Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h +0.044%

Price spread now: OKX against Ondo Perps+0.185%7-day average +0.156% · you sell dearer than you buy

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

Long on Ondo Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.156%+$16 on $10k

Price spread, last 7 days+0.090%+$9 · spread now +0.185%, 7d avg +0.156%

Together, before fees+0.246%+ Points / potential airdropOndo Perps: Active · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and OKX is 0.030% dearer against Ondo Perps than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.156%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.760	0.0050	pay 0.0006% / 1h	37m 07s	$1.0M	$5.5M	10x
Short	OKX CRCL-USDT-SWAP	91.930	0.0081	get 0.0081% / 8h	6h 37m	$21.7M	$60.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.185%Rate

Funding earned: $6.34
Price spread: +0.185% → +0.156%: $2.95
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$5.7
Costs to cover: 0.150%
Break-even: 13.3 days

Slippage unknown: Ondo Perps: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	0.54 bp	6.5 bp −$7	14.4 bp −$144	130.4 bp −$13.0K	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	−0.0319%	8h	92.010	+0.272%	$16.0M	$35.4M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.650	−0.120%	$912K	$584K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.900	+0.153%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.947	+0.204%	$420K	$300K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.030	+0.294%	$7.2M	$26.4M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.790	+0.033%	$61K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.860	+0.109%	$1.0M	$49K	10x	as long as short
Variational Omni CRCL	+0.0004%	8h	91.891	+0.142%	$2.5M	$3.2M	—	as long as short
Vest CRCL-USD-PERP	+0.0005%	1h	91.710	−0.054%	—	$37K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0026%	1h	91.985	+0.245%	$2K	$22K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.908	+0.161%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.870	+0.120%	$93K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.865	+0.114%	$69.2M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.919	+0.173%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.852	+0.100%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.760	long leg	$1.0M	$5.5M	10x
QFEX CRCL-USD	+0.0057%	1h	91.930	+0.185%	$1.3M	$2.4M	10x	as long as short
Binance CRCLUSDT	+0.0078%	8h	91.881	+0.131%	$104.8M	$393.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.861	+0.110%	$1.1M	$5.7M	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0081%	8h	91.930	+0.185%	$21.7M	$60.2M	50x
Aster CRCLUSDT	+0.0082%	8h	91.927	+0.182%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0084%	8h	91.949	+0.206%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.960	+0.218%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.930	+0.185%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.780	+0.022%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.850	+0.098%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.861	+0.110%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0181%	1h	91.942	+0.199%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0186%	1h	91.860	+0.109%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.940	+0.196%	$3.0M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.621%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	91.730	−0.033%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.556%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0565%	4h	91.735	−0.027%	$23K	$267K	10x	as long as short