Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h −0.015%

Price spread now: QFEX against Variational Omni−0.096%47s7-day average −0.047% · you buy dearer than you sell

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

Long on Variational Omni Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.079%+$8 · spread now −0.096%, 7d avg −0.047%

Together, before fees+0.090%+ Points / potential airdropVariational Omni: Active · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.049% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.096% now, against its 7-day average of −0.047%). If the spread goes back, that is −$5 on $10k: about 2.9 days of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.011% in total) that is about 16 days. The two prices were read 47 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	91.938	0	get 0.0000% / 8h	6h 20m	$2.4M	$3.2M	—
Short	QFEX CRCL-USD	91.850	0.0057	get 0.0007% / 1h	20m 52s	$1.3M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.096%Rate

Funding earned: $11.96
Price spread: −0.096% → −0.047%: −$4.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$2.92
Costs to cover: 0.100%
Break-even: 8.7 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; QFEX: live order book, 6 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, 3 min ago	3.46 bp	doesn't fit	11.0 bp −$110	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	1.63 bp	6.6 bp −$7	6.6 bp −$66	14.3 bp −$1,433	doesn't fit

CRCL on 33 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	−0.0707%	8h	91.850	−0.096%	$15.9M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0031%	1h	91.740	−0.215%	—	$40K	25x	as long as short
Gate CRCL_USDT	−0.0016%	8h	91.800	−0.150%	$7.1M	$26.7M	50x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.730	−0.226%	$913K	$581K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.730	−0.226%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.846	−0.100%	$419K	$299K	10x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.938	long leg	$2.4M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	91.906	−0.035%	$63K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.930	−0.009%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0025%	1h	91.988	+0.054%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.953	+0.016%	$978K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.950	+0.013%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.780	−0.172%	$69.0M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.880	−0.063%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.890	−0.052%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.810	−0.139%	$999K	$5.5M	10x	as long as short
Extended CRCL_24_5-USD	+0.0056%	1h	91.750	−0.205%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0056%	8h	91.737	−0.219%	$104.6M	$393.6M	50x	as long as short
QFEX CRCL-USDshort	+0.0057%	1h	91.850	−0.096%	$1.3M	$2.3M	10x
OKX CRCL-USDT-SWAP	+0.0060%	8h	91.680	−0.281%	$21.7M	$60.1M	50x	as long as short
Aster CRCLUSDT	+0.0063%	8h	91.836	−0.110%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0075%	8h	91.845	−0.101%	$753	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.864	−0.081%	$129K	$153K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.870	−0.074%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.900	−0.041%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.910	−0.030%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.935	−0.003%	$4	—	10x	as long as short
edgeX CRCLUSDC	+0.0141%	4h	91.897	−0.044%	$23K	$267K	10x	as long as short
Nado CRCL-PERP	+0.0156%	1h	91.925	−0.014%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	91.930	−0.009%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0208%	1h	91.905	−0.036%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.850	−0.096%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.611%	$5K	$19K	30x	as long as short