Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h +0.017%

Price spread now: Ondo Perps against Variational Omni−0.099%7-day average −0.157% · you buy dearer than you sell

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

Long on Variational Omni Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.073%+$7 on $10k

Price spread, last 7 days−0.229%−$23 · spread now −0.099%, 7d avg −0.157%

Together, before fees−0.155%+ Points / potential airdropVariational Omni: Active · Ondo Perps: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.058% dearer against Variational Omni than usual: you sell high and buy low (spread −0.099% now, against its 7-day average of −0.157%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 37 hours. Mind the row above: over the last 3 days funding on this pair paid +0.073%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	94.744	0.0174	pay 0.0174% / 8h	26m 14s	$2.5M	$3.1M	—
Short	Ondo Perps CRCL-USD.P	94.650	0.0050	get 0.0006% / 1h	26m 14s	$1.1M	$5.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$25.99
Price spread: −0.099% → −0.157%: $5.76
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$25.23
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Ondo Perps: 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	3.43 bp	doesn't fit	19.6 bp −$196	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Gate CRCL_USDT	0.0000%	8h	94.760	+0.017%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.750	+0.006%	$1.0M	$51K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.730	−0.015%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.757	+0.014%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.247%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.710	−0.036%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.719	−0.026%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.727	−0.018%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Pshort	+0.0050%	1h	94.650	−0.099%	$1.1M	$5.9M	10x
Aftermath Perps CRCLUSD	+0.0054%	1h	94.762	+0.018%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0099%	8h	94.760	+0.017%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.710	−0.036%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.730	−0.015%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.670	−0.078%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.750	+0.006%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.755	+0.012%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0117%	8h	94.758	+0.014%	$777	$740	5x	as long as short
Variational Omni CRCLlong	+0.0174%	8h	94.744	long leg	$2.5M	$3.1M	—
tradeXYZ xyz:CRCL	+0.0178%	1h	94.719	−0.026%	$71.1M	$42.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0196%	8h	94.750	+0.006%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0215%	8h	94.770	+0.027%	$61K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0228%	8h	94.760	+0.017%	$109.8M	$390.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.743	−0.001%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0234%	8h	94.767	+0.024%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0275%	1h	94.632	−0.118%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.656	−0.093%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0304%	8h	94.750	+0.006%	$17.0M	$35.4M	25x	as long as short
BloFin CRCL-USDT	+0.0346%	8h	94.750	+0.006%	$1.1M	$599K	20x	as long as short
Lighter CRCL	+0.0368%	1h	94.795	+0.054%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.861%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.750	+0.006%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.760	+0.017%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0542%	4h	94.739	−0.005%	$24K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0701%	1h	94.770	+0.027%	$4K	$772K	10x	as long as short