Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0652%/8h= +71.4% APRpaid last 24h +0.140%

Price spread now: edgeX against Variational Omni−0.210%7-day average −0.009% · you buy dearer than you sell

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

Long on Variational Omni Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.561%+$56 on $10k

Price spread, last 4 days (all we have)+0.300%+$30 · spread now −0.210%, 7d avg −0.009%

Together, before fees+0.861%+ Points / potential airdropVariational Omni: Active · edgeX: Active · farm board+$86 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.201% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.210% now, against its 7-day average of −0.009%). If the spread goes back, that is −$20 on $10k: about 25 hours of funding at the current rate (+$20 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	92.099	0	get 0.0000% / 8h	3h 29m	$2.4M	$3.2M	—
Short	edgeX CRCLUSDC	91.906	0.0652	get 0.0326% / 4h	3h 29m	$51K	$277K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.210%Rate

Funding earned: $136.93
Price spread: −0.210% → −0.009%: −$20.12
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $107.81
Costs to cover: 0.090%
Break-even: 1.5 days

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; edgeX: live order book, 24 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, 5 min ago	3.46 bp	doesn't fit	17.5 bp −$175	doesn't fit	doesn't fit
Sell edgeX live order book, 24 min ago	5.97 bp	11.5 bp −$12	23.9 bp −$239	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	−0.0701%	8h	92.060	−0.042%	$16.6M	$35.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0063%	1h	91.770	−0.357%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.040	−0.064%	$14.9M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.080	−0.021%	$7.3M	$27.4M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	92.099	long leg	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.980	−0.129%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0023%	8h	92.037	−0.067%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0032%	8h	92.033	−0.072%	$104.7M	$392.2M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.055	−0.048%	$976K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	92.013	−0.093%	$1.2M	$5.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.950	−0.162%	$93K	$272K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.923	−0.191%	$2K	$25K	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.227%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.967	−0.143%	$68.4M	$41.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.990	−0.118%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.998	−0.110%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.980	−0.129%	$1.0M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.010	−0.097%	$1.3M	$1.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0096%	8h	92.080	−0.021%	$22.4M	$61.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0099%	8h	91.973	−0.136%	$70K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.014	−0.092%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.970	−0.140%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.970	−0.140%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.000	−0.107%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.008	−0.099%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.030	−0.075%	$418K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0128%	8h	92.000	−0.107%	$1.1M	$1.6M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0140%	8h	91.871	−0.248%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.924	−0.190%	$27K	$82K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	92.020	−0.086%	$4K	$768K	10x	as long as short
Lighter CRCL	+0.0288%	1h	92.047	−0.056%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0371%	1h	91.996	−0.112%	$134K	$107K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.350	+0.273%	$5K	$19K	30x	as long as short
edgeX CRCLUSDCshort	+0.0652%	4h	91.906	−0.210%	$51K	$277K	10x