Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.029%

Price spread now: Phemex against Variational Omni+0.034%7-day average −0.009% · you sell dearer than you buy

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.034%, 7d avg −0.009%

Together, before fees−0.033%+ Points / potential airdropVariational Omni: Active · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.043% dearer against Variational Omni than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.309	0	get 0.0000% / 8h	1h 41m	$2.4M	$3.2M	—
Short	Phemex CRCLUSDT	91.340	0	get 0.0000% / 4h	1h 41m	$1.0M	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0
Price spread: +0.034% → −0.009%: $4.28
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$7.72
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Phemex: live order book, 1 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	18.5 bp −$185	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.64 bp	39.5 bp −$40	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	−0.0721%	8h	91.470	+0.176%	$17.4M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0085%	1h	91.070	−0.262%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.370	+0.067%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.410	+0.111%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.309	long leg	$2.4M	$3.2M	—
Phemex CRCLUSDTshort	0.0000%	4h	91.340	+0.034%	$1.0M	$48K	10x
Arcus CRCL-USD	+0.0040%	1h	91.330	+0.023%	$93K	$289K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.298	−0.013%	$2K	$27K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.323	+0.015%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	+0.001%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.310	+0.001%	$889K	$604K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.350	+0.045%	$1.3M	$1.8M	10x	as long as short
Lighter RH CRCL	+0.0072%	1h	91.359	+0.055%	$976K	$2.7M	10x	as long as short
Aster CRCLUSDT	+0.0080%	8h	91.378	+0.076%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0093%	8h	91.361	+0.057%	$104.5M	$397.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0096%	1h	91.341	+0.035%	$1.0M	$5.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.330	+0.023%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.340	+0.034%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.350	+0.045%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.330	+0.023%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.350	+0.044%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0117%	1h	91.279	−0.033%	$67.6M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0152%	1h	91.314	+0.005%	$382K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0168%	8h	91.322	+0.014%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0181%	8h	91.343	+0.037%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0189%	8h	91.410	+0.111%	$22.2M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0212%	8h	91.360	+0.056%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.381	+0.079%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.368	+0.064%	$416K	$268K	10x	as long as short
Lighter CRCL	+0.0304%	1h	91.363	+0.059%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0407%	1h	91.330	+0.023%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0430%	1h	91.270	−0.043%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.800	+0.538%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0765%	4h	91.348	+0.042%	$52K	$278K	10x	as long as short