Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0440%/8h= −48.2% APRpaid last 24h −0.084%

Price spread now: Gate against Injective−0.517%69s7-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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.588%−$59 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 Gate is 0.517% cheaper against Injective than usual: you would sell low and buy high (−$52 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 69 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	94.760	0.0440	pay 0.0055% / 1h	10m 00s	$5K	$19K	30x
Short	Gate CRCL_USDT	94.270	0	get 0.0000% / 8h	7h 10m	$7.2M	$27.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.517%Rate

Funding earned: −$92.4
Price spread: −0.517% → 0.000%: −$51.71
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$159.13
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Gate: live order book, 4 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 Gate live order book, 4 min ago	1.59 bp	17.0 bp −$17	29.9 bp −$299	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.100	−0.696%	$941K	$621K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.230	−0.559%	$15.5M	$25.4M	50x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	94.270	−0.517%	$7.2M	$27.1M	50x
Bitget CRCLUSDT	0.0000%	8h	94.240	−0.549%	$16.9M	$34.4M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.240	−0.549%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.199	−0.592%	$887K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	94.225	−0.565%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.240	−0.549%	$1.4M	$2.5M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.140	−0.654%	—	$37K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.146	−0.648%	$71.6M	$42.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	94.214	−0.576%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.205	−0.586%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.180	−0.612%	$1.1M	$5.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0054%	8h	94.359	−0.423%	$71K	$1.1M	10x	as long as short
Variational Omni CRCL	+0.0091%	8h	94.279	−0.507%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	94.231	−0.558%	$773	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.243	−0.546%	$75K	$97K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.250	−0.538%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.190	−0.602%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.270	−0.517%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.232	−0.557%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0136%	8h	94.240	−0.549%	$22.8M	$59.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.209	−0.582%	$1.1M	$5.5M	10x	as long as short
Binance CRCLUSDT	+0.0169%	8h	94.240	−0.549%	$109.1M	$385.4M	50x	as long as short
Aster CRCLUSDT	+0.0174%	8h	94.250	−0.539%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0225%	1h	94.151	−0.642%	$131K	$76K	3x	as long as short
BloFin CRCL-USDT	+0.0292%	8h	94.280	−0.507%	$1.1M	$568K	20x	as long as short
Phoenix CRCL	+0.0296%	1h	94.345	−0.438%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0320%	1h	94.225	−0.565%	$3.0M	$2.3M	10x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	94.760	long leg	$5K	$19K	30x
Arcus CRCL-USD	+0.0521%	1h	94.270	−0.517%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.275	−0.512%	$430K	$297K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0812%	1h	94.240	−0.549%	$4K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0934%	4h	94.238	−0.551%	$24K	$269K	10x	as long as short