Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.049%

Price spread now: Arcus against Variational Omni−0.088%7-day average −0.064% · you buy dearer than you sell

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

Long on Variational Omni Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.103%+$10 on $10k

Price spread, last 4 days (all we have)−0.055%−$6 · spread now −0.088%, 7d avg −0.064%

Together, before fees+0.048%+ Points / potential airdropVariational Omni: Active · farm board+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.024% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.088% now, against its 7-day average of −0.064%). If the spread goes back, that is −$2 on $10k: about 47 hours of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.103% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.280	0	get 0.0000% / 8h	2h 15m	$2.4M	$3.2M	—
Short	Arcus CRCL-USD	91.200	0.0040	get 0.0005% / 1h	15m 16s	$93K	$289K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Variational Omni. 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 Variational OmnibpFee ArcusbpOrdersPrice spread, now −0.088%Rate

Funding earned: $8.46
Price spread: −0.088% → −0.064%: −$2.36
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $1.6
Costs to cover: 0.045%
Break-even: 5.7 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Arcus: live order book, 33 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 Variational Omni RFQ quote, 4 min ago	3.47 bp	doesn't fit	16.2 bp −$162	doesn't fit	doesn't fit
Sell Arcus live order book, 33 min ago	3.82 bp	9.1 bp −$9	13.2 bp −$132	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	−0.0998%	8h	91.380	+0.110%	$16.9M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0079%	1h	90.980	−0.329%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.350	+0.077%	$14.6M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.370	+0.099%	$7.6M	$27.6M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.280	long leg	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.280	0.000%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0025%	8h	91.325	+0.049%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.340	+0.066%	$973K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.152	−0.140%	$2K	$27K	5x	as long as short
Binance CRCLUSDT	+0.0039%	8h	91.324	+0.048%	$103.8M	$396.3M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0040%	1h	91.313	+0.036%	$1.0M	$5.7M	10x	as long as short
Arcus CRCL-USDshort	+0.0040%	1h	91.200	−0.088%	$93K	$289K	10x
tradeXYZ xyz:CRCL	+0.0050%	1h	91.249	−0.034%	$68.2M	$43.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.299	+0.021%	$382K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.311	+0.034%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	−0.077%	$1.1M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.290	+0.011%	$1.4M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.190	−0.099%	$888K	$603K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.280	0.000%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.220	−0.066%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.210	−0.077%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.310	+0.033%	$910	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.318	+0.042%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0114%	8h	91.279	−0.001%	$420	$905	5x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.315	+0.038%	$416K	$293K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0120%	8h	91.310	+0.033%	$65K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0132%	8h	91.360	+0.088%	$22.1M	$62.4M	50x	as long as short
BloFin CRCL-USDT	+0.0158%	8h	91.350	+0.077%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.287	+0.008%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0232%	1h	91.342	+0.068%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0315%	1h	91.235	−0.050%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.760	+0.526%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0627%	1h	91.300	+0.022%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0664%	4h	91.250	−0.033%	$52K	$278K	10x	as long as short