Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.001%

Price spread now: Pacifica against Variational Omni−0.138%7-day average −0.016% · you buy dearer than you sell

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

Long on Variational Omni Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.096%+$10 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.138%, 7d avg −0.016%

Together, before fees+0.176%+ Points / potential airdropVariational Omni: Active · Pacifica: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Pacifica is 0.122% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.138% now, against its 7-day average of −0.016%). If the spread goes back, that is −$12 on $10k: about 4.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.746	0	get 0.0000% / 8h	5h 28m	$2.4M	$3.2M	—
Short	Pacifica CRCL	91.620	0.0100	get 0.0013% / 1h	28m 52s	$132K	$157K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.138%Rate

Funding earned: $21
Price spread: −0.138% → −0.016%: −$12.16
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $0.84
Costs to cover: 0.080%
Break-even: 6.7 days

Slippage unknown: Variational Omni: RFQ quote, just now; Pacifica: live order book, 15 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 Variational Omni RFQ quote, just now	3.46 bp	doesn't fit	13.5 bp −$135	doesn't fit	doesn't fit
Sell Pacifica live order book, 15 min ago	10.93 bp	23.2 bp −$23	doesn't fit	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	−0.1311%	8h	91.710	−0.039%	$15.9M	$34.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.440	−0.334%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.690	−0.061%	$905K	$529K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.644	−0.111%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.670	−0.083%	$104.6M	$385.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.700	−0.050%	$15.0M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.665	−0.088%	$418K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.690	−0.061%	$7.1M	$26.6M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.746	long leg	$2.4M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	91.777	+0.034%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.650	−0.105%	$1.0M	$49K	10x	as long as short
Aster CRCLUSDT	+0.0002%	8h	91.679	−0.074%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0010%	8h	91.680	−0.072%	$21.5M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0018%	1h	91.641	−0.114%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.640	−0.116%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.675	−0.078%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.630	−0.127%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.628	−0.129%	$68.5M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.652	−0.103%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.639	−0.117%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.610	−0.148%	$970K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0068%	8h	91.678	−0.075%	$752	$740	5x	as long as short
Pacifica CRCLshort	+0.0100%	1h	91.620	−0.138%	$132K	$157K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	91.670	−0.083%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.820	+0.080%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.650	−0.105%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.651	−0.104%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.660	−0.094%	$1.1M	$1.3M	20x	as long as short
Nado CRCL-PERP	+0.0181%	1h	91.606	−0.153%	$131K	$104K	3x	as long as short
Phoenix CRCL	+0.0183%	1h	91.684	−0.068%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0208%	1h	91.682	−0.070%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.636%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0590%	4h	91.601	−0.159%	$23K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0623%	1h	91.670	−0.083%	$4K	$767K	10x	as long as short