Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.009%

Price spread now: Vest against Variational Omni−0.184%56s7-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 Vest

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 · Vest: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Vest is 0.184% cheaper against Variational Omni than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 56 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	91.759	0	get 0.0000% / 8h	5h 58m	$2.4M	$3.2M	—
Short	Vest CRCL-USD-PERP	91.590	−0.0067	pay 0.0008% / 1h	58m 41s	—	$38K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.184%Rate

Funding earned: −$14.08
Price spread: −0.184% → 0.000%: −$18.41
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Vest: 1 bp × 2 orders: −$2
Net: −$34.49
Costs to cover: 0.020%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, just now; Vest: 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, just now	3.46 bp	doesn't fit	11.8 bp −$118	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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 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	−0.1008%	8h	91.840	+0.088%	$15.8M	$34.2M	25x	as long as short
Vest CRCL-USD-PERPshort	−0.0067%	1h	91.590	−0.184%	—	$38K	25x
Gate CRCL_USDT	−0.0031%	8h	91.760	+0.001%	$7.1M	$26.3M	50x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.840	+0.088%	$906K	$552K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.780	+0.023%	$15.0M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.735	−0.026%	$419K	$297K	10x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.759	long leg	$2.4M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	91.980	+0.241%	$63K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.800	+0.045%	$1.0M	$49K	10x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.750	−0.010%	$1.3M	$2.2M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0024%	1h	91.823	+0.070%	$2K	$23K	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0039%	8h	91.730	−0.032%	$21.7M	$58.7M	50x	as long as short
Lighter RH CRCL	+0.0040%	1h	91.771	+0.013%	$971K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0040%	1h	91.729	−0.033%	$1.1M	$5.7M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.810	+0.056%	$93K	$269K	10x	as long as short
Binance CRCLUSDT	+0.0041%	8h	91.748	−0.012%	$104.4M	$382.8M	50x	as long as short
Aster CRCLUSDT	+0.0048%	8h	91.796	+0.040%	$1.1M	$4.9M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.735	−0.026%	$68.8M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.801	+0.046%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.792	+0.036%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.630	−0.141%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0071%	8h	91.791	+0.035%	$753	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.778	+0.020%	$133K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.860	+0.110%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.760	+0.001%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.820	+0.067%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.810	+0.056%	$4	—	10x	as long as short
edgeX CRCLUSDC	+0.0168%	4h	91.858	+0.108%	$23K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0186%	1h	91.790	+0.034%	$4K	$768K	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.832	+0.080%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0272%	1h	91.822	+0.068%	$131K	$103K	3x	as long as short
Lighter CRCL	+0.0344%	1h	91.785	+0.028%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.240	+0.524%	$5K	$19K	30x	as long as short