Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.001%

Price spread now: Variational Omni against ApeX Omni+0.118%7-day average — · you sell dearer than you buy

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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. Variational Omni is 0.118% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.118% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni CRCLUSDT	91.740	0.0100	pay 0.0013% / 1h	6m 49s	$67K	$4K	50x
Short	Variational Omni CRCL	91.848	0	get 0.0000% / 8h	3h 06m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now +0.118%Rate

Funding earned: −$21
Price spread: +0.118% → 0.000%: $11.77
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.23
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: ApeX Omni: no order-book sample; Variational Omni: RFQ quote, 2 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 ApeX Omni no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	3.46 bp	doesn't fit	12.3 bp −$123	doesn't fit	doesn't fit

ApeX Omni: 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	−0.0681%	8h	91.930	+0.207%	$16.6M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.580	−0.174%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.940	+0.218%	$14.8M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.990	+0.273%	$7.4M	$27.5M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.848	+0.118%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.820	+0.087%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0012%	8h	91.934	+0.212%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0021%	8h	91.956	+0.235%	$104.8M	$392.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.920	+0.196%	$1.2M	$5.6M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.822	+0.089%	$973K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.821	+0.088%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.800	+0.065%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	+0.033%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.787	+0.051%	$68.1M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.827	+0.095%	$388K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.816	+0.083%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.650	−0.098%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.820	+0.087%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0072%	8h	91.815	+0.082%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0084%	8h	91.800	+0.065%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0085%	8h	91.840	+0.109%	$1.1M	$1.6M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0096%	8h	91.960	+0.240%	$22.3M	$61.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.829	+0.097%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.870	+0.142%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDTlong	+0.0100%	1h	91.740	long leg	$67K	$4K	50x
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.830	+0.098%	$916	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.799	+0.064%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.872	+0.144%	$418K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.797	+0.062%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.816	+0.083%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0347%	1h	91.724	−0.017%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.676%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0731%	1h	91.810	+0.076%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	+0.119%	$51K	$276K	10x	as long as short