Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0440%/8h= +48.2% APRpaid last 24h +0.132%

Price spread now: Injective against Phemex+0.562%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.862%+$86 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 +$13 a day on $10k at the current rate, and Injective is 0.562% dearer against Phemex than usual: you sell high and buy low: +$56 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.360	0	get 0.0000% / 4h	3h 31m	$1.0M	$51K	10x
Short	Injective CRCL/USDC PERP	94.890	0.0440	get 0.0055% / 1h	31m 10s	$5K	$19K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now +0.562%Rate

Funding earned: $92.4
Price spread: +0.562% → 0.000%: $56.17
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $136.55
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 1 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 Phemex live order book, 1 min ago	1.06 bp	36.5 bp −$36	doesn't fit	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	−0.0064%	1h	94.210	−0.159%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.450	+0.095%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.460	+0.106%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.300	−0.064%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.360	long leg	$1.0M	$51K	10x
Lighter RH CRCL	+0.0032%	1h	94.442	+0.087%	$889K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0036%	8h	94.460	+0.106%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.295	−0.069%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.450	+0.095%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.320	−0.042%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0047%	4h	94.288	−0.076%	$24K	$268K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.409	+0.052%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.439	+0.084%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.429	+0.073%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.330	−0.032%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.410	+0.053%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.400	+0.042%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.064%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.430	+0.074%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.454	+0.099%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.445	+0.090%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	+0.096%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0153%	8h	94.450	+0.095%	$22.8M	$59.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.430	+0.074%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0194%	8h	94.450	+0.095%	$109.4M	$386.3M	50x	as long as short
Aster CRCLUSDT	+0.0201%	8h	94.414	+0.057%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0222%	1h	94.349	−0.011%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.328	−0.034%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.457	+0.103%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0314%	8h	94.460	+0.106%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	94.890	+0.562%	$5K	$19K	30x
Arcus CRCL-USD	+0.0521%	1h	94.310	−0.053%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.435	+0.079%	$431K	$299K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0810%	1h	94.450	+0.095%	$4K	$771K	10x	as long as short