Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0410%/8h= −44.9% APRpaid last 24h −0.098%

Price spread now: Bybit against Injective−0.423%48s7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.580%−$58 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 −$12 a day on $10k at the current rate, and Bybit is 0.423% cheaper against Injective than usual: you would sell low and buy high (−$42 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 48 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	92.150	0.0440	pay 0.0055% / 1h	40m 35s	$5K	$19K	30x
Short	Bybit CRCLUSDT	91.760	0.0030	get 0.0030% / 8h	40m 35s	$14.8M	$26.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.423%Rate

Funding earned: −$86.18
Price spread: −0.423% → 0.000%: −$42.32
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$139.52
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.55 bp	9.3 bp −$9	17.2 bp −$172	doesn't fit	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
Bitget CRCLUSDT	−0.0256%	8h	91.810	−0.369%	$17.6M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.490	−0.716%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.790	−0.391%	$7.8M	$27.3M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.790	−0.391%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDTshort	+0.0030%	8h	91.760	−0.423%	$14.8M	$26.4M	50x
Lighter RH CRCL	+0.0032%	1h	91.772	−0.410%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.691	−0.499%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.740	−0.445%	$97K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.750	−0.434%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.710	−0.477%	$1.1M	$4.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.740	−0.445%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.814%	$890K	$415K	10x	as long as short
Variational Omni CRCL	+0.0095%	8h	91.757	−0.426%	$2.4M	$3.3M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.730	−0.456%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.750	−0.434%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.690	−0.499%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.770	−0.412%	$915	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.780	−0.401%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0139%	1h	91.713	−0.474%	$67.9M	$43.9M	10x	as long as short
Aster CRCLUSDT	+0.0166%	8h	91.716	−0.471%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	91.735	−0.450%	$1.0M	$5.0M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0177%	8h	91.758	−0.425%	$422	$905	5x	as long as short
Binance CRCLUSDT	+0.0181%	8h	91.760	−0.423%	$105.4M	$389.5M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0184%	1h	91.745	−0.440%	$380K	$1.3M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.776	−0.406%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0240%	8h	91.780	−0.402%	$69K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0259%	8h	91.770	−0.412%	$22.3M	$61.9M	50x	as long as short
BloFin CRCL-USDT	+0.0299%	8h	91.820	−0.358%	$1.1M	$1.7M	20x	as long as short
Lighter CRCL	+0.0304%	1h	91.761	−0.422%	$2.9M	$2.3M	10x	as long as short
edgeX CRCLUSDC	+0.0435%	4h	91.754	−0.430%	$52K	$274K	10x	as long as short
Nado CRCL-PERP	+0.0438%	1h	91.705	−0.483%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	92.150	long leg	$5K	$19K	30x
RISEx CRCL/USDC	+0.0466%	1h	91.775	−0.407%	$412K	$271K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0513%	1h	91.760	−0.423%	$5K	$769K	10x	as long as short