Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.089%

Price spread now: KuCoin against Injective−0.942%7-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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.542%−$54 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 −$10 a day on $10k at the current rate, and KuCoin is 0.942% cheaper against Injective than usual: you would sell low and buy high (−$94 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective CRCL/USDC PERP	95.560	0.0440	pay 0.0055% / 1h	17m 22s	$5K	$19K	30x
Short	KuCoin CRCLUSDTM	94.660	0.0100	get 0.0100% / 8h	17m 22s	$3.0M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.942%Rate

Funding earned: −$71.4
Price spread: −0.942% → 0.000%: −$94.18
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$177.6
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	1.06 bp	29.8 bp −$30	doesn't fit	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
Gate CRCL_USDT	0.0000%	8h	94.650	−0.952%	$7.2M	$27.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.660	−0.942%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.590	−1.015%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.636	−0.967%	$896K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−1.099%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.600	−1.005%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.596	−1.009%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.677	−0.924%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.560	−1.046%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.653	−0.949%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.590	−1.015%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	94.660	−0.942%	$3.0M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	94.650	−0.952%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.600	−1.005%	$943	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0103%	8h	94.650	−0.952%	$15.5M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.628	−0.976%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0119%	8h	94.633	−0.970%	$776	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0163%	1h	94.556	−1.051%	$71.8M	$43.5M	10x	as long as short
Variational Omni CRCL	+0.0184%	8h	94.712	−0.887%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0195%	8h	94.610	−0.994%	$22.9M	$60.8M	50x	as long as short
edgeX CRCLUSDC	+0.0206%	4h	94.751	−0.847%	$24K	$268K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	94.799	−0.796%	$55K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	94.600	−1.005%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0250%	8h	94.614	−0.990%	$109.7M	$390.4M	50x	as long as short
Aster CRCLUSDT	+0.0253%	8h	94.660	−0.942%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0272%	1h	94.573	−1.033%	$133K	$76K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.711	−0.888%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0303%	8h	94.640	−0.963%	$16.9M	$35.5M	25x	as long as short
Lighter CRCL	+0.0344%	1h	94.666	−0.936%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0365%	8h	94.810	−0.785%	$1.1M	$601K	20x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	95.560	long leg	$5K	$19K	30x
Arcus CRCL-USD	+0.0533%	1h	94.600	−1.005%	$97K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.640	−0.963%	$432K	$303K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0596%	1h	94.650	−0.952%	$4K	$772K	10x	as long as short