Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.029%

Price spread now: Phemex against Variational Omni−0.062%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 Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now −0.062%, 7d avg −0.009%

Together, before fees+0.025%+ Points / potential airdropVariational Omni: Active · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.053% cheaper against Variational Omni than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	92.177	0	get 0.0000% / 8h	5h 12m	$2.5M	$3.2M	—
Short	Phemex CRCLUSDT	92.120	0	get 0.0000% / 4h	1h 12m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.062%Rate

Funding earned: $0
Price spread: −0.062% → −0.009%: −$5.33
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$17.33
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Phemex: live order book, just now. 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, 2 min ago	3.46 bp	doesn't fit	17.7 bp −$177	doesn't fit	doesn't fit
Sell Phemex live order book, just now	1.63 bp	44.4 bp −$44	doesn't fit	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	−0.1131%	8h	92.120	−0.062%	$16.0M	$34.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.880	−0.322%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.090	−0.094%	$909K	$501K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.120	−0.062%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.070	−0.116%	$420K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.140	−0.040%	$7.2M	$26.8M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	92.177	long leg	$2.5M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	92.175	−0.002%	$65K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	92.120	−0.062%	$1.0M	$49K	10x
Binance CRCLUSDT	+0.0004%	8h	92.090	−0.094%	$105.2M	$386.1M	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	+0.0008%	1h	92.067	−0.119%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	92.041	−0.147%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0014%	8h	92.110	−0.073%	$21.6M	$59.7M	50x	as long as short
BloFin CRCL-USDT	+0.0017%	8h	92.020	−0.170%	$1.1M	$1.3M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	92.011	−0.180%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.030	−0.160%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.080	−0.105%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.030	−0.160%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.048	−0.140%	$68.6M	$41.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.066	−0.120%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.072	−0.114%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.040	−0.149%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	92.072	−0.114%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.062	−0.125%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.050	−0.138%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.030	−0.160%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.070	−0.116%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.074	−0.112%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	92.192	+0.016%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0226%	1h	91.994	−0.199%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0240%	1h	92.085	−0.100%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0305%	4h	92.149	−0.030%	$23K	$249K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0402%	1h	92.120	−0.062%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.383%	$5K	$19K	30x	as long as short