Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.102%

Price spread now: Orderly against Injective−0.497%58s7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 Orderly is 0.497% cheaper against Injective than usual: you would sell low and buy high (−$50 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 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	92.530	0.0440	pay 0.0055% / 1h	12m 07s	$5K	$19K	30x
Short	Orderly PERP_CRCL_USDC_mythos	92.070	0.0100	get 0.0100% / 8h	5h 12m	$918	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.497%Rate

Funding earned: −$71.4
Price spread: −0.497% → 0.000%: −$49.71
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$127.13
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	−0.1131%	8h	92.130	−0.432%	$16.0M	$34.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.880	−0.702%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.090	−0.476%	$909K	$501K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.110	−0.454%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.070	−0.497%	$420K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.130	−0.432%	$7.2M	$26.9M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.177	−0.381%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.175	−0.384%	$65K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.120	−0.443%	$1.0M	$49K	10x	as long as short
Binance CRCLUSDT	+0.0004%	8h	92.084	−0.482%	$105.2M	$386.1M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0008%	1h	92.067	−0.500%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	92.067	−0.500%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0013%	8h	92.110	−0.454%	$21.6M	$59.7M	50x	as long as short
BloFin CRCL-USDT	+0.0017%	8h	92.020	−0.551%	$1.1M	$1.3M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	92.011	−0.561%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.030	−0.540%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.118	−0.445%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.030	−0.540%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.078	−0.488%	$68.6M	$41.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.066	−0.501%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.072	−0.495%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.040	−0.530%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	92.072	−0.495%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.062	−0.506%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.080	−0.486%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.030	−0.540%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	92.070	−0.497%	$918	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	92.074	−0.493%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	92.192	−0.365%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0226%	1h	91.994	−0.579%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0240%	1h	92.112	−0.452%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0305%	4h	92.149	−0.412%	$23K	$249K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0402%	1h	92.120	−0.443%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	92.530	long leg	$5K	$19K	30x