Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0207%/8h= +22.7% APRpaid last 24h +0.027%

Price spread now: Variational Omni against Ondo Perps+0.095%7-day average +0.144% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.046%−$5 on $10k

Price spread, last 7 days+0.626%+$63 · spread now +0.095%, 7d avg +0.144%

Together, before fees+0.580%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.049% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.095% now, against its 7-day average of +0.144%). If the spread goes back, that is −$5 on $10k: about 19 hours of funding at the current rate (+$6 a day).

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.046% in total (about -4.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	92.490	0.0050	pay 0.0006% / 1h	58m 39s	$1.1M	$4.3M	10x
Short	Variational Omni CRCL	92.578	0.0257	get 0.0257% / 8h	6h 58m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo 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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.095%Rate

Funding earned: $43.49
Price spread: +0.095% → +0.144%: −$4.91
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $33.58
Costs to cover: 0.050%
Break-even: 1.6 days

Slippage unknown: Ondo 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, just now	3.44 bp	doesn't fit	15.9 bp −$159	doesn't fit	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
Vest CRCL-USD-PERP	−0.0069%	1h	92.420	−0.076%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.590	+0.108%	$18.0M	$35.1M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.620	+0.141%	$1.0M	$46K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.580	+0.097%	$891K	$678K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	92.585	+0.102%	$2K	$29K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.545	+0.059%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	92.490	long leg	$1.1M	$4.3M	10x
Gate CRCL_USDT	+0.0051%	8h	92.610	+0.130%	$7.3M	$25.3M	50x	as long as short
Lighter RH CRCL	+0.0056%	1h	92.594	+0.112%	$995K	$2.3M	10x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.600	+0.119%	$1.4M	$1.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	92.463	−0.029%	$135K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.610	+0.130%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.510	+0.022%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.540	+0.054%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.539	+0.053%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0148%	1h	92.583	+0.101%	$380K	$963K	10x	as long as short
Bybit CRCLUSDT	+0.0164%	8h	92.510	+0.022%	$15.1M	$26.1M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0165%	8h	92.533	+0.046%	$426	$766	5x	as long as short
tradeXYZ xyz:CRCL	+0.0240%	1h	92.490	0.000%	$67.8M	$42.8M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	92.779	+0.312%	$27K	$64K	10x	as long as short
Variational Omni CRCLshort	+0.0257%	8h	92.578	+0.095%	$2.4M	$3.2M	—
Nado CRCL-PERP	+0.0293%	1h	92.465	−0.027%	$149K	$111K	3x	as long as short
Lighter CRCL	+0.0296%	1h	92.581	+0.098%	$3.0M	$2.0M	10x	as long as short
Aster CRCLUSDT	+0.0310%	8h	92.612	+0.132%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0312%	8h	92.570	+0.086%	$22.6M	$59.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0320%	1h	92.525	+0.037%	$1.1M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0323%	8h	92.534	+0.048%	$106.6M	$377.3M	50x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.520	+0.032%	$96K	$269K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.200	+0.768%	$39K	$172K	30x	as long as short
BloFin CRCL-USDT	+0.0444%	8h	92.640	+0.162%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.570	+0.087%	$414K	$255K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0507%	1h	92.490	0.000%	$5K	$617K	10x	as long as short
edgeX CRCLUSDC	+0.0674%	4h	92.700	+0.228%	$53K	$270K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0688%	8h	92.732	+0.262%	$62K	$1.1M	10x	as long as short