Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0440%/8h= +48.2% APRpaid last 24h +0.103%

Price spread now: Injective against Variational Omni+0.384%91s7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Injective is 0.384% dearer against Variational Omni than usual: you sell high and buy low: +$38 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 91 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	Variational Omni CRCL	91.369	0	get 0.0000% / 8h	1h 27m	$2.4M	$3.2M	—
Short	Injective CRCL/USDC PERP	91.720	0.0440	get 0.0055% / 1h	27m 52s	$5K	$19K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now +0.384%Rate

Funding earned: $92.4
Price spread: +0.384% → 0.000%: $38.41
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $130.79
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Injective: no order-book sample. 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 Variational Omni RFQ quote, 1 min ago	3.46 bp	doesn't fit	19.2 bp −$192	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0704%	8h	91.520	+0.165%	$17.5M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.130	−0.262%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.480	+0.121%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.470	+0.111%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.369	long leg	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.380	+0.012%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.438	+0.076%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.306	−0.069%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.340	−0.032%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.403	+0.037%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.240	−0.141%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.185%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.400	+0.034%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0072%	1h	91.373	+0.004%	$67.6M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0087%	8h	91.498	+0.141%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.332	−0.040%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.370	+0.001%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.290	−0.086%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.380	+0.012%	$911	$2K	10x	as long as short
Binance CRCLUSDT	+0.0100%	8h	91.470	+0.111%	$104.5M	$397.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.393	+0.026%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.415	+0.050%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0128%	1h	91.390	+0.023%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0155%	8h	91.387	+0.020%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	+0.022%	$67K	$1.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.390	+0.023%	$5K	$769K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0198%	8h	91.480	+0.121%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0220%	8h	91.410	+0.045%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.232	−0.150%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.400	+0.034%	$416K	$268K	10x	as long as short
Lighter CRCL	+0.0280%	1h	91.430	+0.067%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0405%	1h	91.352	−0.019%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	91.720	+0.384%	$5K	$19K	30x
edgeX CRCLUSDC	+0.0857%	4h	91.319	−0.055%	$52K	$278K	10x	as long as short