Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.005%

Price spread now: Variational Omni against Bybit−0.001%7-day average −0.032% · you buy dearer than you sell

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

Long on Bybit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.051%−$5 on $10k

Price spread, last 7 days−0.027%−$3 · spread now −0.001%, 7d avg −0.032%

Together, before fees−0.078%+ Points / potential airdropVariational Omni: Active · farm board−$8 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: Variational Omni is 0.031% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	92.020	0	get 0.0000% / 8h	3h 50m	$14.9M	$26.5M	50x
Short	Variational Omni CRCL	92.019	0	get 0.0000% / 8h	3h 50m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bybit. 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 BybitbpFee Variational OmnibpOrdersPrice spread, now −0.001%Rate

Funding earned: $0
Price spread: −0.001% → −0.032%: $3.06
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7.94
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Variational Omni: RFQ quote, 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 Bybit live order book, 3 min ago	1.09 bp	9.1 bp −$9	19.4 bp −$194	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	3.45 bp	doesn't fit	8.0 bp −$80	doesn't fit	doesn't fit

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	−0.0707%	8h	92.060	+0.043%	$16.8M	$35.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.780	−0.261%	—	$31K	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	92.020	long leg	$14.9M	$26.5M	50x
Gate CRCL_USDT	0.0000%	8h	92.070	+0.054%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	92.019	−0.001%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	92.080	+0.065%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	92.016	−0.005%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0013%	8h	92.025	+0.006%	$104.8M	$390.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	92.005	−0.017%	$1.1M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.026	+0.007%	$975K	$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	+0.0040%	1h	92.024	+0.004%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.050	+0.033%	$94K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.910	−0.120%	$907K	$491K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.945	−0.082%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.993	−0.029%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.008	−0.013%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.930	−0.098%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0051%	8h	91.970	−0.054%	$1.1M	$1.3M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.000	−0.022%	$1.3M	$1.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0063%	8h	92.030	+0.011%	$22.3M	$61.5M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0064%	8h	92.190	+0.185%	$64K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.980	−0.043%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.010	−0.011%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.120	+0.109%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.010	−0.011%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.991	−0.031%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.000	−0.022%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0130%	8h	91.979	−0.044%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.079	+0.064%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0296%	1h	92.024	+0.004%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0388%	1h	91.925	−0.103%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.620	+0.652%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0488%	4h	92.164	+0.156%	$51K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0511%	1h	92.020	0.000%	$4K	$768K	10x	as long as short