Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.029%

Price spread now: Phemex against Variational Omni+0.052%7-day average −0.008% · you sell dearer than you buy

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.052%, 7d avg −0.008%

Together, before fees−0.045%+ Points / potential airdropVariational Omni: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.060% dearer against Variational Omni than usual: you sell high and buy low (spread +0.052% now, against its 7-day average of −0.008%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 4 days (−0.007% in total) that is about 34 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.253	0.0132	pay 0.0132% / 8h	2m 44s	$2.4M	$3.3M	—
Short	Phemex CRCLUSDT	91.300	0	get 0.0000% / 4h	2m 44s	$1.0M	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Variational Omni. 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 Variational OmnibpFee PhemexbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$27.76
Price spread: +0.052% → −0.008%: $6.02
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$33.74
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phemex: live order book, 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 Variational Omni RFQ quote, 1 min ago	3.46 bp	doesn't fit	20.5 bp −$205	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.10 bp	47.0 bp −$47	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	−0.0340%	8h	91.400	+0.161%	$17.4M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0085%	1h	90.990	−0.288%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.380	+0.140%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.300	+0.052%	$1.0M	$48K	10x
Lighter RH CRCL	+0.0032%	1h	91.336	+0.091%	$984K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.240	−0.014%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.230	−0.025%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.280	+0.030%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	−0.047%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0066%	8h	91.360	+0.118%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.290	+0.041%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.200%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0093%	1h	91.274	+0.023%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.333	+0.088%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.280	+0.030%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	−0.091%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.290	+0.041%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.308	+0.061%	$4	—	10x	as long as short
Variational Omni CRCLlong	+0.0132%	8h	91.253	long leg	$2.4M	$3.3M	—
Polymarket Perps CRCL-USD	+0.0154%	1h	91.280	+0.030%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0163%	8h	91.298	+0.049%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0205%	8h	91.355	+0.112%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	91.317	+0.071%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0221%	8h	91.334	+0.089%	$104.9M	$389.2M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.260	+0.008%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	91.227	−0.028%	$70K	$1.1M	10x	as long as short
Lighter CRCL	+0.0264%	1h	91.332	+0.087%	$2.9M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0292%	8h	91.340	+0.096%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0337%	8h	91.330	+0.085%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.750	+0.545%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0441%	1h	91.222	−0.033%	$134K	$109K	3x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.328	+0.083%	$412K	$260K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0627%	1h	91.300	+0.052%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0907%	4h	91.195	−0.063%	$52K	$270K	10x	as long as short