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: Phemex against Vest+0.191%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 Phemex

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. Phemex is 0.191% dearer against Vest than usual: you sell high and buy low (spread +0.191% now, against zero (this spread has no 7-day history yet)): +$19 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest CRCL-USD-PERP	94.070	0.0046	pay 0.0006% / 1h	48m 45s	—	$45K	25x
Short	Phemex CRCLUSDT	94.250	0	get 0.0000% / 4h	3h 48m	$1.0M	$52K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.191%Rate

Funding earned: −$9.59
Price spread: +0.191% → 0.000%: $19.13
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$4.46
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago	1.59 bp	48.7 bp −$49	doesn't fit	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.200	+0.138%	$942K	$725K	10x	as long as short
tradeXYZ xyz:CRCL	−0.0010%	1h	94.154	+0.089%	$71.6M	$42.3M	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.250	+0.191%	$15.5M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.250	+0.191%	$7.2M	$26.9M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.250	+0.191%	$1.0M	$52K	10x
Lighter RH CRCL	+0.0032%	1h	94.257	+0.199%	$890K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.140	+0.074%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERPlong	+0.0046%	1h	94.070	long leg	—	$45K	25x
Aftermath Perps CRCLUSD	+0.0047%	1h	94.271	+0.214%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.143	+0.078%	$365K	$1.1M	10x	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	94.143	+0.078%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.120	+0.053%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.195	+0.133%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.300	+0.244%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.210	+0.149%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.190	+0.128%	$939	$3K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	94.348	+0.295%	$70K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.243	+0.184%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0111%	8h	94.241	+0.182%	$773	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0158%	8h	94.240	+0.181%	$22.8M	$60.3M	50x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.210	+0.149%	$2.5M	$3.1M	—	as long as short
Bitget CRCLUSDT	+0.0185%	8h	94.240	+0.181%	$16.9M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0214%	1h	94.070	−0.001%	$131K	$76K	3x	as long as short
Binance CRCLUSDT	+0.0228%	8h	94.260	+0.202%	$109.2M	$389.4M	50x	as long as short
Aster CRCLUSDT	+0.0232%	8h	94.248	+0.190%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.242	+0.183%	$1.1M	$4.1M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.366	+0.315%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0312%	1h	94.274	+0.217%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0352%	8h	94.220	+0.159%	$1.1M	$559K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.570	+0.532%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.220	+0.159%	$96K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.210	+0.149%	$430K	$303K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0707%	1h	94.170	+0.106%	$4K	$772K	10x	as long as short
edgeX CRCLUSDC	+0.0861%	4h	94.390	+0.340%	$24K	$268K	10x	as long as short