Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h −0.055%

Price spread now: Variational Omni against RISEx+0.064%7-day average −0.024% · you sell dearer than you buy

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

Long on RISEx Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.291%−$29 on $10k

Price spread, last 4 days (all we have)−0.150%−$15 · spread now +0.064%, 7d avg −0.024%

Together, before fees−0.441%+ Points / potential airdropVariational Omni: Active · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.088% dearer against RISEx than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of −0.024%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days. At the pace of the last 4 days (−0.291% in total) that is about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx CRCL/USDC	91.890	0.0107	pay 0.0013% / 1h	5m 42s	$418K	$299K	10x
Short	Variational Omni CRCL	91.949	0	get 0.0000% / 8h	3h 05m	$2.5M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against RISEx. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 RISExbpFee Variational OmnibpOrdersPrice spread, now +0.064%Rate

Funding earned: −$22.51
Price spread: +0.064% → −0.024%: $8.84
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.68
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: RISEx: live order book, 48 min ago; 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 RISEx live order book, 48 min ago	1.63 bp	4.6 bp −$5	6.6 bp −$66	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.46 bp	doesn't fit	12.3 bp −$123	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	−0.0675%	8h	91.940	+0.054%	$16.6M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.680	−0.229%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.910	+0.022%	$14.8M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.990	+0.109%	$7.4M	$27.5M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.949	+0.064%	$2.5M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.890	0.000%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0014%	8h	91.927	+0.041%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0024%	8h	91.910	+0.022%	$104.7M	$392.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.857	−0.036%	$1.2M	$5.6M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.931	+0.045%	$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	91.863	−0.030%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	−0.044%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.131%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.839	−0.056%	$68.1M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.923	+0.036%	$386K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.911	+0.023%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.890	0.000%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.880	−0.011%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0076%	8h	91.899	+0.009%	$423	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0084%	8h	91.800	−0.098%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0085%	8h	91.840	−0.054%	$1.1M	$1.6M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	91.910	+0.022%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.900	+0.011%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.880	−0.011%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	−0.163%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.930	+0.044%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.932	+0.046%	$4	—	10x	as long as short
RISEx CRCL/USDClong	+0.0107%	1h	91.890	long leg	$418K	$299K	10x
Phoenix CRCL	+0.0182%	1h	91.797	−0.101%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.907	+0.019%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0347%	1h	91.834	−0.061%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.511%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0730%	1h	91.930	+0.044%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	−0.044%	$51K	$276K	10x	as long as short