Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0312%/8h= −34.2% APRpaid last 24h −0.103%

Price spread now: Variational Omni against Injective−0.596%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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 −$9 a day on $10k at the current rate, and Variational Omni is 0.596% cheaper against Injective than usual: you would sell low and buy high (−$60 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	Injective CRCL/USDC PERP	91.740	0.0440	pay 0.0055% / 1h	10m 51s	$5K	$19K	30x
Short	Variational Omni CRCL	91.194	0.0128	get 0.0128% / 8h	10m 51s	$2.4M	$3.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −0.596%Rate

Funding earned: −$65.58
Price spread: −0.596% → 0.000%: −$59.56
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$125.16
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	3.46 bp	doesn't fit	11.4 bp −$114	doesn't fit	doesn't fit

Injective: 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	−0.0354%	8h	91.280	−0.501%	$17.5M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	90.930	−0.883%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.250	−0.534%	$7.8M	$27.9M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.230	−0.556%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.212	−0.576%	$982K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.174	−0.617%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.220	−0.567%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.200	−0.589%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	−0.578%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0057%	8h	91.250	−0.534%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.220	−0.567%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.730%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0090%	1h	91.146	−0.647%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.170	−0.621%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.200	−0.589%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.230	−0.556%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.200	−0.589%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.212	−0.575%	$4	—	10x	as long as short
Variational Omni CRCLshort	+0.0128%	8h	91.194	−0.596%	$2.4M	$3.3M	—
Polymarket Perps CRCL-USD	+0.0154%	1h	91.208	−0.580%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0157%	8h	91.188	−0.602%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0190%	8h	91.240	−0.545%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0207%	8h	91.217	−0.570%	$104.7M	$389.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.187	−0.603%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.164	−0.628%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0232%	1h	91.217	−0.570%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	91.335	−0.441%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0281%	8h	91.220	−0.567%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0327%	8h	91.210	−0.578%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0409%	1h	91.160	−0.632%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0432%	1h	91.152	−0.641%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	91.740	long leg	$5K	$19K	30x
RISEx CRCL/USDC	+0.0466%	1h	91.240	−0.545%	$412K	$270K	10x	as long as short
edgeX CRCLUSDC	+0.0610%	4h	91.186	−0.604%	$52K	$271K	10x	as long as short