Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0034%/8h= −3.8% APRpaid last 24h −0.020%

Price spread now: Variational Omni against Pacifica+0.060%7-day average — · you sell dearer than you buy

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

Long on Pacifica 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 airdropPacifica: Active · Variational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.060% dearer against Pacifica than usual: you sell high and buy low (spread +0.060% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica CRCL	94.350	0.0100	pay 0.0013% / 1h	46m 41s	$76K	$99K	10x
Short	Variational Omni CRCL	94.407	0.0066	get 0.0066% / 8h	1h 46m	$2.5M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Pacifica. 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 PacificabpFee Variational OmnibpOrdersPrice spread, now +0.060%Rate

Funding earned: −$7.24
Price spread: +0.060% → 0.000%: $6.04
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$9.2
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Pacifica: no order-book sample; Variational Omni: RFQ quote, 2 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 Pacifica no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	3.43 bp	doesn't fit	21.2 bp −$212	doesn't fit	doesn't fit

Pacifica: 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	94.370	+0.021%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.370	+0.021%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.360	+0.011%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.088%	$50K	$1.2M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.310	−0.042%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.381	+0.033%	$2K	$19K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.340	−0.011%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.074%	$1.1M	$5.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0052%	1h	94.393	+0.046%	$357K	$1.1M	10x	as long as short
Variational Omni CRCLshort	+0.0066%	8h	94.407	+0.060%	$2.5M	$3.2M	—

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0075%	8h	94.420	+0.074%	$15.5M	$25.9M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	−0.064%	$938K	$742K	10x	as long as short
Pacifica CRCLlong	+0.0100%	1h	94.350	long leg	$76K	$99K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	94.410	+0.064%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.280	−0.074%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.360	+0.011%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.360	+0.010%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0128%	1h	94.364	+0.015%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0129%	8h	94.380	+0.032%	$108.4M	$388.4M	50x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.400	+0.053%	$431K	$309K	10x	as long as short
Aster CRCLUSDT	+0.0160%	8h	94.370	+0.021%	$1.1M	$4.8M	20x	as long as short
Lighter RH CRCL	+0.0160%	1h	94.392	+0.045%	$890K	$2.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0174%	8h	94.386	+0.038%	$774	$740	5x	as long as short
Phoenix CRCL	+0.0212%	1h	94.337	−0.014%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.380	+0.032%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0218%	8h	94.390	+0.042%	$22.8M	$60.4M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	+0.062%	$24K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0245%	8h	94.360	+0.011%	$1.1M	$580K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0269%	1h	94.329	−0.022%	$70.7M	$42.9M	10x	as long as short
Bitget CRCLUSDT	+0.0327%	8h	94.350	0.000%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0339%	1h	94.335	−0.016%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0408%	1h	94.419	+0.073%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.530%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0704%	1h	94.390	+0.042%	$4K	$771K	10x	as long as short