Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.011%

Price spread now: Vest against GRVT−0.425%7-day average — · you buy dearer than you sell

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

Long on GRVT 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 airdropGRVT: Active · Vest: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Vest is 0.425% cheaper against GRVT than usual: you would sell low and buy high (−$42 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT CRCL_USDT_Perp	92.212	0	get 0.0000% / 8h	5h 05m	$68K	$1.1M	10x
Short	Vest CRCL-USD-PERP	91.820	−0.0075	pay 0.0009% / 1h	5m 06s	—	$31K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against GRVT. 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 GRVTbpFee VestbpOrdersPrice spread, now −0.425%Rate

Funding earned: −$15.69
Price spread: −0.425% → 0.000%: −$42.49
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Vest: 1 bp × 2 orders: −$2
Net: −$69.18
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 3 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 GRVT live order book, 3 min ago	0.54 bp	9.0 bp −$9	18.0 bp −$180	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
Bitget CRCLUSDT	−0.1037%	8h	92.020	−0.208%	$16.1M	$34.7M	25x	as long as short
Vest CRCL-USD-PERPshort	−0.0075%	1h	91.820	−0.425%	—	$31K	25x
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.080	−0.143%	$908K	$501K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.978	−0.254%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.013	−0.216%	$105.1M	$386.4M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.000	−0.230%	$15.2M	$26.0M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.025	−0.203%	$420K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.080	−0.143%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.967	−0.265%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perplong	0.0000%	8h	92.212	long leg	$68K	$1.1M	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	92.060	−0.165%	$1.0M	$49K	10x	as long as short
Aster CRCLUSDT	+0.0003%	8h	92.019	−0.209%	$1.1M	$5.0M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0007%	8h	91.990	−0.241%	$21.6M	$59.8M	50x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.970	−0.262%	$1.3M	$2.1M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	92.031	−0.196%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.011	−0.218%	$976K	$2.9M	10x	as long as short
BloFin CRCL-USDT	+0.0040%	8h	91.970	−0.262%	$1.1M	$1.3M	20x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.040	−0.186%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.956	−0.277%	$68.5M	$41.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.957	−0.276%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.972	−0.260%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.960	−0.273%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0083%	8h	91.986	−0.245%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.993	−0.237%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.020	−0.208%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.140	−0.078%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.000	−0.230%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.971	−0.262%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	92.176	−0.039%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0216%	1h	92.013	−0.216%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0221%	1h	91.979	−0.253%	$131K	$104K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0294%	1h	91.970	−0.262%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.345%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0528%	4h	92.093	−0.129%	$23K	$249K	10x	as long as short