Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0418%/8h= +45.7% APRpaid last 24h +0.075%

Price spread now: Deribit against Variational Omni−0.061%7-day average −0.013% · you buy dearer than you sell

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.161%+$16 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now −0.061%, 7d avg −0.013%

Together, before fees+0.221%+ Points / potential airdropVariational Omni: Active · farm board+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.048% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.061% now, against its 7-day average of −0.013%). If the spread goes back, that is −$5 on $10k: about 9 hours of funding at the current rate (+$13 a day). At the pace of the last 3 days (+0.161% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	93.978	0.0078	pay 0.0078% / 8h	7h 05m	$2.5M	$3.1M	—
Short	Deribit CRCL_USDC-PERPETUAL	93.920	0.0496	get 0.0062% / 1h	5m 45s	$4K	$769K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.061%Rate

Funding earned: $87.71
Price spread: −0.061% → −0.013%: −$4.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $75.92
Costs to cover: 0.070%
Break-even: 0.9 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Deribit: live order book, 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 Variational Omni RFQ quote, 3 min ago	3.43 bp	doesn't fit	9.7 bp −$97	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	0.53 bp	13.6 bp −$14	16.0 bp −$160	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.000	+0.024%	$940K	$620K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	93.980	+0.003%	$15.4M	$25.3M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.020	+0.045%	$7.2M	$27.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	93.960	−0.019%	$16.7M	$34.4M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.000	+0.024%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	93.970	−0.008%	$885K	$2.8M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0035%	8h	94.270	+0.311%	$62K	$1.1M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	94.100	+0.130%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	93.980	+0.003%	$1.4M	$2.5M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	93.860	−0.125%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	93.912	−0.070%	$71.5M	$40.5M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.910	−0.072%	$364K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	93.974	−0.004%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.880	−0.104%	$1.1M	$5.7M	10x	as long as short
Variational Omni CRCLlong	+0.0078%	8h	93.978	long leg	$2.5M	$3.1M	—
Paradex CRCL-USD-PERP	+0.0099%	8h	93.957	−0.022%	$770	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	93.952	−0.028%	$75K	$96K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.020	+0.045%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.140	+0.173%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.010	+0.034%	$937	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.959	−0.020%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0129%	8h	93.960	−0.019%	$22.7M	$58.8M	50x	as long as short
Binance CRCLUSDT	+0.0158%	8h	93.952	−0.027%	$108.8M	$385.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0160%	1h	93.929	−0.052%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0161%	8h	94.031	+0.057%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	93.923	−0.058%	$131K	$76K	3x	as long as short
BloFin CRCL-USDT	+0.0284%	8h	94.070	+0.098%	$1.1M	$576K	20x	as long as short
Phoenix CRCL	+0.0296%	1h	94.311	+0.355%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0328%	1h	93.996	+0.020%	$3.0M	$2.3M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.670	+0.737%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0496%	1h	93.920	−0.061%	$4K	$769K	10x
edgeX CRCLUSDC	+0.0507%	4h	94.232	+0.271%	$24K	$267K	10x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.080	+0.109%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	93.965	−0.013%	$428K	$297K	10x	as long as short