Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0345%/8h= +37.8% APRpaid last 24h +0.073%

Price spread now: Injective against OKX+2.021%98s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Injective

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 for this trade now. Funding pays +$10 a day on $10k at the current rate, and Injective is 2.021% dearer against OKX than usual: you sell high and buy low: +$202 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 98 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	OKX CRCL-USDT-SWAP	92.050	0.0095	pay 0.0095% / 8h	6h 45m	$21.8M	$59.7M	50x
Short	Injective CRCL/USDC PERP	93.910	0.0440	get 0.0055% / 1h	45m 34s	$5K	$19K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now +2.021%Rate

Funding earned: $72.46
Price spread: +2.021% → 0.000%: $202.06
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $264.51
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 3 min ago; Injective: 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 OKX live order book, 3 min ago	0.54 bp	5.5 bp −$6	13.1 bp −$131	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	−0.0008%	1h	91.840	−0.228%	$919K	$581K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.070	+0.022%	$15.1M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.037	−0.014%	$420K	$300K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.120	+0.076%	$7.2M	$26.0M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.100	+0.054%	$16.4M	$34.9M	25x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.668	+0.671%	$61K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.020	−0.033%	$1.0M	$49K	10x	as long as short
Variational Omni CRCL	+0.0014%	8h	91.991	−0.064%	$2.5M	$3.2M	—	as long as short
Vest CRCL-USD-PERP	+0.0024%	1h	91.790	−0.282%	—	$38K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0031%	1h	92.535	+0.527%	$2K	$22K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.055	+0.005%	$971K	$2.9M	10x	as long as short
edgeX CRCLUSDC	+0.0036%	4h	92.112	+0.067%	$23K	$268K	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.230	+0.196%	$94K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.950	−0.109%	$69.5M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.992	−0.063%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.032	−0.020%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.910	−0.152%	$998K	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	92.040	−0.011%	$1.3M	$2.4M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0088%	8h	92.011	−0.042%	$754	$740	5x	as long as short
Aster CRCLUSDT	+0.0094%	8h	92.020	−0.033%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0095%	8h	92.050	long leg	$21.8M	$59.7M	50x
Extended CRCL_24_5-USD	+0.0096%	1h	92.033	−0.019%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0097%	8h	92.050	0.000%	$105.7M	$390.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.036	−0.015%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.070	+0.022%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.480	+0.467%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.010	−0.043%	$917	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.009	−0.045%	$4	—	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	92.020	−0.033%	$4K	$769K	10x	as long as short
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.304%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	92.695	+0.701%	$27K	$92K	10x	as long as short
Nado CRCL-PERP	+0.0241%	1h	91.968	−0.089%	$152K	$89K	3x	as long as short
Lighter CRCL	+0.0248%	1h	92.044	−0.007%	$3.0M	$2.3M	10x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	93.910	+2.021%	$5K	$19K	30x