Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0174%/8h= −19.0% APRpaid last 24h −0.012%

Price spread now: Vest against Orderly−0.175%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 0.175% cheaper against Orderly than usual: you would sell low and buy high (−$18 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	91.410	0.0100	pay 0.0100% / 8h	5h 51m	$911	$2K	10x
Short	Vest CRCL-USD-PERP	91.250	−0.0074	pay 0.0009% / 1h	51m 01s	—	$38K	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 −0.175%Rate

Funding earned: −$36.44
Price spread: −0.175% → 0.000%: −$17.5
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Vest: 1 bp × 2 orders: −$2
Net: −$61.94
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 33 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	−0.1146%	8h	91.450	+0.044%	$15.7M	$34.5M	25x	as long as short
Vest CRCL-USD-PERPshort	−0.0074%	1h	91.250	−0.175%	—	$38K	25x
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.330	−0.088%	$901K	$540K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.360	−0.055%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.494	+0.092%	$418K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.420	+0.011%	$7.1M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	−0.112%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.480	+0.077%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.440	+0.033%	$1.0M	$49K	10x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.291	−0.130%	$1.1M	$5.7M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0017%	8h	91.316	−0.103%	$103.7M	$383.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	91.516	+0.116%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.460	+0.055%	$1.3M	$2.2M	10x	as long as short
Aster CRCLUSDT	+0.0027%	8h	91.417	+0.007%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0031%	8h	91.370	−0.044%	$21.7M	$58.7M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.440	+0.033%	$970K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.470	+0.066%	$93K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.352	−0.063%	$68.4M	$41.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.474	+0.070%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.410	0.000%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.400	−0.011%	$973K	$5.2M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	−0.037%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.555	+0.159%	$751	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.551	+0.154%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.480	+0.077%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	+0.098%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.410	long leg	$911	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.372	−0.041%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.382	−0.031%	$27K	$84K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.420	+0.011%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0191%	1h	91.465	+0.060%	$130K	$103K	3x	as long as short
Lighter CRCL	+0.0280%	1h	91.479	+0.075%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.536%	$5K	$19K	30x	as long as short