Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0087%/8h= −9.6% APRpaid last 24h +0.025%

Price spread now: Aftermath Perps against Variational Omni+0.072%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Aftermath Perps

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. Aftermath Perps is 0.072% dearer against Variational Omni than usual: you sell high and buy low (spread +0.072% now, against zero (this spread has no 7-day history yet)): +$7 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	95.051	0.0143	pay 0.0143% / 8h	3h 31m	$2.5M	$3.2M	—
Short	Aftermath Perps CRCLUSD	95.119	0.0056	get 0.0007% / 1h	31m 14s	$2K	$18K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Variational Omni. 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 Variational OmnibpFee Aftermath PerpsbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$18.34
Price spread: +0.072% → 0.000%: $7.15
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$20.18
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Aftermath Perps: no order-book sample. 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 Variational Omni RFQ quote, 3 min ago	4.53 bp	doesn't fit	21.9 bp −$219	doesn't fit	doesn't fit
Sell Aftermath Perps no order-book sample	—	—	—	—	—

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
Gate CRCL_USDT	0.0000%	8h	95.290	+0.251%	$7.2M	$27.3M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	95.240	+0.198%	$1.1M	$51K	10x	as long as short
edgeX CRCLUSDC	+0.0021%	4h	95.026	−0.027%	$24K	$267K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	95.314	+0.276%	$859K	$2.9M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	95.190	+0.146%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	95.241	+0.199%	$359K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	95.268	+0.228%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.170	+0.125%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSDshort	+0.0056%	1h	95.119	+0.072%	$2K	$18K	5x
QFEX CRCL-USD	+0.0070%	1h	95.250	+0.209%	$1.4M	$2.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	95.280	+0.240%	$78K	$97K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.170	+0.125%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.920	−0.138%	$70K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.320	+0.283%	$950	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.266	+0.226%	$4	—	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0136%	1h	95.190	+0.146%	$951K	$728K	10x	as long as short
Variational Omni CRCLlong	+0.0143%	8h	95.051	long leg	$2.5M	$3.2M	—
Bybit CRCLUSDT	+0.0143%	8h	95.320	+0.283%	$15.6M	$25.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0164%	8h	95.056	+0.005%	$48K	$1.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0174%	8h	95.286	+0.247%	$724	$428	5x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	95.292	+0.254%	$1.2M	$3.5M	10x	as long as short
Aster CRCLUSDT	+0.0216%	8h	95.200	+0.156%	$1.1M	$4.8M	20x	as long as short
Binance CRCLUSDT	+0.0219%	8h	95.304	+0.266%	$109.9M	$385.1M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	95.272	+0.232%	$28K	$92K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0255%	1h	95.222	+0.179%	$71.8M	$42.3M	10x	as long as short
BloFin CRCL-USDT	+0.0339%	8h	95.250	+0.209%	$1.1M	$581K	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0343%	8h	95.350	+0.314%	$23.0M	$60.8M	50x	as long as short
RISEx CRCL/USDC	+0.0344%	1h	95.290	+0.251%	$423K	$303K	10x	as long as short
Nado CRCL-PERP	+0.0376%	1h	95.197	+0.153%	$131K	$68K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.470	+0.440%	$5K	$20K	30x	as long as short
Bitget CRCLUSDT	+0.0465%	8h	95.310	+0.272%	$17.0M	$35.0M	25x	as long as short
Lighter CRCL	+0.0480%	1h	95.360	+0.325%	$3.1M	$2.4M	10x	as long as short
Arcus CRCL-USD	+0.0746%	1h	95.280	+0.240%	$102K	$264K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0906%	1h	95.290	+0.251%	$4K	$787K	10x	as long as short