Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0427%/8h= −46.8% APRpaid last 24h −0.081%

Price spread now: Binance against Injective−0.637%117s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.604%−$60 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Binance is 0.637% cheaper against Injective than usual: you would sell low and buy high (−$64 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 117 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	Injective CRCL/USDC PERP	92.620	0.0440	pay 0.0055% / 1h	51m 27s	$5K	$19K	30x
Short	Binance CRCLUSDT	92.030	0.0013	get 0.0013% / 8h	3h 51m	$104.8M	$390.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now −0.637%Rate

Funding earned: −$89.71
Price spread: −0.637% → 0.000%: −$63.7
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$163.43
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Binance: live order book, 7 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.54 bp	6.5 bp −$7	9.9 bp −$99	30.4 bp −$3,044	136.7 bp −$68.3K

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
Bitget CRCLUSDT	−0.0708%	8h	92.070	−0.594%	$16.8M	$35.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.820	−0.864%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.040	−0.626%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.080	−0.583%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.209	−0.444%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.110	−0.551%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	92.017	−0.651%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDTshort	+0.0013%	8h	92.030	−0.637%	$104.8M	$390.4M	50x
Extended CRCL_24_5-USD	+0.0016%	1h	91.994	−0.676%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.050	−0.616%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	92.090	−0.572%	$94K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	92.090	−0.572%	$909K	$492K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.960	−0.713%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.002	−0.667%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.051	−0.614%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.070	−0.594%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0051%	8h	92.200	−0.453%	$1.1M	$1.3M	20x	as long as short
Lighter RH CRCL	+0.0056%	1h	92.063	−0.601%	$976K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.030	−0.637%	$1.3M	$1.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0062%	8h	92.050	−0.615%	$22.3M	$61.5M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0064%	8h	92.190	−0.464%	$64K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.010	−0.659%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.060	−0.605%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.120	−0.540%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.010	−0.659%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.004	−0.665%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.025	−0.642%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0131%	8h	92.018	−0.650%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.079	−0.584%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0288%	1h	92.067	−0.597%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0399%	1h	91.991	−0.679%	$131K	$105K	3x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	92.620	long leg	$5K	$19K	30x
edgeX CRCLUSDC	+0.0488%	4h	92.164	−0.493%	$51K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.990	−0.680%	$4K	$768K	10x	as long as short