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 −0.015%

Price spread now: Phemex against Ondo Perps0.000%7-day average +0.099% · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now 0.000%, 7d avg +0.099%

Together, before fees−0.120%+ Points / potential airdropOndo Perps: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.099% cheaper against Ondo Perps than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.099%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.890	0.0050	pay 0.0006% / 1h	3m 27s	$1.0M	$5.1M	10x
Short	Phemex CRCLUSDT	91.890	0	get 0.0000% / 4h	3h 03m	$1.0M	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$10.58
Price spread: 0.000% → +0.099%: −$9.88
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$37.47
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago	0.54 bp	42.8 bp −$43	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
Bitget CRCLUSDT	−0.0669%	8h	91.810	−0.087%	$16.6M	$35.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.550	−0.370%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.740	−0.163%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.760	−0.141%	$7.4M	$27.6M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.949	+0.064%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.890	0.000%	$1.0M	$48K	10x
edgeX CRCLUSDC	+0.0016%	4h	91.911	+0.023%	$51K	$276K	10x	as long as short
Aster CRCLUSDT	+0.0017%	8h	91.827	−0.069%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.736	−0.167%	$1.2M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0026%	8h	91.760	−0.141%	$104.6M	$392.9M	50x	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	91.804	−0.094%	$973K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.866	−0.026%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.830	−0.065%	$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	91.700	−0.207%	$68.0M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.744	−0.159%	$385K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.828	−0.067%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.890	long leg	$1.0M	$5.1M	10x
QFEX CRCL-USD	+0.0060%	1h	91.760	−0.141%	$1.3M	$1.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0081%	8h	91.768	−0.133%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0089%	8h	91.920	+0.033%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0096%	8h	91.920	+0.033%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.756	−0.146%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.820	−0.076%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.800	−0.098%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.830	−0.065%	$916	$2K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0100%	8h	91.760	−0.141%	$22.3M	$61.8M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.844	−0.050%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.760	−0.141%	$418K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.893	+0.003%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.760	−0.141%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0350%	1h	91.714	−0.192%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.511%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0840%	1h	91.840	−0.054%	$4K	$768K	10x	as long as short