Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.019%

Price spread now: Vest against Phemex−0.074%7-day average — · you buy dearer than you sell

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

Long on Phemex 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 airdropVest: Active · farm boardneeds both histories

Funding pays, the price is against you. Vest is 0.074% cheaper against Phemex than usual: you would sell low and buy high (spread −0.074% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 5.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.330	0	get 0.0000% / 4h	3h 52m	$1.0M	$52K	10x
Short	Vest CRCL-USD-PERP	94.260	0.0046	get 0.0006% / 1h	52m 44s	—	$45K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against Phemex. 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 PhemexbpFee VestbpOrdersPrice spread, now −0.074%Rate

Funding earned: $9.59
Price spread: −0.074% → 0.000%: −$7.42
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: −$11.83
Costs to cover: 0.140%
Break-even: 15.6 days

Slippage unknown: Phemex: live order book, 5 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 Phemex live order book, 5 min ago	2.64 bp	44.7 bp −$45	doesn't fit	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
tradeXYZ xyz:CRCL	−0.0177%	1h	94.118	−0.225%	$71.6M	$42.1M	10x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.290	−0.042%	$943K	$726K	10x	as long as short
Polymarket Perps CRCL-USD	−0.0015%	1h	94.223	−0.113%	$365K	$1.1M	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.280	−0.053%	$15.6M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.280	−0.053%	$7.2M	$26.9M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.330	long leg	$1.0M	$52K	10x
Lighter RH CRCL	+0.0032%	1h	94.241	−0.094%	$890K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.190	−0.148%	$1.3M	$2.7M	10x	as long as short
Vest CRCL-USD-PERPshort	+0.0046%	1h	94.260	−0.074%	—	$45K	25x
Aftermath Perps CRCLUSD	+0.0049%	1h	94.455	+0.132%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	94.296	−0.036%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.290	−0.042%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.190	−0.148%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.280	−0.053%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.530	+0.212%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.320	−0.011%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.493	+0.173%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0114%	8h	94.204	−0.133%	$772	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0157%	8h	94.270	−0.064%	$22.8M	$60.3M	50x	as long as short
Variational Omni CRCL	+0.0187%	8h	94.512	+0.193%	$2.5M	$3.1M	—	as long as short
Nado CRCL-PERP	+0.0222%	1h	94.246	−0.089%	$132K	$76K	3x	as long as short
Binance CRCLUSDT	+0.0239%	8h	94.250	−0.085%	$109.2M	$389.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	94.245	−0.090%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0240%	8h	94.278	−0.055%	$1.1M	$4.9M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0249%	8h	94.620	+0.307%	$55K	$1.1M	10x	as long as short
Bitget CRCLUSDT	+0.0251%	8h	94.320	−0.011%	$16.9M	$35.2M	25x	as long as short
Phoenix CRCL	+0.0296%	1h	94.366	+0.038%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.243	−0.092%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0362%	8h	94.320	−0.011%	$1.1M	$585K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.960	+0.668%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.410	+0.085%	$97K	$276K	10x	as long as short
edgeX CRCLUSDC	+0.0597%	4h	94.645	+0.334%	$24K	$267K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.323	−0.008%	$430K	$303K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0705%	1h	94.330	0.000%	$4K	$772K	10x	as long as short