Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0072%/8h= −7.8% APRpaid last 24h −0.132%

Price spread now: Phemex against Injective+1.097%65s7-day average −0.925% · you sell dearer than you buy

Net, funding: paid 7d − costs−$254as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1681.682% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.862%−$86 on $10k

Price spread, last 4 days (all we have)−1.571%−$157 · spread now +1.097%, 7d avg −0.925%

Together, before fees−2.433%−$243 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 2.022% dearer against Injective than usual: you sell high and buy low (spread +1.097% now, against its 7-day average of −0.925%): +$202 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. At the pace of the last 7 days (−0.862% in total) that is about 16 days. The two prices were read 65 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	92.090	0.0072	pay 0.0009% / 1h	51m 59s	$38K	$172K	30x
Short	Phemex CRCLUSDT	93.100	0	get 0.0000% / 4h	1h 51m	$1.0M	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpOrdersPrice spread, now +1.097%Rate

Funding earned: −$15.04
Price spread: +1.097% → −0.925%: $202.17
Slippage, 4 orders: −$156.18
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $18.93
Costs to cover: 1.682%
Break-even: from the start

Slippage from Injective: live order book, 59 min ago; Phemex: live order book, 4 min ago.

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 live order book, 59 min ago	21.77 bp	57.5 bp −$57	62.9 bp −$629	78364.0 bp −$7.84M	431819.7 bp −$215.91M
Sell Phemex live order book, 4 min ago	1.07 bp	42.1 bp −$42	doesn't fit	doesn't fit	doesn't fit

CRCL on 34 exchanges

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	−0.0048%	1h	92.950	+0.934%	$869K	$749K	10x	as long as short
Vest CRCL-USD-PERP	−0.0010%	1h	92.970	+0.956%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	93.110	+1.108%	$15.1M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	93.160	+1.162%	$18.4M	$33.4M	25x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	93.070	+1.064%	$5K	$415K	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	93.100	+1.097%	$1.0M	$45K	10x
Lighter RH CRCL	+0.0032%	1h	93.126	+1.125%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	93.076	+1.071%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	93.030	+1.021%	$68.0M	$40.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.079	+1.074%	$382K	$847K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	93.108	+1.105%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.020	+1.010%	$1.0M	$3.8M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	93.060	+1.053%	$1.3M	$1.6M	10x	as long as short
Injective CRCL/USDC PERPlong	+0.0072%	1h	92.090	long leg	$38K	$172K	30x
Gate CRCL_USDT	+0.0099%	8h	93.170	+1.173%	$7.5M	$25.2M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	93.060	+1.053%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	93.140	+1.140%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	93.070	+1.064%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.100	+1.097%	$928	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.122	+1.121%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0121%	8h	93.067	+1.061%	$428	$477	5x	as long as short
Phoenix CRCL	+0.0197%	1h	93.194	+1.199%	$28K	$66K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	93.070	+1.064%	$94K	$213K	10x	as long as short
Nado CRCL-PERP	+0.0270%	1h	93.050	+1.043%	$155K	$94K	3x	as long as short
Lighter CRCL	+0.0312%	1h	93.156	+1.158%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0312%	8h	93.131	+1.131%	$2.5M	$3.3M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0324%	8h	93.130	+1.129%	$23.0M	$57.1M	50x	as long as short
Aster CRCLUSDT	+0.0384%	8h	93.113	+1.111%	$1.1M	$4.5M	20x	as long as short
Extended CRCL_24_5-USD	+0.0392%	1h	93.066	+1.059%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0394%	8h	93.104	+1.101%	$107.8M	$352.3M	50x	as long as short
BloFin CRCL-USDT	+0.0515%	8h	93.130	+1.129%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	93.105	+1.102%	$417K	$235K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0805%	8h	93.180	+1.184%	$61K	$1.0M	10x	as long as short
edgeX CRCLUSDC	+0.0973%	4h	93.108	+1.105%	$53K	$268K	10x	as long as short