Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0329%/8h= −36.0% APRpaid last 24h −0.073%

Price spread now: OKX against Injective−1.239%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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.590%−$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 −$10 a day on $10k at the current rate, and OKX is 1.239% cheaper against Injective than usual: you would sell low and buy high (−$124 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	92.040	0.0440	pay 0.0055% / 1h	28m 44s	$5K	$19K	30x
Short	OKX CRCL-USDT-SWAP	90.900	0.0111	get 0.0111% / 8h	2h 28m	$22.1M	$61.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −1.239%Rate

Funding earned: −$69
Price spread: −1.239% → 0.000%: −$123.86
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$202.88
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; OKX: 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 OKX live order book, 5 min ago	0.55 bp	7.2 bp −$7	13.2 bp −$132	106.7 bp −$10.7K	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	−0.0907%	8h	91.100	−1.021%	$16.7M	$36.3M	25x	as long as short
Vest CRCL-USD-PERP	−0.0072%	1h	90.910	−1.228%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.920	−1.217%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.000	−1.130%	$7.5M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.161	−0.955%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.180	−0.934%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0013%	8h	91.002	−1.128%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	90.871	−1.270%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0026%	8h	90.922	−1.215%	$103.3M	$395.5M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.915	−1.222%	$969K	$2.9M	10x	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	91.140	−0.978%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.178	−0.937%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.950	−1.184%	$68.0M	$43.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.195	−0.918%	$382K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.182	−0.932%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.840	−1.304%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.200	−0.913%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.180	−0.934%	$913K	$529K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0091%	8h	90.910	−1.228%	$418	$905	5x	as long as short
BloFin CRCL-USDT	+0.0100%	8h	91.250	−0.858%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	90.970	−1.163%	$133K	$161K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.090	−1.032%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	−0.945%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.190	−0.924%	$909	$2K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0101%	8h	91.190	−0.923%	$62K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.187	−0.927%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0111%	8h	90.900	−1.239%	$22.1M	$61.8M	50x
RISEx CRCL/USDC	+0.0117%	1h	90.900	−1.239%	$414K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.148	−0.969%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0216%	1h	90.930	−1.206%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0306%	1h	91.135	−0.984%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	92.040	long leg	$5K	$19K	30x
Deribit CRCL_USDC-PERPETUAL	+0.0628%	1h	91.200	−0.913%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0917%	4h	91.164	−0.952%	$52K	$278K	10x	as long as short