Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.002%

Price spread now: Variational Omni against tradeXYZ−0.085%7-day average +0.062% · you buy dearer than you sell

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.041%−$4 on $10k

Price spread, last 7 days+0.166%+$17 · spread now −0.085%, 7d avg +0.062%

Together, before fees+0.126%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.147% cheaper against tradeXYZ than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.062%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	92.045	0.0050	pay 0.0006% / 1h	1m 58s	$68.6M	$41.4M	10x
Short	Variational Omni CRCL	91.967	0	get 0.0000% / 8h	5h 01m	$2.5M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now −0.085%Rate

Funding earned: −$10.5
Price spread: −0.085% → +0.062%: −$14.68
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$43.18
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 8 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 tradeXYZ live order book, 8 min ago	1.19 bp	10.3 bp −$10	11.8 bp −$118	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.46 bp	doesn't fit	14.6 bp −$146	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	−0.1021%	8h	92.130	+0.092%	$16.1M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	91.860	−0.201%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.080	+0.038%	$908K	$501K	10x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.090	+0.049%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.066	+0.022%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.094	+0.054%	$105.0M	$386.3M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.100	+0.060%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.112	+0.073%	$421K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.120	+0.081%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.967	−0.085%	$2.5M	$3.2M	—

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CRCL_USDT_Perp	0.0000%	8h	92.015	−0.033%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.110	+0.071%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0005%	8h	92.100	+0.060%	$21.6M	$59.8M	50x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.070	+0.027%	$1.3M	$2.1M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	92.047	+0.002%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.127	+0.089%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.000	−0.049%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0050%	1h	92.045	long leg	$68.6M	$41.4M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	92.058	+0.014%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.061	+0.017%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.020	−0.027%	$1.0M	$5.2M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0076%	1h	92.120	+0.081%	$4K	$767K	10x	as long as short
BloFin CRCL-USDT	+0.0080%	8h	92.040	−0.005%	$1.1M	$1.3M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0082%	8h	92.155	+0.119%	$756	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.125	+0.087%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.080	+0.038%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.000	−0.049%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.070	+0.027%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.068	+0.026%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	92.176	+0.142%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0208%	1h	92.120	+0.081%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0221%	1h	92.023	−0.024%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.527%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0747%	4h	91.992	−0.058%	$23K	$249K	10x	as long as short