Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.021%

Price spread now: Variational Omni against Extended+0.241%7-day average +0.043% · you sell dearer than you buy

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.044%−$4 on $10k

Price spread, last 7 days−0.188%−$19 · spread now +0.241%, 7d avg +0.043%

Together, before fees−0.232%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.198% dearer against Extended than usual: you sell high and buy low (spread +0.241% now, against its 7-day average of +0.043%): +$20 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 41 days. At the pace of the last 4 days (−0.044% in total) that is about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended CRCL_24_5-USD	91.987	0.0016	pay 0.0002% / 1h	52m 09s	$1.1M	$5.7M	10x
Short	Variational Omni CRCL	92.209	0	get 0.0000% / 8h	3h 52m	$2.5M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now +0.241%Rate

Funding earned: −$3.36
Price spread: +0.241% → +0.043%: $19.79
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $11.43
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 2 min ago; Variational Omni: RFQ quote, 2 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 Extended live order book, 2 min ago	1.47 bp	7.0 bp −$7	72.1 bp −$721	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 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	−0.0712%	8h	92.110	+0.134%	$16.8M	$35.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.890	−0.106%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.060	+0.079%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.120	+0.145%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	92.209	+0.241%	$2.5M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	92.110	+0.134%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	92.013	+0.028%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0013%	8h	92.010	+0.025%	$104.8M	$390.5M	50x	as long as short
Extended CRCL_24_5-USDlong	+0.0016%	1h	91.987	long leg	$1.1M	$5.7M	10x
Aftermath Perps CRCLUSD	+0.0040%	1h	92.088	+0.110%	$2K	$25K	5x	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	92.130	+0.155%	$94K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	92.090	+0.112%	$909K	$492K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.979	−0.009%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.064	+0.084%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.051	+0.069%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.070	+0.090%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0051%	8h	92.200	+0.231%	$1.1M	$1.3M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0054%	8h	92.270	+0.307%	$64K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0056%	1h	92.039	+0.056%	$975K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.130	+0.155%	$1.3M	$1.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0062%	8h	92.100	+0.123%	$22.3M	$61.5M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.121	+0.146%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.060	+0.079%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.140	+0.166%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.050	+0.068%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.028	+0.045%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.150	+0.177%	$419K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0131%	8h	92.128	+0.153%	$424	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.079	+0.100%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0288%	1h	92.040	+0.058%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0403%	1h	92.095	+0.118%	$131K	$105K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.620	+0.688%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.990	+0.003%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0968%	4h	92.183	+0.213%	$51K	$275K	10x	as long as short