Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0241%/8h= +26.4% APRpaid last 24h +0.032%

Price spread now: Phoenix against Variational Omni+0.009%114s7-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 Phoenix

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 114 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	91.579	0.0003	pay 0.0003% / 8h	1h 21m	$2.4M	$3.2M	—
Short	Phoenix CRCL	91.587	0.0245	get 0.0031% / 1h	21m 36s	$27K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.009%Rate

Funding earned: $50.68
Price spread: +0.009% → 0.000%: $0.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $44.56
Costs to cover: 0.070%
Break-even: 0.8 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Phoenix: 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, 3 min ago	3.46 bp	doesn't fit	22.0 bp −$220	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	−0.0615%	8h	91.820	+0.263%	$17.6M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0085%	1h	91.480	−0.108%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.820	+0.263%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.830	+0.274%	$7.8M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.710	+0.143%	$1.0M	$48K	10x	as long as short
Variational Omni CRCLlong	+0.0003%	8h	91.579	long leg	$2.4M	$3.2M	—
Lighter RH CRCL	+0.0032%	1h	91.811	+0.253%	$980K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.527	−0.057%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.610	+0.034%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.643	+0.070%	$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	91.670	+0.099%	$1.1M	$5.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.560	−0.021%	$891K	$615K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.760	+0.198%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0086%	1h	91.743	+0.179%	$67.9M	$44.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.770	+0.209%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.700	+0.132%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.560	−0.021%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.650	+0.078%	$914	$2K	10x	as long as short
Aster CRCLUSDT	+0.0103%	8h	91.736	+0.172%	$1.0M	$5.1M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.659	+0.087%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0112%	1h	91.778	+0.217%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0116%	8h	91.810	+0.252%	$104.9M	$397.6M	50x	as long as short
edgeX CRCLUSDC	+0.0127%	4h	91.661	+0.089%	$52K	$277K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0132%	1h	91.676	+0.106%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0160%	8h	91.785	+0.225%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0193%	8h	91.680	+0.110%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0209%	8h	91.800	+0.241%	$22.3M	$62.8M	50x	as long as short
BloFin CRCL-USDT	+0.0228%	8h	91.700	+0.132%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCLshort	+0.0245%	1h	91.587	+0.009%	$27K	$82K	10x
RISEx CRCL/USDC	+0.0271%	1h	91.706	+0.138%	$418K	$268K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.808	+0.250%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0399%	1h	91.696	+0.128%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.100	+0.569%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0733%	1h	91.660	+0.088%	$5K	$769K	10x	as long as short