Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0218%/8h= −23.8% APRpaid last 24h −0.044%

Price spread now: BloFin against Injective−1.682%234s7-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 BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.346%−$35 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 −$7 a day on $10k at the current rate, and BloFin is 1.682% cheaper against Injective than usual: you would sell low and buy high (−$168 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 234 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	93.910	0.0440	pay 0.0055% / 1h	44m 07s	$5K	$19K	30x
Short	BloFin CRCL-USDT	92.330	0.0222	get 0.0222% / 8h	6h 44m	$1.1M	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −1.682%Rate

Funding earned: −$45.68
Price spread: −1.682% → 0.000%: −$168.25
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$225.95
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 8 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 BloFin live order book, 8 min ago	2.69 bp	9.3 bp −$9	11.8 bp −$118	57.3 bp −$5,727	doesn't fit

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
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.840	−2.204%	$919K	$581K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.350	−1.661%	$15.2M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.210	−1.810%	$421K	$300K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.360	−1.651%	$7.2M	$26.0M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.380	−1.629%	$16.4M	$34.9M	25x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.668	−1.323%	$61K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.210	−1.810%	$1.0M	$49K	10x	as long as short
Variational Omni CRCL	+0.0014%	8h	91.991	−2.044%	$2.5M	$3.2M	—	as long as short
Vest CRCL-USD-PERP	+0.0020%	1h	91.960	−2.076%	—	$38K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0030%	1h	92.378	−1.632%	$2K	$22K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.345	−1.666%	$976K	$2.9M	10x	as long as short
edgeX CRCLUSDC	+0.0036%	4h	92.112	−1.915%	$23K	$268K	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.180	−1.842%	$94K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.279	−1.737%	$69.7M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.195	−1.826%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.123	−1.903%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.180	−1.842%	$998K	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	92.180	−1.842%	$1.3M	$2.4M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0088%	8h	92.206	−1.814%	$756	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0092%	8h	92.340	−1.672%	$21.9M	$59.9M	50x	as long as short
Aster CRCLUSDT	+0.0094%	8h	92.254	−1.763%	$1.1M	$4.9M	20x	as long as short
Binance CRCLUSDT	+0.0095%	8h	92.330	−1.682%	$105.7M	$390.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0096%	1h	92.252	−1.766%	$1.1M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.236	−1.783%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.350	−1.661%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.900	−2.140%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.230	−1.789%	$920	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.269	−1.747%	$4	—	10x	as long as short
BloFin CRCL-USDTshort	+0.0222%	8h	92.330	−1.682%	$1.1M	$1.1M	20x
Nado CRCL-PERP	+0.0227%	1h	92.193	−1.828%	$152K	$89K	3x	as long as short
Phoenix CRCL	+0.0231%	1h	91.994	−2.040%	$27K	$92K	10x	as long as short
Lighter CRCL	+0.0248%	1h	92.362	−1.648%	$3.0M	$2.3M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0401%	1h	92.270	−1.746%	$4K	$769K	10x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	93.910	long leg	$5K	$19K	30x