Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.010%

Price spread now: Variational Omni against Aftermath Perps−0.066%7-day average — · you buy dearer than you sell

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

Long on Aftermath Perps Short on Variational Omni

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.066% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps CRCLUSD	92.079	0.0040	pay 0.0005% / 1h	47m 48s	$2K	$25K	5x
Short	Variational Omni CRCL	92.019	0	get 0.0000% / 8h	3h 47m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aftermath Perps. 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 Aftermath PerpsbpFee Variational OmnibpOrdersPrice spread, now −0.066%Rate

Funding earned: −$8.44
Price spread: −0.066% → 0.000%: −$6.55
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$23.99
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: no order-book sample; Variational Omni: RFQ quote, 1 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	3.46 bp	doesn't fit	8.5 bp −$85	doesn't fit	doesn't fit

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
Bitget CRCLUSDT	−0.0702%	8h	92.110	+0.033%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.860	−0.238%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.070	−0.010%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.160	+0.088%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	92.019	−0.066%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	92.140	+0.066%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	92.040	−0.043%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0014%	8h	92.060	−0.021%	$104.9M	$390.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	92.075	−0.005%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSDlong	+0.0040%	1h	92.079	long leg	$2K	$25K	5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	92.020	−0.064%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.910	−0.184%	$907K	$491K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.969	−0.120%	$68.3M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.093	+0.015%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.044	−0.038%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.940	−0.151%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0056%	8h	92.040	−0.043%	$1.1M	$1.3M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.120	+0.044%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0064%	8h	92.190	+0.120%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0069%	8h	92.100	+0.023%	$22.3M	$61.7M	50x	as long as short
Lighter RH CRCL	+0.0088%	1h	92.089	+0.011%	$976K	$2.9M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.073	−0.007%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.060	−0.021%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.120	+0.044%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.060	−0.021%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.058	−0.023%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.125	+0.050%	$419K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0132%	8h	92.111	+0.035%	$424	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.079	0.000%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0304%	1h	92.096	+0.018%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0387%	1h	92.043	−0.040%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.460	+0.414%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0488%	4h	92.164	+0.092%	$51K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0946%	1h	92.080	+0.001%	$4K	$768K	10x	as long as short