Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.002%

Price spread now: Variational Omni against tradeXYZ−0.033%7-day average +0.062% · you buy dearer than you sell

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.042%−$4 on $10k

Price spread, last 7 days+0.126%+$13 · spread now −0.033%, 7d avg +0.062%

Together, before fees+0.084%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board+$8 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 0.095% cheaper against tradeXYZ than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.062%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:CRCL	91.879	0.0050	pay 0.0006% / 1h	37m 14s	$68.2M	$41.7M	10x
Short	Variational Omni CRCL	91.849	0	get 0.0000% / 8h	3h 37m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now −0.033%Rate

Funding earned: −$10.5
Price spread: −0.033% → +0.062%: −$9.48
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$37.98
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 2 min ago; 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 tradeXYZ live order book, 2 min ago	1.14 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.46 bp	doesn't fit	9.7 bp −$97	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	−0.0711%	8h	92.030	+0.164%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0066%	1h	91.640	−0.260%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.000	+0.132%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.980	+0.110%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.849	−0.033%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.950	+0.077%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0012%	8h	91.950	+0.078%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.922	+0.047%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0019%	8h	91.962	+0.090%	$104.7M	$391.3M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.933	+0.059%	$2K	$25K	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	+0.0040%	1h	91.974	+0.103%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	−0.032%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	+0.012%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCLlong	+0.0050%	1h	91.879	long leg	$68.2M	$41.7M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	91.840	−0.042%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.922	+0.047%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.217%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.910	+0.034%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0074%	8h	91.870	−0.009%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0075%	8h	91.920	+0.045%	$1.1M	$1.6M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0084%	8h	92.010	+0.143%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.891	+0.013%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.910	+0.034%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.770	−0.119%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.930	+0.056%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.965	+0.093%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.894	+0.017%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0133%	8h	91.891	+0.013%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.828	−0.056%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.980	+0.110%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0375%	1h	91.826	−0.058%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.390	+0.556%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0839%	1h	91.960	+0.088%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0938%	4h	91.865	−0.015%	$51K	$276K	10x	as long as short