Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.003%

Price spread now: Variational Omni against SoDEX+0.060%7-day average — · you sell dearer than you buy

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

Long on SoDEX 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

The price spread pays, funding is against you. Variational Omni is 0.060% dearer against SoDEX than usual: you sell high and buy low (spread +0.060% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX CRCL-USD	91.375	0.0050	pay 0.0006% / 1h	50m 42s	$46K	$3K	10x
Short	Variational Omni CRCL	91.430	0	get 0.0000% / 8h	1h 50m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. 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 SoDEXbpFee Variational OmnibpOrdersPrice spread, now +0.060%Rate

Funding earned: −$10.5
Price spread: +0.060% → 0.000%: $6.01
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.49
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Variational Omni: RFQ quote, 3 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 SoDEX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	3.46 bp	doesn't fit	10.4 bp −$104	doesn't fit	doesn't fit

SoDEX: 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
Bitget CRCLUSDT	−0.0735%	8h	91.530	+0.170%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.110	−0.290%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.460	+0.093%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.520	+0.159%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.430	+0.060%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.410	+0.038%	$1.0M	$48K	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.410	+0.038%	$93K	$289K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.369	−0.007%	$2K	$27K	5x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	91.375	long leg	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.290	−0.093%	$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	+0.104%	$891K	$605K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.460	+0.093%	$1.3M	$1.8M	10x	as long as short
Aster CRCLUSDT	+0.0069%	8h	91.461	+0.094%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.458	+0.091%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0081%	8h	91.467	+0.101%	$104.6M	$397.4M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.460	+0.093%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.460	+0.093%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.330	−0.049%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.380	+0.005%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.396	+0.023%	$4	—	10x	as long as short
Lighter RH CRCL	+0.0152%	1h	91.452	+0.084%	$977K	$2.7M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0172%	8h	91.443	+0.074%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0173%	8h	91.430	+0.060%	$65K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0181%	8h	91.510	+0.148%	$22.2M	$62.7M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0187%	1h	91.392	+0.019%	$67.7M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0190%	1h	91.373	−0.002%	$383K	$1.3M	10x	as long as short
BloFin CRCL-USDT	+0.0200%	8h	91.430	+0.060%	$1.1M	$1.6M	20x	as long as short
edgeX CRCLUSDC	+0.0226%	4h	91.425	+0.054%	$52K	$277K	10x	as long as short
Phoenix CRCL	+0.0245%	1h	91.374	−0.001%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.486	+0.121%	$417K	$269K	10x	as long as short
Lighter CRCL	+0.0384%	1h	91.456	+0.089%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.607%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0447%	1h	91.295	−0.088%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0736%	1h	91.370	−0.005%	$5K	$769K	10x	as long as short