Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.016%

Price spread now: Vest against Orderly−0.447%7-day average — · you buy dearer than you sell

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

Long on Orderly 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

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Vest is 0.447% cheaper against Orderly than usual: you would sell low and buy high (−$45 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	Orderly PERP_CRCL_USDC_mythos	91.630	0.0100	pay 0.0100% / 8h	2h 10m	$914	$2K	10x
Short	Vest CRCL-USD-PERP	91.220	−0.0080	pay 0.0010% / 1h	10m 21s	—	$31K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against Orderly. 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 OrderlybpFee VestbpOrdersPrice spread, now −0.447%Rate

Funding earned: −$37.75
Price spread: −0.447% → 0.000%: −$44.75
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Vest: 1 bp × 2 orders: −$2
Net: −$90.49
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Vest no order-book sample	—	—	—	—	—

Orderly and 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	−0.0957%	8h	91.630	0.000%	$17.2M	$36.7M	25x	as long as short
Vest CRCL-USD-PERPshort	−0.0080%	1h	91.220	−0.447%	—	$31K	25x
Bybit CRCLUSDT	0.0000%	8h	91.640	+0.011%	$14.7M	$27.0M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.650	+0.022%	$7.6M	$27.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.539	−0.099%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.550	−0.087%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.587	−0.047%	$976K	$2.9M	10x	as long as short
Aster CRCLUSDT	+0.0033%	8h	91.556	−0.081%	$1.0M	$5.1M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.318	−0.341%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.360	−0.295%	$93K	$289K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0048%	8h	91.660	+0.033%	$104.4M	$397.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	91.525	−0.115%	$1.0M	$5.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.490	−0.153%	$383K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.481	−0.163%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.490	−0.153%	$1.1M	$5.2M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0052%	1h	91.563	−0.073%	$68.1M	$43.8M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.590	−0.044%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.390	−0.262%	$890K	$604K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.560	−0.076%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.460	−0.186%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.220	−0.447%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.630	long leg	$914	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.539	−0.100%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.540	−0.098%	$417K	$283K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0125%	8h	91.320	−0.339%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0127%	8h	91.557	−0.080%	$421	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0144%	8h	91.670	+0.044%	$22.2M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0166%	8h	91.560	−0.076%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.229	−0.438%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0240%	1h	91.591	−0.043%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0326%	1h	91.486	−0.157%	$133K	$108K	3x	as long as short
edgeX CRCLUSDC	+0.0328%	4h	91.321	−0.337%	$52K	$276K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.770	+0.153%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0734%	1h	91.560	−0.076%	$4K	$768K	10x	as long as short