Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.001%

Price spread now: Variational Omni against tradeXYZ−0.093%7-day average +0.063% · you buy dearer than you sell

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.040%−$4 on $10k

Price spread, last 7 days+0.168%+$17 · spread now −0.093%, 7d avg +0.063%

Together, before fees+0.127%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.156% cheaper against tradeXYZ than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.063%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	92.014	0.0050	pay 0.0006% / 1h	14m 20s	$69.1M	$42.1M	10x
Short	Variational Omni CRCL	91.928	0	get 0.0000% / 8h	6h 14m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now −0.093%Rate

Funding earned: −$10.5
Price spread: −0.093% → +0.063%: −$15.62
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$44.12
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 5 min ago; Variational Omni: RFQ quote, 5 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 tradeXYZ live order book, 5 min ago	1.04 bp	10.3 bp −$10	10.8 bp −$108	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	3.46 bp	doesn't fit	10.9 bp −$109	doesn't fit	doesn't fit

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	−0.0847%	8h	92.130	+0.126%	$16.1M	$35.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0044%	1h	91.810	−0.222%	—	$40K	25x	as long as short
Gate CRCL_USDT	−0.0025%	8h	92.040	+0.028%	$7.1M	$26.8M	50x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.980	−0.037%	$912K	$586K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.060	+0.050%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.001	−0.014%	$420K	$299K	10x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.928	−0.093%	$2.4M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	−0.309%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.030	+0.017%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.932	−0.089%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.091	+0.084%	$975K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.920	−0.102%	$93K	$273K	10x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	92.015	+0.001%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0049%	8h	92.054	+0.044%	$105.0M	$394.1M	50x	as long as short
tradeXYZ xyz:CRCLlong	+0.0050%	1h	92.014	long leg	$69.1M	$42.1M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	91.978	−0.039%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.029	+0.016%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.970	−0.048%	$999K	$5.5M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0055%	8h	92.050	+0.039%	$21.8M	$60.4M	50x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.980	−0.037%	$1.3M	$2.3M	10x	as long as short
Aster CRCLUSDT	+0.0059%	8h	92.046	+0.035%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0072%	8h	92.016	+0.002%	$755	$740	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0076%	1h	92.040	+0.028%	$4K	$769K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.006	−0.009%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.010	−0.004%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	−0.320%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.030	+0.017%	$918	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.046	+0.035%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0152%	1h	91.943	−0.078%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0200%	1h	92.099	+0.092%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.952	−0.067%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.528%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	−0.334%	$23K	$268K	10x	as long as short