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% APRpaid last 24h +0.029%

Price spread now: Variational Omni against Phemex+0.118%7-day average +0.008% · you sell dearer than you buy

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.112%−$11 · spread now +0.118%, 7d avg +0.008%

Together, before fees−0.106%+ Points / potential airdropVariational Omni: Active · farm board−$11 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 0.110% dearer against Phemex than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.990	0	get 0.0000% / 4h	3h 27m	$1.0M	$48K	10x
Short	Variational Omni CRCL	92.099	0	get 0.0000% / 8h	3h 27m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. 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 PhemexbpFee Variational OmnibpOrdersPrice spread, now +0.118%Rate

Funding earned: $0
Price spread: +0.118% → +0.008%: $11.03
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$0.97
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, just now; 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 Phemex live order book, just now	1.63 bp	44.5 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.46 bp	doesn't fit	10.9 bp −$109	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	−0.0692%	8h	92.060	+0.076%	$16.6M	$35.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.820	−0.185%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.020	+0.033%	$14.9M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.070	+0.087%	$7.3M	$27.4M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	92.099	+0.118%	$2.4M	$3.2M	—
Phemex CRCLUSDTlong	0.0000%	4h	91.990	long leg	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0023%	8h	92.042	+0.056%	$1.1M	$5.0M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.059	+0.075%	$976K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.993	+0.004%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0033%	8h	92.020	+0.033%	$104.7M	$392.2M	50x	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	91.956	−0.037%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.970	−0.022%	$94K	$273K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.109%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.962	−0.030%	$68.4M	$41.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.008	+0.020%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.028	+0.041%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.950	−0.043%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0059%	8h	92.032	+0.045%	$423	$905	5x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.030	+0.043%	$1.3M	$1.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	92.050	+0.065%	$22.4M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.040	+0.055%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.990	0.000%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.970	−0.022%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.010	+0.022%	$917	$2K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0101%	8h	92.040	+0.054%	$70K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.009	+0.020%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.035	+0.049%	$418K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0128%	8h	92.000	+0.011%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0182%	1h	91.924	−0.072%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0275%	4h	92.028	+0.041%	$51K	$275K	10x	as long as short
Lighter CRCL	+0.0280%	1h	92.050	+0.065%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0363%	1h	92.007	+0.018%	$134K	$107K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0402%	1h	92.030	+0.043%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.350	+0.391%	$5K	$19K	30x	as long as short