Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0205%/8h= −22.4% APRpaid last 24h −0.027%

Price spread now: Variational Omni against Phoenix−0.033%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Variational Omni is 0.033% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	94.311	0.0296	pay 0.0037% / 1h	7m 17s	$28K	$92K	10x
Short	Variational Omni CRCL	94.279	0.0091	get 0.0091% / 8h	7h 07m	$2.5M	$3.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now −0.033%Rate

Funding earned: −$43.03
Price spread: −0.033% → 0.000%: −$3.35
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$53.37
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; 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 Phoenix no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	3.43 bp	doesn't fit	9.4 bp −$94	doesn't fit	doesn't fit

Phoenix: 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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.100	−0.224%	$941K	$621K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.080	−0.245%	$15.5M	$25.3M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.140	−0.181%	$7.2M	$27.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	94.100	−0.224%	$16.9M	$34.3M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.140	−0.181%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.084	−0.241%	$886K	$2.8M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0035%	8h	94.270	−0.043%	$62K	$1.1M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	94.134	−0.187%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.110	−0.213%	$1.3M	$2.5M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	93.980	−0.351%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.021	−0.307%	$71.6M	$40.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.062	−0.264%	$364K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.055	−0.271%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.100	−0.224%	$1.1M	$5.7M	10x	as long as short
Variational Omni CRCLshort	+0.0091%	8h	94.279	−0.033%	$2.5M	$3.1M	—
Pacifica CRCL	+0.0100%	1h	94.100	−0.223%	$75K	$96K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.150	−0.171%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.140	−0.181%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.110	−0.213%	$938	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	94.152	−0.169%	$772	$740	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.054	−0.273%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0132%	8h	94.090	−0.234%	$22.7M	$58.9M	50x	as long as short
Binance CRCLUSDT	+0.0164%	8h	94.094	−0.230%	$109.0M	$384.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.081	−0.244%	$1.1M	$5.5M	10x	as long as short
Aster CRCLUSDT	+0.0169%	8h	94.136	−0.185%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0229%	1h	94.022	−0.306%	$131K	$76K	3x	as long as short
BloFin CRCL-USDT	+0.0284%	8h	94.070	−0.256%	$1.1M	$576K	20x	as long as short
Phoenix CRCLlong	+0.0296%	1h	94.311	long leg	$28K	$92K	10x
Lighter CRCL	+0.0328%	1h	94.094	−0.230%	$3.0M	$2.3M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0388%	1h	94.070	−0.256%	$4K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.670	+0.381%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0507%	4h	94.232	−0.084%	$24K	$267K	10x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.200	−0.118%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.137	−0.185%	$429K	$297K	10x	as long as short