Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0026%/8h= −2.9% APRpaid last 24h −0.009%

Price spread now: Variational Omni against Aftermath Perps+0.115%7-day average — · you sell dearer than you buy

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

Long on Aftermath Perps Short on Variational Omni

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

The price spread pays, funding is against you. Variational Omni is 0.115% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.115% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps CRCLUSD	91.683	0.0039	pay 0.0005% / 1h	16m 32s	$2K	$28K	5x
Short	Variational Omni CRCL	91.789	0.0013	get 0.0013% / 8h	1h 16m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aftermath Perps. 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 Aftermath PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.115%Rate

Funding earned: −$5.54
Price spread: +0.115% → 0.000%: $11.53
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$3.01
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Aftermath Perps: no order-book sample; Variational Omni: RFQ quote, 3 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	3.46 bp	doesn't fit	10.5 bp −$105	doesn't fit	doesn't fit

Aftermath Perps: 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	−0.0524%	8h	91.770	+0.095%	$17.6M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.480	−0.222%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.740	+0.062%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.770	+0.095%	$7.8M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.800	+0.127%	$1.0M	$48K	10x	as long as short
Variational Omni CRCLshort	+0.0013%	8h	91.789	+0.115%	$2.4M	$3.2M	—
Aftermath Perps CRCLUSDlong	+0.0039%	1h	91.683	long leg	$2K	$28K	5x
Arcus CRCL-USD	+0.0040%	1h	91.720	+0.040%	$94K	$292K	10x	as long as short
Lighter RH CRCL	+0.0048%	1h	91.759	+0.083%	$981K	$2.7M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.772	+0.097%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.670	−0.014%	$1.1M	$5.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	+0.116%	$894K	$616K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.690	+0.007%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0096%	1h	91.695	+0.013%	$67.9M	$44.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.765	+0.089%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.700	+0.018%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	+0.029%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.780	+0.106%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.773	+0.098%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0115%	8h	91.773	+0.098%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	91.694	+0.011%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0128%	8h	91.760	+0.084%	$104.9M	$398.1M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0137%	1h	91.730	+0.051%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0176%	8h	91.764	+0.088%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0201%	8h	91.760	+0.083%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0216%	8h	91.740	+0.062%	$22.3M	$62.9M	50x	as long as short
BloFin CRCL-USDT	+0.0242%	8h	91.820	+0.149%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.779	+0.104%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0267%	4h	91.778	+0.104%	$52K	$278K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.730	+0.051%	$418K	$268K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.756	+0.079%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0419%	1h	91.691	+0.008%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.210	+0.575%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1714%	1h	91.850	+0.182%	$5K	$769K	10x	as long as short