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: tradeXYZ against Variational Omni−0.010%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 Variational Omni Short on tradeXYZ

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−0.084%−$8 · spread now −0.010%, 7d avg −0.062%

Together, before fees−0.042%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and tradeXYZ is 0.052% dearer against Variational Omni than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.849	0	get 0.0000% / 8h	3h 38m	$2.4M	$3.2M	—
Short	tradeXYZ xyz:CRCL	91.840	0.0050	get 0.0006% / 1h	38m 06s	$68.2M	$41.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.010%Rate

Funding earned: $10.5
Price spread: −0.010% → −0.062%: $5.23
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$2.27
Costs to cover: 0.180%
Break-even: 8.5 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; tradeXYZ: live order book, 11 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, 1 min ago	3.46 bp	doesn't fit	18.0 bp −$180	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 11 min ago	0.60 bp	10.4 bp −$10	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	−0.0711%	8h	91.970	+0.132%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.640	−0.227%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.950	+0.110%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.000	+0.164%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.849	long leg	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.840	−0.010%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	91.952	+0.113%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.914	+0.071%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0017%	8h	91.920	+0.077%	$104.7M	$391.3M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.905	+0.061%	$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	91.941	+0.100%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.840	−0.010%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	+0.045%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCLshort	+0.0050%	1h	91.840	−0.010%	$68.2M	$41.7M	10x
Polymarket Perps CRCL-USD	+0.0050%	1h	91.870	+0.023%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.880	+0.034%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.184%	$1.0M	$5.1M	10x	as long as short
BloFin CRCL-USDT	+0.0059%	8h	91.890	+0.045%	$1.1M	$1.6M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.880	+0.034%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0065%	8h	91.870	+0.023%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0081%	8h	91.940	+0.099%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.892	+0.046%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.900	+0.056%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	+0.077%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.900	+0.056%	$916	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.906	+0.062%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.887	+0.042%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0134%	8h	91.854	+0.006%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.905	+0.061%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.951	+0.111%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0376%	1h	91.766	−0.091%	$134K	$106K	3x	as long as short
edgeX CRCLUSDC	+0.0426%	4h	91.799	−0.054%	$51K	$275K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.290	+0.480%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0839%	1h	91.950	+0.110%	$4K	$768K	10x	as long as short