Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0068%/8h= −7.5% APRpaid last 24h +0.015%

Price spread now: Variational Omni against QFEX+0.184%7-day average +0.045% · you sell dearer than you buy

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

Long on QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.013%−$1 on $10k

Price spread, last 7 days−0.182%−$18 · spread now +0.184%, 7d avg +0.045%

Together, before fees−0.194%+ Points / potential airdropVariational Omni: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.138% dearer against QFEX than usual: you sell high and buy low (spread +0.184% now, against its 7-day average of +0.045%): +$14 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.7 days. At the pace of the last 4 days (−0.013% in total) that is about 39 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	91.550	0.0068	pay 0.0009% / 1h	57m 11s	$1.3M	$1.8M	10x
Short	Variational Omni CRCL	91.718	0	get 0.0000% / 8h	1h 57m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against QFEX. 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 QFEXbpFee Variational OmnibpOrdersPrice spread, now +0.184%Rate

Funding earned: −$14.38
Price spread: +0.184% → +0.045%: $13.81
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$10.57
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: QFEX: live order book, 5 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 QFEX live order book, 5 min ago	2.18 bp	7.2 bp −$7	8.2 bp −$82	17.2 bp −$1,718	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.46 bp	doesn't fit	10.3 bp −$103	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	−0.0757%	8h	91.590	+0.044%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.280	−0.295%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.520	−0.033%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.570	+0.022%	$7.8M	$27.3M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.718	+0.184%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.530	−0.022%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.506	−0.048%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.580	+0.033%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.478	−0.079%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.510	−0.044%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.470	−0.087%	$891K	$605K	10x	as long as short
Aster CRCLUSDT	+0.0056%	8h	91.516	−0.037%	$1.0M	$5.1M	20x	as long as short
QFEX CRCL-USDlong	+0.0068%	1h	91.550	long leg	$1.3M	$1.8M	10x
Binance CRCLUSDT	+0.0070%	8h	91.510	−0.044%	$104.6M	$397.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0072%	1h	91.503	−0.051%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.550	0.000%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.530	−0.022%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.590	+0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.530	−0.022%	$913	$2K	10x	as long as short
Lighter RH CRCL	+0.0104%	1h	91.531	−0.021%	$977K	$2.7M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.520	−0.033%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0158%	8h	91.730	+0.197%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0164%	8h	91.561	+0.012%	$421	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0171%	8h	91.530	−0.022%	$22.2M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0190%	8h	91.560	+0.011%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.686	+0.149%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.525	−0.027%	$417K	$271K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0283%	1h	91.484	−0.072%	$67.8M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0284%	1h	91.510	−0.044%	$383K	$1.3M	10x	as long as short
Lighter CRCL	+0.0368%	1h	91.529	−0.023%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.502%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0532%	1h	91.427	−0.135%	$133K	$108K	3x	as long as short
edgeX CRCLUSDC	+0.0851%	4h	91.640	+0.098%	$52K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0954%	1h	91.510	−0.044%	$5K	$769K	10x	as long as short