Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0050%/8hpaid last 24h +0.032%

Price spread now: Phoenix against Variational Omni−0.276%84s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

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

Funding pays, the price is against you. Phoenix is 0.276% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.276% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$28 on $10k: about 18 days of funding at the current rate (+$1 a day). The two prices were read 84 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	94.196	0.0112	pay 0.0112% / 8h	4h 53m	$2.5M	$3.2M	—
Short	Phoenix CRCL	93.936	0.0162	get 0.0020% / 1h	53m 41s	$28K	$92K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.276%Rate

Funding earned: $10.5
Price spread: −0.276% → 0.000%: −$27.65
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$24.15
Costs to cover: 0.070%
Break-even: 23.1 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Phoenix: 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, 2 min ago	3.43 bp	doesn't fit	15.9 bp −$159	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 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
Gate CRCL_USDT	0.0000%	8h	94.310	+0.121%	$7.1M	$26.4M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.360	+0.174%	$1.0M	$46K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.299	+0.109%	$802K	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0041%	1h	94.150	−0.049%	—	$45K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.241	+0.047%	$70.8M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.241	+0.047%	$355K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.256	+0.063%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.190	−0.007%	$1.1M	$5.7M	10x	as long as short
Bybit CRCLUSDT	+0.0069%	8h	94.290	+0.099%	$15.4M	$25.3M	50x	as long as short
QFEX CRCL-USD	+0.0071%	1h	94.250	+0.057%	$1.4M	$2.7M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CRCL-USD-PERP	+0.0094%	8h	94.382	+0.197%	$717	$428	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.250	+0.057%	$75K	$95K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.030	−0.177%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.290	+0.099%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.276	+0.084%	$4	—	10x	as long as short
Variational Omni CRCLlong	+0.0112%	8h	94.196	long leg	$2.5M	$3.2M	—
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.190	−0.007%	$941K	$747K	10x	as long as short
Aster CRCLUSDT	+0.0153%	8h	94.330	+0.142%	$1.1M	$4.7M	20x	as long as short
Phoenix CRCLshort	+0.0162%	1h	93.936	−0.276%	$28K	$92K	10x
Extended CRCL_24_5-USD	+0.0168%	1h	94.263	+0.071%	$1.2M	$3.5M	10x	as long as short
Binance CRCLUSDT	+0.0169%	8h	94.290	+0.099%	$107.7M	$372.3M	50x	as long as short
KuCoin CRCLUSDTM	+0.0187%	8h	94.280	+0.089%	$2.9M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.305	+0.115%	$418K	$311K	10x	as long as short
Lighter CRCL	+0.0224%	1h	94.310	+0.121%	$2.9M	$2.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0266%	8h	94.290	+0.099%	$22.8M	$58.7M	50x	as long as short
Nado CRCL-PERP	+0.0268%	1h	94.154	−0.045%	$131K	$67K	3x	as long as short
BloFin CRCL-USDT	+0.0288%	8h	94.310	+0.121%	$1.1M	$569K	20x	as long as short
Aftermath Perps CRCLUSD	+0.0334%	1h	94.174	−0.024%	$2K	$16K	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0387%	1h	94.270	+0.078%	$4K	$802K	10x	as long as short
Bitget CRCLUSDT	+0.0389%	8h	94.300	+0.110%	$16.7M	$34.0M	25x	as long as short
edgeX CRCLUSDC	+0.0436%	4h	93.951	−0.260%	$24K	$265K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.570	+0.397%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.370	+0.184%	$102K	$256K	10x	as long as short