Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.004%

Price spread now: Vest against Phemex−0.108%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 4 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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Vest is 0.108% cheaper against Phemex than usual: you would sell low and buy high, −$11 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	92.900	0	get 0.0000% / 4h	1h 43m	$1.0M	$45K	10x
Short	Vest CRCL-USD-PERP	92.800	0.0001	get 0.0000% / 1h	43m 15s	—	$30K	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 −0.108%Rate

Funding earned: $0.25
Price spread: −0.108% → 0.000%: −$10.76
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: −$24.51
Costs to cover: 0.140%
Break-even: 687.9 days

Slippage unknown: Phemex: live order book, 2 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, 2 min ago	1.08 bp	37.4 bp −$37	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 exchanges

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	−0.0048%	1h	92.950	+0.054%	$869K	$748K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.950	+0.054%	$15.0M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.980	+0.086%	$18.6M	$33.4M	25x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	92.900	long leg	$1.0M	$45K	10x
Vest CRCL-USD-PERPshort	+0.0001%	1h	92.800	−0.108%	—	$30K	25x
Lighter RH CRCL	+0.0032%	1h	92.939	+0.042%	$998K	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	92.951	+0.055%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.843	−0.061%	$67.8M	$40.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.881	−0.020%	$377K	$851K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.907	+0.008%	$47K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.810	−0.097%	$1.0M	$3.8M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	92.880	−0.022%	$1.3M	$1.6M	10x	as long as short
Injective CRCL/USDC PERP	+0.0072%	1h	92.090	−0.872%	$38K	$172K	30x	as long as short
Gate CRCL_USDT	+0.0079%	8h	92.970	+0.075%	$7.5M	$25.3M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.900	0.000%	$139K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.940	+0.043%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.970	+0.075%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.960	+0.065%	$927	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.950	+0.053%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0108%	8h	92.887	−0.015%	$427	$477	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0181%	1h	92.900	0.000%	$5K	$415K	10x	as long as short
Phoenix CRCL	+0.0197%	1h	92.861	−0.042%	$27K	$66K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	92.870	−0.032%	$93K	$210K	10x	as long as short
Nado CRCL-PERP	+0.0292%	1h	92.846	−0.058%	$155K	$94K	3x	as long as short
Variational Omni CRCL	+0.0306%	8h	93.001	+0.109%	$2.5M	$3.3M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0312%	8h	92.960	+0.065%	$22.9M	$56.8M	50x	as long as short
Lighter CRCL	+0.0320%	1h	92.969	+0.074%	$3.0M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0375%	8h	92.983	+0.089%	$1.1M	$4.4M	20x	as long as short
Extended CRCL_24_5-USD	+0.0376%	1h	92.919	+0.020%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0378%	8h	92.960	+0.065%	$107.2M	$352.1M	50x	as long as short
BloFin CRCL-USDT	+0.0505%	8h	92.980	+0.086%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	92.925	+0.027%	$417K	$233K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0773%	8h	93.081	+0.195%	$61K	$1.0M	10x	as long as short
edgeX CRCLUSDC	+0.0830%	4h	92.904	+0.004%	$53K	$270K	10x	as long as short