Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0068%/8hpaid last 24h +0.028%

Price spread now: SoDEX against Variational Omni−0.223%7-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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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 against this trade now: funding costs −$2 a day on $10k at the current rate, and SoDEX is 0.223% cheaper against Variational Omni than usual: you would sell low and buy high (−$22 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	94.065	0.0118	pay 0.0118% / 8h	4h 05m	$2.5M	$3.2M	—
Short	SoDEX CRCL-USD	93.855	0.0050	get 0.0006% / 1h	5m 15s	$47K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.223%Rate

Funding earned: −$14.33
Price spread: −0.223% → 0.000%: −$22.28
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$44.6
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; SoDEX: 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	4.54 bp	doesn't fit	19.0 bp −$190	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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	93.940	−0.132%	$7.1M	$27.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	93.970	−0.100%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.004	−0.064%	$810K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	93.920	−0.154%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.985	−0.085%	$354K	$1.0M	10x	as long as short
SoDEX CRCL-USDshort	+0.0050%	1h	93.855	−0.223%	$47K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.940	−0.132%	$1.1M	$5.7M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	94.030	−0.037%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0079%	8h	93.850	−0.228%	$15.3M	$25.7M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0093%	1h	93.917	−0.157%	$70.7M	$41.5M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	93.960	−0.111%	$77K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.150	+0.091%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.880	−0.196%	$936	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	93.988	−0.082%	$714	$428	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.877	−0.200%	$4	—	10x	as long as short
KuCoin CRCLUSDTM	+0.0105%	8h	94.000	−0.069%	$2.9M	$1.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0108%	8h	94.304	+0.254%	$50K	$1.2M	10x	as long as short
Variational Omni CRCLlong	+0.0118%	8h	94.065	long leg	$2.5M	$3.2M	—
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.000	−0.069%	$939K	$724K	10x	as long as short
Aster CRCLUSDT	+0.0162%	8h	94.010	−0.058%	$1.1M	$4.7M	20x	as long as short
Phoenix CRCL	+0.0162%	1h	94.263	+0.211%	$28K	$92K	10x	as long as short
Binance CRCLUSDT	+0.0173%	8h	93.900	−0.175%	$107.9M	$379.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	93.864	−0.213%	$1.2M	$3.5M	10x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.023	−0.044%	$417K	$301K	10x	as long as short
BloFin CRCL-USDT	+0.0293%	8h	94.320	+0.272%	$1.1M	$573K	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0295%	8h	93.880	−0.196%	$22.8M	$59.1M	50x	as long as short
Lighter CRCL	+0.0336%	1h	94.063	−0.002%	$2.9M	$2.1M	10x	as long as short
Nado CRCL-PERP	+0.0338%	1h	93.986	−0.084%	$131K	$67K	3x	as long as short
Aftermath Perps CRCLUSD	+0.0364%	1h	94.240	+0.186%	$2K	$17K	5x	as long as short
Bitget CRCLUSDT	+0.0428%	8h	93.890	−0.186%	$16.8M	$34.5M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.500	+0.463%	$5K	$20K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0710%	1h	93.850	−0.228%	$4K	$802K	10x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.010	−0.058%	$100K	$258K	10x	as long as short
edgeX CRCLUSDC	+0.0920%	4h	94.340	+0.293%	$24K	$265K	10x	as long as short