Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0293%/8h= +32.1% APRpaid last 24h +0.090%

Price spread now: Injective against Variational Omni+0.372%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Injective is 0.372% dearer against Variational Omni than usual: you sell high and buy low: +$37 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.470	0.0147	pay 0.0147% / 8h	7h 51m	$2.4M	$3.3M	—
Short	Injective CRCL/USDC PERP	91.810	0.0440	get 0.0055% / 1h	51m 05s	$5K	$19K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.372%Rate

Funding earned: $61.62
Price spread: +0.372% → 0.000%: $37.18
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $98.78
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Injective: 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	3.46 bp	doesn't fit	12.5 bp −$125	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Bitget CRCLUSDT	−0.0245%	8h	91.580	+0.120%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0089%	1h	91.310	−0.175%	—	$31K	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.540	+0.077%	$1.0M	$48K	10x	as long as short
Gate CRCL_USDT	+0.0019%	8h	91.560	+0.098%	$7.8M	$26.2M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.564	+0.103%	$986K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.270	−0.219%	$873K	$502K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.367	−0.113%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.470	0.000%	$95K	$287K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.480	+0.011%	$67.5M	$44.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.460	−0.011%	$378K	$1.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	91.431	−0.043%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.300	−0.186%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0051%	8h	91.550	+0.088%	$14.9M	$26.6M	50x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.410	−0.065%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.410	−0.065%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.410	−0.065%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.210	−0.284%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.490	+0.022%	$912	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.568	+0.108%	$4	—	10x	as long as short
Variational Omni CRCLlong	+0.0147%	8h	91.470	long leg	$2.4M	$3.3M	—
Paradex CRCL-USD-PERP	+0.0147%	8h	91.389	−0.088%	$420	$766	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0151%	8h	91.371	−0.108%	$62K	$1.1M	10x	as long as short
Lighter CRCL	+0.0208%	1h	91.544	+0.081%	$2.9M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0209%	8h	91.444	−0.029%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0224%	1h	91.517	+0.052%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0225%	8h	91.550	+0.088%	$105.2M	$388.3M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.239	−0.252%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0293%	8h	91.570	+0.109%	$22.3M	$61.8M	50x	as long as short
Nado CRCL-PERP	+0.0299%	1h	91.493	+0.025%	$135K	$109K	3x	as long as short
BloFin CRCL-USDT	+0.0345%	8h	91.530	+0.066%	$1.1M	$1.7M	20x	as long as short
edgeX CRCLUSDC	+0.0355%	4h	91.326	−0.157%	$52K	$270K	10x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	91.810	+0.372%	$5K	$19K	30x
RISEx CRCL/USDC	+0.0501%	1h	91.419	−0.055%	$413K	$259K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0625%	1h	91.550	+0.088%	$5K	$769K	10x	as long as short