Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0025%/8h= −2.8% APRpaid last 24h −0.011%

Price spread now: Variational Omni against Aftermath Perps+0.246%7-day average — · you sell dearer than you buy

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

Long on Aftermath Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

The price spread pays, funding is against you. Variational Omni is 0.246% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.246% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 32 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps CRCLUSD	92.084	0.0025	pay 0.0003% / 1h	23m 55s	$2K	$23K	5x
Short	Variational Omni CRCL	92.310	0	get 0.0000% / 8h	6h 23m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aftermath 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 Aftermath PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.246%Rate

Funding earned: −$5.31
Price spread: +0.246% → 0.000%: $24.57
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $10.26
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Aftermath Perps: no order-book sample; Variational Omni: RFQ quote, just now. 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, just now	3.46 bp	doesn't fit	15.1 bp −$151	doesn't fit	doesn't fit

Aftermath 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 33 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	−0.0634%	8h	92.010	−0.080%	$16.0M	$35.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0025%	1h	91.790	−0.319%	—	$40K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.950	−0.145%	$915K	$583K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.920	−0.178%	$15.0M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.003	−0.088%	$420K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.950	−0.145%	$7.1M	$26.7M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	92.310	+0.246%	$2.4M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	92.172	+0.096%	$71K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.020	−0.069%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSDlong	+0.0025%	1h	92.084	long leg	$2K	$23K	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.931	−0.166%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.110	+0.029%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.860	−0.243%	$69.1M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.947	−0.148%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.880	−0.221%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.980	−0.112%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.970	−0.123%	$1.3M	$2.4M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	91.916	−0.182%	$1.1M	$5.7M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0066%	8h	91.940	−0.156%	$21.8M	$60.2M	50x	as long as short
Binance CRCLUSDT	+0.0066%	8h	91.920	−0.178%	$104.9M	$393.1M	50x	as long as short
Aster CRCLUSDT	+0.0074%	8h	91.994	−0.097%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0077%	8h	92.018	−0.072%	$755	$740	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0077%	1h	91.860	−0.243%	$4K	$769K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.028	−0.060%	$129K	$153K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.000	−0.091%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.240	+0.170%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.960	−0.134%	$917	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.878	−0.224%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0158%	1h	91.955	−0.139%	$131K	$103K	3x	as long as short
Lighter CRCL	+0.0224%	1h	91.934	−0.162%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	92.115	+0.034%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.730	+0.702%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0566%	4h	92.183	+0.108%	$23K	$267K	10x	as long as short