Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h +0.001%

Price spread now: Pacifica against Variational Omni−0.151%7-day average −0.018% · you buy dearer than you sell

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

Long on Variational Omni Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.101%+$10 on $10k

Price spread, last 4 days (all we have)+0.310%+$31 · spread now −0.151%, 7d avg −0.018%

Together, before fees+0.411%+ Points / potential airdropVariational Omni: Active · Pacifica: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Pacifica is 0.133% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.151% now, against its 7-day average of −0.018%). If the spread goes back, that is −$13 on $10k: about 9.1 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.859	0.0051	pay 0.0051% / 8h	1h 01m	$2.4M	$3.2M	—
Short	Pacifica CRCL	91.721	0.0100	get 0.0013% / 1h	1m 46s	$134K	$159K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PacificabpOrdersPrice spread, now −0.151%Rate

Funding earned: $10.27
Price spread: −0.151% → −0.018%: −$13.29
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$11.02
Costs to cover: 0.080%
Break-even: 14.5 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Pacifica: live order book, 22 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 Variational Omni RFQ quote, 2 min ago	3.46 bp	doesn't fit	18.3 bp −$183	doesn't fit	doesn't fit
Sell Pacifica live order book, 22 min ago	9.82 bp	26.6 bp −$27	doesn't fit	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	−0.0351%	8h	91.780	−0.086%	$17.6M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.450	−0.445%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.750	−0.119%	$7.8M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.720	−0.151%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0005%	8h	91.570	−0.315%	$14.7M	$26.7M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.671	−0.205%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.740	−0.129%	$95K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.678	−0.197%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.610	−0.271%	$1.1M	$5.3M	10x	as long as short
Variational Omni CRCLlong	+0.0051%	8h	91.859	long leg	$2.4M	$3.2M	—

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0056%	1h	91.749	−0.120%	$981K	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	−0.075%	$894K	$441K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.660	−0.217%	$1.3M	$1.8M	10x	as long as short
Pacifica CRCLshort	+0.0100%	1h	91.721	−0.151%	$134K	$159K	10x
KuCoin CRCLUSDTM	+0.0100%	8h	91.710	−0.162%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.690	−0.184%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.690	−0.184%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.702	−0.171%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0111%	1h	91.670	−0.206%	$67.8M	$44.2M	10x	as long as short
Aster CRCLUSDT	+0.0135%	8h	91.740	−0.130%	$1.0M	$5.1M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0149%	1h	91.672	−0.203%	$384K	$1.3M	10x	as long as short
Binance CRCLUSDT	+0.0150%	8h	91.729	−0.142%	$105.0M	$397.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0152%	1h	91.685	−0.189%	$1.0M	$5.0M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0187%	8h	91.669	−0.206%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0224%	8h	91.834	−0.027%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0233%	8h	91.550	−0.336%	$22.3M	$62.1M	50x	as long as short
Phoenix CRCL	+0.0245%	1h	91.776	−0.090%	$27K	$82K	10x	as long as short
BloFin CRCL-USDT	+0.0268%	8h	91.810	−0.053%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.700	−0.173%	$418K	$266K	10x	as long as short
Lighter CRCL	+0.0304%	1h	91.742	−0.127%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0352%	4h	91.819	−0.043%	$52K	$277K	10x	as long as short
Nado CRCL-PERP	+0.0429%	1h	91.616	−0.265%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.448%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0514%	1h	91.680	−0.195%	$5K	$769K	10x	as long as short