When you hear "Camelot V2," you might think of a new blockchain project on ApeChain-but the truth is, Camelot V2 isn't on ApeChain at all. It's built entirely on Arbitrum, a Layer 2 scaling solution for Ethereum. Many people get confused because of the name, but Camelot V2 is one of the most flexible decentralized exchanges (DEX) in the Arbitrum ecosystem, not a general-purpose crypto exchange like Binance or Coinbase. If you're looking for a platform to trade lesser-known tokens, earn yield, or set up custom liquidity pools, Camelot V2 might be exactly what you need-if you're already using Arbitrum.
What Exactly Is Camelot V2?
Camelot V2 launched in late 2023 as an upgrade to the original Camelot DEX, which was founded in 2021. It's not a centralized exchange. You don't deposit funds into a company account. Instead, you connect your wallet-like MetaMask or WalletConnect-and trade directly through smart contracts. This means no KYC, no identity checks, and no withdrawal delays. But it also means you're fully responsible for your funds.
The platform uses a dual Automated Market Maker (AMM) system. Unlike Uniswap, which uses one pool type for everything, Camelot V2 lets creators define custom trading pairs with different fee structures. For example, a stablecoin pair like USDC/DAI might have a 0.01% fee, while a new memecoin pair could charge 0.5% to discourage flash loan attacks. This flexibility makes it ideal for projects that want to control their own liquidity dynamics.
How Does Trading Work on Camelot V2?
Trading on Camelot V2 is simple if you've used other DEXs before. Go to excalibur.exchange, connect your wallet, pick a token pair, and swap. The interface is clean, fast, and doesn’t overwhelm you with charts or complex tools. You won’t find advanced order types like stop-loss or trailing stops, but you can use limit orders through the platform’s integrated order book system-a rarity in AMM-based DEXs.
Here’s what you can do:
- Swap tokens instantly using liquidity pools
- Place limit orders with price targets
- Use Nitro pools for higher yield farming rewards
- Participate in OTC trades for large volumes
- Access fiat on-ramps via integrated credit card gateways (limited to select tokens)
The minimum deposit is just $1, so even small traders can jump in. But don’t expect to trade Bitcoin or Ethereum directly with USD. Camelot V2 doesn’t offer direct bank deposits. You need to buy crypto on a centralized exchange first, then bridge it to Arbitrum using a trusted bridge like Arbitrum Bridge.
Yield Opportunities: Nitro Pools and Beyond
One of Camelot V2’s biggest draws is its earning potential. Beyond just swapping tokens, you can earn by providing liquidity. The platform’s Nitro pools are specially designed to reward long-term liquidity providers with boosted APYs. These pools often lock your tokens for 7 to 30 days, but in return, you can earn 10% to 40% APY depending on the token pair.
For example, in early 2025, the ARB/Camelot Nitro pool offered a 28% APY, while the USDC/ETH pool was around 7%. These numbers change daily based on trading volume and incentives. You can track live APYs through third-party dashboards like Criffy, which monitors five different earning methods on Camelot, including lending and staking.
There’s also a token called GRAIL, Camelot’s native governance token. Holding GRAIL gives you voting rights on platform upgrades and a share of trading fee revenue. You can stake GRAIL to earn more GRAIL or use it to boost your rewards in Nitro pools.
Why Camelot V2 Stands Out
Most DEXs are built to be generic. Camelot V2 is built to be customizable. Here’s what makes it different:
- Dynamic fees: Each trading pair can have its own fee tier. This helps prevent manipulation and rewards stable pairs.
- Limit orders: Rare in DeFi. Most DEXs don’t let you set price targets. Camelot does.
- Partner-driven liquidity: Instead of relying on random users, Camelot partners with DeFi projects to lock liquidity. This means more stable pools and fewer rug pulls.
- Integration-heavy: Works with Vertex Protocol, MUX, Polis Chain, and more. It’s designed to be a hub, not an island.
Compare that to Uniswap V3, which is powerful but complex, or SushiSwap, which has struggled to keep up with innovation. Camelot V2 feels like a DEX built by traders, for traders.
What’s Missing?
Camelot V2 isn’t perfect. Here are the big gaps:
- No mobile app: You can only use it on desktop browsers. No iOS or Android app exists.
- No customer support: If something goes wrong, you’re on your own. No live chat, no email helpdesk.
- No margin trading: You can’t borrow to trade. It’s spot-only.
- Only on Arbitrum: If you’re on Solana, Polygon, or ApeChain, you can’t use it. No cross-chain swaps.
- No bonuses or contests: Unlike centralized exchanges, there are no referral programs or trading competitions.
These aren’t flaws-they’re trade-offs. Camelot V2 prioritizes decentralization and customization over user convenience. If you want a 24/7 support team or a mobile app, use a centralized exchange. If you want control, transparency, and higher yields, Camelot V2 delivers.
Is Camelot V2 Safe?
Security is a big concern. CoinCodex doesn’t label Camelot V2 as "trusted," but they also don’t call it unsafe. Why? Because it’s a DeFi protocol, not a company. Your money isn’t held by a business-it’s locked in smart contracts. If the code has a bug, you could lose funds. If a liquidity pool gets drained, there’s no insurance.
That said, Camelot’s contracts have been audited by reputable firms like Certik and SlowMist. The code is open-source, and the team has been active since 2021. There haven’t been any major exploits or hacks. The risk is real, but it’s manageable if you understand DeFi.
Who Is Camelot V2 For?
Camelot V2 isn’t for everyone. Here’s who it’s best for:
- Arbitrum users: If you’re already on Arbitrum, this is one of the best places to trade.
- Yield farmers: Nitro pools offer some of the highest APYs in DeFi.
- Token project teams: If you’re launching a new token, Camelot lets you set up your own liquidity pool with custom fees.
- Advanced traders: Those who want limit orders and dynamic fee pools.
If you’re a beginner who just wants to buy Bitcoin with a credit card and store it safely? Look elsewhere. If you’re comfortable with wallet management, gas fees, and smart contract risks? Camelot V2 is worth exploring.
Final Thoughts
Camelot V2 isn’t the biggest DEX. It doesn’t have the brand recognition of Uniswap or the user base of PancakeSwap. But it’s one of the most thoughtful. It doesn’t chase trends-it solves real problems: liquidity instability, fee rigidity, and lack of advanced trading tools in DeFi.
Its focus on Arbitrum means it’s not a global solution, but for those in the ecosystem, it’s a powerhouse. The Nitro pools alone can turn small liquidity positions into meaningful returns. The limit order system is a game-changer for traders tired of slippage. And the partner-driven model means fewer dead pools and more sustainable trading pairs.
Just remember: you’re not buying a service. You’re joining a protocol. Do your homework. Understand the risks. And never invest more than you’re willing to lose.
Is Camelot V2 on ApeChain?
No, Camelot V2 is not on ApeChain. It operates exclusively on the Arbitrum network. Any claims suggesting it supports ApeChain are inaccurate or based on outdated or misleading information. The platform was built as a native DEX for Arbitrum and has no official integration with ApeChain.
Can I trade Bitcoin on Camelot V2?
You can’t trade Bitcoin directly on Camelot V2. However, you can trade wrapped Bitcoin (WBTC) that’s been bridged to Arbitrum. You’ll need to first buy Bitcoin on a centralized exchange, send it to an Arbitrum-compatible bridge, and then swap it for WBTC before trading on Camelot.
Does Camelot V2 have a mobile app?
No, Camelot V2 does not have a mobile app. All trading and interaction must be done through a desktop web browser using a wallet like MetaMask. There are no iOS or Android applications available.
How do I earn rewards on Camelot V2?
You can earn rewards by providing liquidity to trading pairs, especially through Nitro pools, which offer boosted APYs. You can also stake the native GRAIL token to earn more GRAIL or receive a share of trading fees. Third-party trackers like Criffy list five distinct earning methods, including lending and yield farming.
Is Camelot V2 better than Uniswap?
It depends on your needs. If you want maximum token selection and cross-chain support, Uniswap is broader. But if you’re on Arbitrum and want limit orders, custom fee pools, higher yields, and more control over liquidity, Camelot V2 is superior. It’s more tailored, more flexible, and built for active traders.
What wallets work with Camelot V2?
Camelot V2 supports MetaMask, WalletConnect, Coinbase Wallet, and any EVM-compatible wallet. You need to be connected to the Arbitrum network. Make sure your wallet is configured for Arbitrum One before attempting to trade.
Are there any fees on Camelot V2?
Yes. Trading fees range from 0.01% to 0.5% depending on the token pair. There’s also a small Arbitrum network gas fee (paid in ETH) for every transaction. Nitro pools may have additional lock-up periods, but no extra fees beyond gas.
Can I use fiat currency on Camelot V2?
Not directly. Camelot V2 doesn’t accept bank transfers or credit cards. However, it integrates with fiat on-ramp services that allow you to buy select tokens (like USDC) with a card, which you can then use on the platform. You still need to bridge those funds to Arbitrum first.
