Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Polymarket Perps against Ondo Perps−0.133%7-day average +0.052% · you buy dearer than you sell

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

Long on Ondo Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 7 days+0.243%+$24 · spread now −0.133%, 7d avg +0.052%

Together, before fees+0.218%+ Points / potential airdropOndo Perps: Active · farm board+$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.185% cheaper against Ondo Perps than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	91.900	0.0050	pay 0.0006% / 1h	41m 44s	$1.0M	$5.2M	10x
Short	Polymarket Perps CRCL-USD	91.778	0.0050	get 0.0006% / 1h	41m 44s	$358K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Polymarket PerpsbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$0.08
Price spread: −0.133% → +0.052%: −$18.46
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$31.55
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Polymarket Perps: live order book, 1 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 Polymarket Perps live order book, 1 min ago	2.18 bp	8.8 bp −$9	9.4 bp −$94	11.1 bp −$1,113	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	−0.0697%	8h	91.870	−0.033%	$16.7M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.600	−0.326%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.840	−0.065%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.800	−0.109%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.979	+0.086%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.810	−0.098%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0009%	8h	91.802	−0.106%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0012%	8h	91.805	−0.103%	$104.6M	$391.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.765	−0.147%	$1.2M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.836	−0.070%	$973K	$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	91.896	−0.005%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.920	+0.022%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.011%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.748	−0.165%	$68.1M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USDshort	+0.0050%	1h	91.778	−0.133%	$358K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	91.790	−0.120%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	91.900	long leg	$1.0M	$5.2M	10x
BloFin CRCL-USDT	+0.0059%	8h	92.050	+0.163%	$1.1M	$1.6M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.820	−0.087%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	+0.053%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0074%	8h	91.830	−0.076%	$22.3M	$61.5M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.807	−0.101%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.790	−0.120%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.900	0.000%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	−0.152%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.785	−0.125%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.810	−0.098%	$417K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0128%	8h	91.816	−0.092%	$422	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.939	+0.042%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.827	−0.079%	$3.0M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0295%	1h	91.790	−0.120%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0370%	1h	91.735	−0.179%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.501%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0529%	4h	92.039	+0.151%	$51K	$277K	10x	as long as short