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: Bybit against Vest+0.223%7-day average — · you sell dearer than you buy

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

Long on Vest Short on Bybit

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

The price spread pays, funding is against you. Bybit is 0.223% dearer against Vest than usual: you sell high and buy low (spread +0.223% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest CRCL-USD-PERP	94.330	0.0046	pay 0.0006% / 1h	54m 05s	—	$45K	25x
Short	Bybit CRCLUSDT	94.540	0	get 0.0000% / 8h	7h 54m	$15.6M	$25.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Vest. 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 VestbpFee BybitbpOrdersPrice spread, now +0.223%Rate

Funding earned: −$9.59
Price spread: +0.223% → 0.000%: $22.26
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$0.33
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Vest: no order-book sample; Bybit: live order book, 5 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 Vest no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.53 bp	9.8 bp −$10	24.3 bp −$243	doesn't fit	doesn't fit

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	−0.0287%	1h	94.425	+0.101%	$71.8M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	−0.0115%	1h	94.330	0.000%	$365K	$1.1M	10x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.290	−0.042%	$943K	$726K	10x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	94.540	+0.223%	$15.6M	$25.9M	50x
Gate CRCL_USDT	0.0000%	8h	94.510	+0.191%	$7.2M	$26.9M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.550	+0.233%	$1.0M	$52K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.509	+0.190%	$892K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.400	+0.074%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERPlong	+0.0046%	1h	94.330	long leg	—	$45K	25x
Aftermath Perps CRCLUSD	+0.0048%	1h	94.477	+0.156%	$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	94.417	+0.092%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.053%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.452	+0.129%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.550	+0.233%	$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	94.480	+0.159%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.636	+0.324%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0115%	8h	94.412	+0.087%	$774	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0159%	8h	94.480	+0.159%	$22.8M	$60.5M	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	+0.0208%	1h	94.438	+0.115%	$132K	$76K	3x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	94.500	+0.180%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0243%	8h	94.520	+0.201%	$109.4M	$389.7M	50x	as long as short
Aster CRCLUSDT	+0.0243%	8h	94.528	+0.209%	$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	+0.0273%	8h	94.530	+0.212%	$17.0M	$35.2M	25x	as long as short
Phoenix CRCL	+0.0288%	1h	94.700	+0.392%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0344%	1h	94.553	+0.236%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0364%	8h	94.320	−0.011%	$1.1M	$585K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.170	+0.890%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.500	+0.180%	$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	94.450	+0.127%	$431K	$303K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1021%	1h	94.560	+0.244%	$4K	$772K	10x	as long as short