Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h −0.030%

Price spread now: Variational Omni against Phoenix+0.096%54s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.096% dearer against Phoenix than usual: you sell high and buy low (spread +0.096% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 33 hours. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix CRCL	91.850	0.0231	pay 0.0029% / 1h	16m 26s	$27K	$92K	10x
Short	Variational Omni CRCL	91.938	0	get 0.0000% / 8h	6h 16m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now +0.096%Rate

Funding earned: −$48.5
Price spread: +0.096% → 0.000%: $9.58
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$45.92
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 3 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 Phoenix no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	3.46 bp	doesn't fit	10.9 bp −$109	doesn't fit	doesn't fit

Phoenix: 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 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	−0.0822%	8h	92.070	+0.240%	$16.0M	$35.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0041%	1h	91.770	−0.087%	—	$40K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.700	−0.163%	$913K	$580K	10x	as long as short
Gate CRCL_USDT	−0.0004%	8h	92.060	+0.229%	$7.1M	$26.8M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.980	+0.142%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.950	+0.109%	$420K	$299K	10x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.938	+0.096%	$2.4M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	91.730	−0.131%	$69K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.980	+0.142%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.905	+0.059%	$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	92.001	+0.164%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	+0.011%	$93K	$273K	10x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	91.926	+0.083%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0050%	8h	91.950	+0.109%	$104.8M	$394.2M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.944	+0.102%	$69.1M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.956	+0.115%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.895	+0.049%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.730	−0.131%	$999K	$5.5M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0057%	8h	91.960	+0.120%	$21.8M	$60.4M	50x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.950	+0.109%	$1.3M	$2.3M	10x	as long as short
Aster CRCLUSDT	+0.0059%	8h	91.982	+0.143%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0073%	8h	91.981	+0.142%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.992	+0.155%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.990	+0.152%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.720	−0.142%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.940	+0.098%	$917	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.923	+0.079%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0153%	1h	91.935	+0.092%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	91.930	+0.087%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0200%	1h	91.984	+0.146%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCLlong	+0.0231%	1h	91.850	long leg	$27K	$92K	10x
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.708%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0678%	4h	91.707	−0.156%	$23K	$268K	10x	as long as short