Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.049%

Price spread now: Variational Omni against Arcus+0.118%7-day average +0.067% · you sell dearer than you buy

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

Long on Arcus Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.101%−$10 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now +0.118%, 7d avg +0.067%

Together, before fees−0.071%+ Points / potential airdropVariational Omni: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.050% dearer against Arcus than usual: you sell high and buy low (spread +0.118% now, against its 7-day average of +0.067%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.2 days. At the pace of the last 3 days (−0.101% in total) that is about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus CRCL-USD	91.830	0.0040	pay 0.0005% / 1h	17m 10s	$93K	$273K	10x
Short	Variational Omni CRCL	91.938	0	get 0.0000% / 8h	6h 17m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Arcus. 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 ArcusbpFee Variational OmnibpOrdersPrice spread, now +0.118%Rate

Funding earned: −$8.46
Price spread: +0.118% → +0.067%: $5.05
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7.91
Costs to cover: 0.045%
Break-even: from the start

Slippage unknown: Arcus: live order book, 51 min ago; 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 Arcus live order book, 51 min ago	3.19 bp	11.0 bp −$11	13.9 bp −$139	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.46 bp	doesn't fit	10.9 bp −$109	doesn't fit	doesn't fit

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
Bitget CRCLUSDT	−0.0806%	8h	91.970	+0.152%	$16.0M	$35.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0039%	1h	91.670	−0.174%	—	$40K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.700	−0.142%	$913K	$580K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.960	+0.142%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.933	+0.112%	$420K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.990	+0.174%	$7.1M	$26.8M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.938	+0.118%	$2.4M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	−0.109%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.980	+0.163%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.872	+0.046%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.970	+0.152%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USDlong	+0.0040%	1h	91.830	long leg	$93K	$273K	10x
Extended CRCL_24_5-USD	+0.0048%	1h	91.896	+0.072%	$1.1M	$5.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.865	+0.038%	$69.0M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.862	+0.035%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.895	+0.071%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.730	−0.109%	$999K	$5.5M	10x	as long as short
Binance CRCLUSDT	+0.0051%	8h	91.953	+0.134%	$104.9M	$394.1M	50x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.920	+0.098%	$1.3M	$2.3M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0057%	8h	91.940	+0.120%	$21.8M	$60.3M	50x	as long as short
Aster CRCLUSDT	+0.0060%	8h	91.937	+0.117%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0074%	8h	91.964	+0.146%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.977	+0.160%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.980	+0.163%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	−0.120%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.900	+0.076%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.923	+0.101%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0153%	1h	91.894	+0.070%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	91.930	+0.109%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0200%	1h	91.980	+0.163%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.850	+0.022%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.730%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	−0.134%	$23K	$268K	10x	as long as short