Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.020%

Price spread now: ApeX Omni against Variational Omni−0.236%88s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on ApeX 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

Funding pays, the price is against you. ApeX Omni is 0.236% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.236% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 7.9 days of funding at the current rate (+$3 a day). The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	94.483	0	get 0.0000% / 8h	2h 05m	$2.5M	$3.2M	—
Short	ApeX Omni CRCLUSDT	94.260	0.0100	get 0.0013% / 1h	5m 51s	$69K	$5K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now −0.236%Rate

Funding earned: $21
Price spread: −0.236% → 0.000%: −$23.56
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$12.56
Costs to cover: 0.100%
Break-even: 11.2 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; ApeX Omni: no order-book sample. 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 Variational Omni RFQ quote, 3 min ago	3.42 bp	doesn't fit	14.2 bp −$142	doesn't fit	doesn't fit
Sell ApeX Omni no order-book sample	—	—	—	—	—

ApeX Omni: 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
RISEx CRCL/USDC	0.0000%	1h	94.425	−0.061%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.430	−0.056%	$7.2M	$27.8M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	94.483	long leg	$2.5M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	94.411	−0.076%	$50K	$1.2M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	94.440	−0.045%	$4K	$771K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.470	−0.013%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.410	−0.077%	$1.4M	$2.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.456	−0.028%	$881K	$2.9M	10x	as long as short
Bybit CRCLUSDT	+0.0033%	8h	94.430	−0.056%	$15.5M	$25.9M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.433	−0.053%	$2K	$19K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	+0.0046%	1h	94.360	−0.130%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.413	−0.074%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.413	−0.074%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.290	−0.204%	$1.1M	$5.9M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0051%	1h	94.388	−0.100%	$70.9M	$42.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0056%	1h	94.409	−0.078%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0058%	8h	94.410	−0.077%	$108.4M	$389.3M	50x	as long as short
Aster CRCLUSDT	+0.0095%	8h	94.479	−0.004%	$1.1M	$4.8M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	94.370	−0.119%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.440	−0.045%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDTshort	+0.0100%	1h	94.260	−0.236%	$69K	$5K	50x
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.410	−0.077%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.444	−0.041%	$4	—	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.098%	$939K	$743K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0146%	8h	94.468	−0.016%	$775	$740	5x	as long as short
BloFin CRCL-USDT	+0.0176%	8h	94.400	−0.087%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0205%	1h	94.427	−0.059%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0214%	8h	94.420	−0.066%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.343	−0.148%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.473	−0.010%	$3.1M	$2.4M	10x	as long as short
Bitget CRCLUSDT	+0.0327%	8h	94.440	−0.045%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.463%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.440	−0.045%	$97K	$274K	10x	as long as short
edgeX CRCLUSDC	+0.0614%	4h	94.419	−0.067%	$24K	$267K	10x	as long as short