Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.001%

Price spread now: Variational Omni against ApeX Omni+0.163%7-day average — · you sell dearer than you buy

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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 0.163% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.163% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni CRCLUSDT	91.520	0.0100	pay 0.0013% / 1h	50m 45s	$67K	$4K	50x
Short	Variational Omni CRCL	91.669	0	get 0.0000% / 8h	2h 50m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now +0.163%Rate

Funding earned: −$21
Price spread: +0.163% → 0.000%: $16.28
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.72
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: ApeX Omni: no order-book sample; Variational Omni: RFQ quote, 3 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 ApeX Omni no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	3.46 bp	doesn't fit	10.2 bp −$102	doesn't fit	doesn't fit

ApeX Omni: 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	−0.0747%	8h	91.720	+0.219%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.370	−0.164%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.640	+0.131%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.700	+0.197%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.669	+0.163%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.640	+0.131%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0024%	8h	91.689	+0.185%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.681	+0.176%	$974K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.638	+0.129%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0034%	8h	91.660	+0.153%	$104.5M	$393.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.590	+0.076%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.609	+0.097%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.635	+0.126%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.648	+0.140%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.600	+0.087%	$1.0M	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0053%	4h	91.553	+0.036%	$51K	$276K	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.610	+0.098%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0066%	1h	91.613	+0.102%	$68.0M	$42.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.131%	$911K	$521K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.631	+0.121%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.635	+0.126%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.640	+0.131%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDTlong	+0.0100%	1h	91.520	long leg	$67K	$4K	50x
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.670	+0.164%	$914	$2K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	91.609	+0.097%	$62K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.655	+0.148%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0114%	8h	91.680	+0.175%	$22.3M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.665	+0.158%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0138%	8h	91.700	+0.197%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.482	−0.042%	$27K	$82K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0296%	1h	91.650	+0.142%	$4K	$768K	10x	as long as short
Lighter CRCL	+0.0376%	1h	91.670	+0.164%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0382%	1h	91.605	+0.093%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.579%	$5K	$19K	30x	as long as short