Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.001%

Price spread now: Variational Omni against Pacifica−0.045%7-day average +0.016% · you buy dearer than you sell

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

Long on Pacifica Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.097%−$10 on $10k

Price spread, last 4 days (all we have)−0.433%−$43 · spread now −0.045%, 7d avg +0.016%

Together, before fees−0.531%+ Points / potential airdropPacifica: Active · Variational Omni: Active · farm board−$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.061% cheaper against Pacifica than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica CRCL	91.970	0.0100	pay 0.0013% / 1h	15m 01s	$135K	$159K	10x
Short	Variational Omni CRCL	91.929	0	get 0.0000% / 8h	4h 15m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Pacifica. 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 PacificabpFee Variational OmnibpOrdersPrice spread, now −0.045%Rate

Funding earned: −$21
Price spread: −0.045% → +0.016%: −$6.08
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$35.08
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 24 min ago; Variational Omni: RFQ quote, 4 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 Pacifica live order book, 24 min ago	8.19 bp	19.1 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	3.46 bp	doesn't fit	12.3 bp −$123	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	−0.0977%	8h	92.110	+0.152%	$16.5M	$35.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0070%	1h	91.730	−0.261%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.998	+0.030%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.054	+0.091%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.070	+0.109%	$104.8M	$389.8M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.090	+0.130%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.998	+0.031%	$418K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.100	+0.141%	$7.2M	$27.3M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.929	−0.045%	$2.4M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	91.967	−0.003%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.970	0.000%	$1.0M	$49K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.890	−0.087%	$907K	$491K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0028%	8h	92.080	+0.120%	$22.1M	$61.2M	50x	as long as short
QFEX CRCL-USD	+0.0028%	1h	92.000	+0.033%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.064	+0.102%	$976K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0034%	1h	91.887	−0.090%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	−0.120%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.997	+0.029%	$68.6M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.995	+0.027%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.010	+0.043%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.228%	$1.0M	$5.1M	10x	as long as short
Pacifica CRCLlong	+0.0100%	1h	91.970	long leg	$135K	$159K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	91.990	+0.022%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.850	−0.130%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.040	+0.076%	$918	$2K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0102%	8h	91.970	0.000%	$423	$905	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.040	+0.076%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	92.060	+0.098%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.825	−0.158%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0200%	1h	92.062	+0.100%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0302%	1h	91.865	−0.114%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.400	+0.468%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0693%	4h	91.892	−0.085%	$51K	$277K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0837%	1h	92.070	+0.109%	$4K	$767K	10x	as long as short