Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1701%/8h= −186.3% APRpaid last 24h −0.083%

Price spread now: Variational Omni against Deribit−0.066%7-day average +0.013% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.206%−$21 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.066%, 7d avg +0.013%

Together, before fees−0.138%+ Points / potential airdropVariational Omni: Active · farm board−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$51 a day on $10k at the current rate, and Variational Omni is 0.080% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.206% in total (about -20.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	91.850	0.1714	pay 0.0214% / 1h	17m 14s	$5K	$769K	10x
Short	Variational Omni CRCL	91.789	0.0013	get 0.0013% / 8h	1h 17m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.066%Rate

Funding earned: −$357.22
Price spread: −0.066% → +0.013%: −$7.97
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$372.19
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 27 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 Deribit live order book, 27 min ago	6.02 bp	9.5 bp −$10	13.6 bp −$136	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.46 bp	doesn't fit	10.5 bp −$105	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	−0.0540%	8h	91.860	+0.011%	$17.6M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0082%	1h	91.550	−0.327%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.790	−0.065%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.820	−0.033%	$7.8M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.800	−0.054%	$1.0M	$48K	10x	as long as short
Variational Omni CRCLshort	+0.0013%	8h	91.789	−0.066%	$2.4M	$3.2M	—
Aftermath Perps CRCLUSD	+0.0039%	1h	91.726	−0.135%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.720	−0.142%	$94K	$292K	10x	as long as short
Lighter RH CRCL	+0.0048%	1h	91.806	−0.048%	$981K	$2.7M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.772	−0.085%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.670	−0.196%	$1.1M	$5.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	−0.065%	$894K	$616K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.750	−0.109%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0096%	1h	91.729	−0.132%	$67.9M	$44.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.780	−0.076%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.710	−0.152%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	−0.152%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.780	−0.076%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.773	−0.084%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0110%	8h	91.769	−0.088%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	91.765	−0.093%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0122%	8h	91.790	−0.065%	$104.9M	$398.2M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0137%	1h	91.799	−0.056%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0174%	8h	91.774	−0.082%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0201%	8h	91.760	−0.098%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0216%	8h	91.820	−0.033%	$22.3M	$62.9M	50x	as long as short
BloFin CRCL-USDT	+0.0242%	8h	91.820	−0.033%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.779	−0.077%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0267%	4h	91.778	−0.078%	$52K	$278K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.812	−0.041%	$418K	$268K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.803	−0.051%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0415%	1h	91.603	−0.269%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.210	+0.392%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.1714%	1h	91.850	long leg	$5K	$769K	10x