Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0362%/8h= +39.6% APRpaid last 24h +0.094%

Price spread now: Injective against Bybit+0.435%78s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.590%+$59 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Injective is 0.435% dearer against Bybit than usual: you sell high and buy low: +$43 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	94.350	0.0078	pay 0.0078% / 8h	1h 20m	$15.5M	$25.9M	50x
Short	Injective CRCL/USDC PERP	94.760	0.0440	get 0.0055% / 1h	20m 01s	$5K	$19K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +0.435%Rate

Funding earned: $76.01
Price spread: +0.435% → 0.000%: $43.46
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $108.44
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 min ago; Injective: 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 Bybit live order book, 4 min ago	0.53 bp	9.1 bp −$9	17.6 bp −$176	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Gate CRCL_USDT	0.0000%	8h	94.340	−0.011%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.310	−0.042%	$1.0M	$50K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.337	−0.014%	$889K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.370	+0.021%	$1.4M	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.320	−0.032%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.341	−0.009%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.317	−0.035%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.286	−0.068%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.260	−0.095%	$1.1M	$5.9M	10x	as long as short
Bybit CRCLUSDTlong	+0.0078%	8h	94.350	long leg	$15.5M	$25.9M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.100	−0.265%	$936K	$740K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.290	−0.064%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.350	0.000%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.190	−0.170%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.310	−0.042%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.314	−0.038%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0129%	8h	94.323	−0.029%	$59K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0132%	8h	94.333	−0.018%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0145%	8h	94.370	+0.021%	$774	$740	5x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.350	0.000%	$430K	$310K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0165%	1h	94.293	−0.060%	$70.7M	$42.8M	10x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.282	−0.072%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0186%	8h	94.329	−0.022%	$108.5M	$388.5M	50x	as long as short
Aster CRCLUSDT	+0.0205%	8h	94.330	−0.021%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0208%	8h	94.360	+0.011%	$22.8M	$60.4M	50x	as long as short
Phoenix CRCL	+0.0212%	1h	94.411	+0.065%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.310	−0.042%	$97K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0256%	1h	94.308	−0.044%	$126K	$73K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0281%	1h	94.280	−0.074%	$4K	$772K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.343	−0.007%	$3.0M	$2.3M	10x	as long as short
BloFin CRCL-USDT	+0.0303%	8h	94.350	0.000%	$1.1M	$580K	20x	as long as short
Bitget CRCLUSDT	+0.0319%	8h	94.330	−0.021%	$16.6M	$35.1M	25x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	94.760	+0.435%	$5K	$19K	30x
edgeX CRCLUSDC	+0.0911%	4h	94.259	−0.097%	$24K	$267K	10x	as long as short