Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0077%/8hpaid last 24h +0.009%

Price spread now: Vest against Variational Omni+0.069%7-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 Vest

What this pair did over the last

the charts below follow

Funding, last 3 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 · Vest: Active · farm boardneeds both histories

The price spread pays, funding is against you. Vest is 0.069% dearer against Variational Omni than usual: you sell high and buy low (spread +0.069% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	94.715	0.0123	pay 0.0123% / 8h	4h 23m	$2.5M	$3.2M	—
Short	Vest CRCL-USD-PERP	94.780	0.0046	get 0.0006% / 1h	23m 53s	—	$45K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.069%Rate

Funding earned: −$16.15
Price spread: +0.069% → 0.000%: $6.91
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Vest: 1 bp × 2 orders: −$2
Net: −$11.24
Costs to cover: 0.020%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Vest: 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, 4 min ago	3.42 bp	doesn't fit	16.7 bp −$167	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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
Gate CRCL_USDT	0.0000%	8h	94.830	+0.122%	$7.2M	$26.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.820	+0.111%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.850	+0.143%	$816K	$2.8M	10x	as long as short
Vest CRCL-USD-PERPshort	+0.0046%	1h	94.780	+0.069%	—	$45K	25x
Polymarket Perps CRCL-USD	+0.0050%	1h	94.832	+0.124%	$357K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.826	+0.118%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.500	−0.226%	$1.1M	$5.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	94.850	+0.143%	$1.4M	$2.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0076%	1h	94.745	+0.032%	$71.1M	$41.2M	10x	as long as short
Bybit CRCLUSDT	+0.0086%	8h	94.840	+0.132%	$15.5M	$25.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CRCL-USD-PERP	+0.0099%	8h	94.874	+0.169%	$721	$428	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.820	+0.111%	$78K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.420	−0.311%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.830	+0.122%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.848	+0.141%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0114%	8h	94.470	−0.258%	$48K	$1.2M	10x	as long as short
Variational Omni CRCLlong	+0.0123%	8h	94.715	long leg	$2.5M	$3.2M	—
KuCoin CRCLUSDTM	+0.0141%	8h	94.820	+0.111%	$2.9M	$1.7M	20x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.790	+0.080%	$947K	$730K	10x	as long as short
Phoenix CRCL	+0.0162%	1h	94.463	−0.266%	$28K	$92K	10x	as long as short
Aster CRCLUSDT	+0.0164%	8h	94.851	+0.144%	$1.1M	$4.7M	20x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.834	+0.126%	$1.2M	$3.5M	10x	as long as short
Binance CRCLUSDT	+0.0171%	8h	94.840	+0.132%	$108.9M	$376.6M	50x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.870	+0.164%	$421K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0278%	1h	94.820	+0.111%	$4K	$802K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0290%	8h	94.840	+0.132%	$23.0M	$59.4M	50x	as long as short
BloFin CRCL-USDT	+0.0291%	8h	94.890	+0.185%	$1.1M	$576K	20x	as long as short
Lighter CRCL	+0.0312%	1h	94.874	+0.168%	$3.0M	$2.1M	10x	as long as short
Nado CRCL-PERP	+0.0320%	1h	94.788	+0.078%	$132K	$67K	3x	as long as short
Aftermath Perps CRCLUSD	+0.0358%	1h	94.603	−0.118%	$2K	$16K	5x	as long as short
Bitget CRCLUSDT	+0.0413%	8h	94.790	+0.080%	$17.0M	$34.3M	25x	as long as short
edgeX CRCLUSDC	+0.0439%	4h	94.649	−0.069%	$24K	$265K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.200	+0.513%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.850	+0.143%	$102K	$257K	10x	as long as short