Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0182%/8h= +20.0% APRpaid last 24h +0.031%

Price spread now: Phoenix against Variational Omni−0.061%69s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

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

Funding pays, the price is against you. Phoenix is 0.061% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.061% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 27 hours of funding at the current rate (+$5 a day). The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.949	0	get 0.0000% / 8h	3h 02m	$2.5M	$3.2M	—
Short	Phoenix CRCL	91.893	0.0182	get 0.0023% / 1h	2m 12s	$27K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.061%Rate

Funding earned: $38.28
Price spread: −0.061% → 0.000%: −$6.08
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $25.2
Costs to cover: 0.070%
Break-even: 2.4 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Phoenix: 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, 2 min ago	3.46 bp	doesn't fit	18.6 bp −$186	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	−0.0672%	8h	91.770	−0.195%	$16.6M	$35.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0061%	1h	91.510	−0.477%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.710	−0.260%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.750	−0.216%	$7.4M	$27.6M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.949	long leg	$2.5M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.760	−0.205%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0016%	8h	91.737	−0.231%	$1.1M	$5.0M	20x	as long as short
edgeX CRCLUSDC	+0.0016%	4h	91.911	−0.041%	$51K	$276K	10x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.667	−0.306%	$1.2M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0026%	8h	91.691	−0.281%	$104.5M	$392.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.724	−0.245%	$972K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.753	−0.213%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.800	−0.162%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.195%	$915K	$523K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.650	−0.325%	$68.0M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.699	−0.272%	$385K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.691	−0.280%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.890	−0.064%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.770	−0.195%	$1.3M	$1.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0080%	8h	91.744	−0.223%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0089%	8h	91.920	−0.031%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0100%	8h	91.730	−0.238%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.754	−0.212%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.740	−0.227%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.800	−0.162%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.700	−0.271%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.697	−0.274%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0105%	8h	91.740	−0.227%	$1.1M	$1.6M	20x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.770	−0.195%	$418K	$299K	10x	as long as short
Phoenix CRCLshort	+0.0182%	1h	91.893	−0.061%	$27K	$82K	10x
Deribit CRCL_USDC-PERPETUAL	+0.0187%	1h	91.670	−0.303%	$4K	$768K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.732	−0.236%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0348%	1h	91.644	−0.332%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.300	+0.382%	$5K	$19K	30x	as long as short