Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.014%

Price spread now: Variational Omni against Ondo Perps+0.088%7-day average +0.149% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 7 days+0.032%+$3 · spread now +0.088%, 7d avg +0.149%

Together, before fees−0.027%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.061% cheaper against Ondo Perps than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.149%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps CRCL-USD.P	90.790	0.0050	pay 0.0006% / 1h	24m 11s	$999K	$5.2M	10x
Short	Variational Omni CRCL	90.870	0	get 0.0000% / 8h	2h 24m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo 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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.088%Rate

Funding earned: −$10.58
Price spread: +0.088% → +0.149%: −$6.08
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$21.67
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 5 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	3.46 bp	doesn't fit	16.1 bp −$161	doesn't fit	doesn't fit

Ondo 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	−0.0984%	8h	91.060	+0.297%	$16.7M	$36.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	90.620	−0.187%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.980	+0.209%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.020	+0.253%	$7.6M	$27.4M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	90.870	+0.088%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	90.990	+0.220%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	90.944	+0.170%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	90.931	+0.156%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0024%	8h	90.960	+0.187%	$103.4M	$395.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.981	+0.210%	$971K	$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	90.955	+0.182%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.900	+0.121%	$92K	$290K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.897	+0.118%	$67.9M	$43.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.943	+0.169%	$381K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.889	+0.109%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.Plong	+0.0050%	1h	90.790	long leg	$999K	$5.2M	10x
QFEX CRCL-USD	+0.0054%	1h	90.910	+0.132%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	90.700	−0.099%	$883K	$598K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0091%	8h	90.893	+0.113%	$418	$905	5x	as long as short
BloFin CRCL-USDT	+0.0092%	8h	90.870	+0.088%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	90.855	+0.071%	$133K	$161K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.950	+0.176%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.750	−0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.930	+0.154%	$907	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.951	+0.177%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0105%	8h	91.230	+0.484%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0112%	8h	90.990	+0.220%	$22.0M	$62.0M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	90.910	+0.132%	$414K	$294K	10x	as long as short
edgeX CRCLUSDC	+0.0136%	4h	90.812	+0.024%	$52K	$277K	10x	as long as short
Lighter CRCL	+0.0208%	1h	90.988	+0.218%	$2.9M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.148	+0.394%	$27K	$82K	10x	as long as short
Nado CRCL-PERP	+0.0299%	1h	90.900	+0.121%	$132K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0300%	1h	90.950	+0.176%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.650	+0.947%	$5K	$19K	30x	as long as short