Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.4% APRpaid last 24h +0.015%

Price spread now: Orderly against Ondo Perps+0.099%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.099% dearer against Ondo Perps than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.060	0.0050	pay 0.0006% / 1h	46m 41s	$973K	$5.1M	10x
Short	Orderly PERP_CRCL_USDC_mythos	91.150	0.0100	get 0.0100% / 8h	5h 46m	$909	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.099%Rate

Funding earned: $10.42
Price spread: +0.099% → 0.000%: $9.88
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $9.3
Costs to cover: 0.110%
Break-even: 0.8 days

Slippage unknown: Ondo Perps: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Ondo Perps and Orderly: 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	−0.1250%	8h	91.300	+0.264%	$15.6M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.900	−0.176%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	+0.110%	$900K	$535K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.230	+0.187%	$14.9M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.177	+0.128%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.230	+0.187%	$7.0M	$26.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	+0.271%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.340	+0.307%	$66K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.180	+0.132%	$1.0M	$49K	10x	as long as short
Extended CRCL_24_5-USD	+0.0008%	1h	91.209	+0.163%	$1.1M	$5.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0012%	8h	91.240	+0.198%	$103.7M	$383.7M	50x	as long as short
Aster CRCLUSDT	+0.0018%	8h	91.258	+0.217%	$1.1M	$4.9M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0022%	1h	91.283	+0.245%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.170	+0.121%	$1.3M	$2.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0025%	8h	91.220	+0.176%	$21.4M	$58.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.216	+0.171%	$970K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.200	+0.154%	$92K	$272K	10x	as long as short
BloFin CRCL-USDT	+0.0048%	8h	91.190	+0.143%	—	$1.3M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.185	+0.137%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.144	+0.092%	$354K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.124	+0.070%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.060	long leg	$973K	$5.1M	10x
Paradex CRCL-USD-PERP	+0.0069%	8h	91.162	+0.112%	$748	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.232	+0.189%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.260	+0.220%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.050	−0.011%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	91.150	+0.099%	$909	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.176	+0.128%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.079	+0.021%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0198%	1h	91.186	+0.138%	$130K	$104K	3x	as long as short
Lighter CRCL	+0.0248%	1h	91.277	+0.238%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.600	+0.593%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0479%	4h	91.113	+0.058%	$23K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0628%	1h	91.170	+0.121%	$4K	$767K	10x	as long as short