Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.102%

Price spread now: Injective against Orderly+0.549%58s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

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 for this trade now. Funding pays +$10 a day on $10k at the current rate, and Injective is 0.549% dearer against Orderly than usual: you sell high and buy low: +$55 more if the spread goes back to zero (this spread has no 7-day history yet). 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	Orderly PERP_CRCL_USDC_mythos	91.070	0.0100	pay 0.0100% / 8h	22m 16s	$908	$1K	10x
Short	Injective CRCL/USDC PERP	91.570	0.0440	get 0.0055% / 1h	22m 16s	$5K	$19K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +0.549%Rate

Funding earned: $71.4
Price spread: +0.549% → 0.000%: $54.9
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $120.28
Costs to cover: 0.060%
Break-even: from the start

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

Orderly and 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	−0.0343%	8h	91.200	+0.143%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.800	−0.296%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.160	+0.099%	$7.9M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.130	+0.066%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.112	+0.046%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.095	+0.027%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.080	+0.011%	$94K	$296K	10x	as long as short
Bybit CRCLUSDT	+0.0041%	8h	91.110	+0.044%	$14.7M	$26.5M	50x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.079	+0.010%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.980	−0.099%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.130	+0.066%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.000	−0.077%	$875K	$494K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0100%	1h	91.031	−0.043%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.120	+0.055%	$133K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.090	+0.022%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.020	−0.055%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.070	long leg	$908	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.102	+0.035%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0110%	8h	91.108	+0.042%	$2.4M	$3.2M	—	as long as short
Polymarket Perps CRCL-USD	+0.0149%	1h	91.077	+0.008%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0150%	8h	91.099	+0.032%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0176%	8h	91.108	+0.042%	$1.0M	$5.0M	20x	as long as short
edgeX CRCLUSDC	+0.0180%	4h	91.082	+0.013%	$52K	$270K	10x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	91.080	+0.011%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0192%	8h	91.107	+0.041%	$104.6M	$389.6M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.113	+0.047%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0248%	8h	91.117	+0.052%	$61K	$1.1M	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.117	+0.052%	$2.9M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0267%	8h	91.130	+0.066%	$22.2M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	91.050	−0.022%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0427%	1h	91.044	−0.029%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	91.570	+0.549%	$5K	$19K	30x
RISEx CRCL/USDC	+0.0466%	1h	91.144	+0.081%	$411K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0629%	1h	91.090	+0.022%	$5K	$769K	10x	as long as short