Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h +0.003%

Price spread now: Variational Omni against SoDEX+0.042%7-day average — · you sell dearer than you buy

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

Long on SoDEX 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 0.042% dearer against SoDEX than usual: you sell high and buy low (spread +0.042% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX CRCL-USD	91.852	0.0050	pay 0.0006% / 1h	36m 34s	$46K	$3K	10x
Short	Variational Omni CRCL	91.891	0.0004	get 0.0004% / 8h	6h 36m	$2.5M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. 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 SoDEXbpFee Variational OmnibpOrdersPrice spread, now +0.042%Rate

Funding earned: −$9.56
Price spread: +0.042% → 0.000%: $4.22
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$13.34
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SoDEX: 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 SoDEX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	3.46 bp	doesn't fit	11.5 bp −$115	doesn't fit	doesn't fit

SoDEX: 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	−0.0361%	8h	92.120	+0.292%	$16.0M	$35.3M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.650	−0.220%	$912K	$584K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.990	+0.150%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.017	+0.180%	$420K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.100	+0.270%	$7.2M	$26.4M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.790	−0.068%	$61K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.860	+0.009%	$1.0M	$49K	10x	as long as short
Variational Omni CRCLshort	+0.0004%	8h	91.891	+0.042%	$2.5M	$3.2M	—
Vest CRCL-USD-PERP	+0.0005%	1h	91.710	−0.155%	—	$37K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0026%	1h	91.985	+0.145%	$2K	$22K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.984	+0.144%	$978K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.900	+0.052%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.944	+0.100%	$69.3M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.919	+0.073%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USDlong	+0.0050%	1h	91.852	long leg	$46K	$3K	10x
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.850	−0.002%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	92.000	+0.161%	$1.3M	$2.4M	10x	as long as short
Binance CRCLUSDT	+0.0078%	8h	91.980	+0.139%	$105.0M	$393.6M	50x	as long as short
OKX CRCL-USDT-SWAP	+0.0078%	8h	92.030	+0.194%	$21.7M	$60.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.989	+0.149%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0081%	8h	91.997	+0.158%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0084%	8h	92.039	+0.203%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.980	+0.139%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.020	+0.183%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.780	−0.078%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.850	−0.002%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.861	+0.010%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0181%	1h	91.942	+0.098%	$131K	$103K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0186%	1h	91.860	+0.009%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0200%	1h	92.015	+0.177%	$3.0M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.520%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	91.730	−0.133%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.455%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0565%	4h	91.735	−0.127%	$23K	$267K	10x	as long as short