Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.002%

Price spread now: tradeXYZ against Variational Omni−0.178%7-day average −0.062% · you buy dearer than you sell

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 7 days+0.084%+$8 · spread now −0.178%, 7d avg −0.062%

Together, before fees+0.127%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.116% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.178% now, against its 7-day average of −0.062%). If the spread goes back, that is −$12 on $10k: about 7.7 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.999	0	get 0.0000% / 8h	3h 18m	$2.5M	$3.2M	—
Short	tradeXYZ xyz:CRCL	91.835	0.0050	get 0.0006% / 1h	18m 05s	$68.2M	$42.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.178%Rate

Funding earned: $10.5
Price spread: −0.178% → −0.062%: −$11.61
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$19.11
Costs to cover: 0.180%
Break-even: 19.7 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; tradeXYZ: live order book, 12 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, 1 min ago	3.46 bp	doesn't fit	19.7 bp −$197	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 12 min ago	0.92 bp	10.1 bp −$10	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	−0.0689%	8h	91.920	−0.086%	$16.7M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0061%	1h	91.620	−0.412%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.900	−0.108%	$14.8M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.960	−0.042%	$7.3M	$27.5M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.999	long leg	$2.5M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.900	−0.108%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0017%	8h	91.902	−0.105%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.875	−0.135%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0025%	8h	91.901	−0.106%	$104.7M	$392.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.909	−0.098%	$974K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.814	−0.201%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	−0.151%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.249%	$911K	$519K	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0050%	1h	91.835	−0.178%	$68.2M	$42.0M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	91.836	−0.177%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.878	−0.131%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.260%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.830	−0.184%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0067%	8h	91.791	−0.225%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0087%	8h	92.030	+0.034%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0095%	8h	91.920	−0.086%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.824	−0.190%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.880	−0.129%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.910	−0.097%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.870	−0.140%	$916	$2K	10x	as long as short
BloFin CRCL-USDT	+0.0101%	8h	91.880	−0.129%	$1.1M	$1.6M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.875	−0.134%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.815	−0.199%	$418K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.770	−0.249%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0226%	4h	91.934	−0.070%	$51K	$276K	10x	as long as short
Lighter CRCL	+0.0264%	1h	91.901	−0.106%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0358%	1h	91.785	−0.232%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.440	+0.479%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.880	−0.129%	$4K	$768K	10x	as long as short