Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0155%/8h= +17.0% APRpaid last 24h +0.042%

Price spread now: Variational Omni against Phemex−0.055%7-day average +0.008% · you buy dearer than you sell

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now −0.055%, 7d avg +0.008%

Together, before fees+0.106%+ Points / potential airdropVariational Omni: Active · farm board+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.063% cheaper against Phemex than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of +0.008%). If the spread goes back, that is −$6 on $10k: about 32 hours of funding at the current rate (+$5 a day). At the pace of the last 4 days (+0.021% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.240	0	get 0.0000% / 4h	3h 37m	$1.0M	$47K	10x
Short	Variational Omni CRCL	91.190	0.0155	get 0.0155% / 8h	7h 37m	$2.4M	$3.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. 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 PhemexbpFee Variational OmnibpOrdersPrice spread, now −0.055%Rate

Funding earned: $32.58
Price spread: −0.055% → +0.008%: −$6.29
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $14.3
Costs to cover: 0.120%
Break-even: 3.9 days

Slippage unknown: Phemex: live order book, just now; 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 Phemex live order book, just now	4.93 bp	41.7 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.47 bp	doesn't fit	13.7 bp −$137	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	−0.0104%	8h	91.230	−0.011%	$17.3M	$36.3M	25x	as long as short
Vest CRCL-USD-PERP	−0.0095%	1h	90.960	−0.307%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.190	−0.055%	$14.9M	$26.5M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.240	long leg	$1.0M	$47K	10x
Gate CRCL_USDT	+0.0016%	8h	91.240	0.000%	$7.8M	$26.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.190	−0.055%	$982K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	−0.055%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.175	−0.072%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.170	−0.077%	$95K	$285K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.103	−0.150%	$67.1M	$44.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	91.126	−0.125%	$376K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.150	−0.099%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.030	−0.230%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.150	−0.099%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.200	−0.044%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.240	0.000%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.160	−0.088%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.160	−0.088%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.188	−0.057%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0137%	8h	91.162	−0.086%	$419	$766	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	91.220	−0.022%	$62K	$1.1M	10x	as long as short
Variational Omni CRCLshort	+0.0155%	8h	91.190	−0.055%	$2.4M	$3.3M	—
Aster CRCLUSDT	+0.0215%	8h	91.181	−0.065%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0224%	1h	91.194	−0.050%	$2.9M	$2.1M	10x	as long as short
Binance CRCLUSDT	+0.0231%	8h	91.160	−0.088%	$104.8M	$387.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	91.156	−0.092%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.200	−0.044%	$27K	$66K	10x	as long as short
edgeX CRCLUSDC	+0.0262%	4h	91.189	−0.056%	$52K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0296%	8h	91.200	−0.044%	$22.3M	$61.5M	50x	as long as short
BloFin CRCL-USDT	+0.0351%	8h	91.200	−0.044%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0373%	1h	91.109	−0.144%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.019%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.204	−0.039%	$412K	$258K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0518%	1h	91.170	−0.077%	$5K	$769K	10x	as long as short