	$4K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0940%	4h	93.809	+0.427%	$24K	$268K	10x	as long as short