Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0344%/8hnext payment +$0.43 per $10,000 · paid last 24h +0.102%

Price spread now: Injective against tradeXYZ+0.304%54s7-day average — · you sell dearer than you buy

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

Long on tradeXYZ Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.673%+$67 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdroptradeXYZ: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Injective is 0.304% dearer against tradeXYZ than usual: you sell high and buy low: +$30 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 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	tradeXYZ xyz:CRCL	94.084	0.0096	pay 0.0012% / 1h	2m 15s	$70.8M	$41.5M	10x
Short	Injective CRCL/USDC PERP	94.370	0.0440	get 0.0055% / 1h	2m 15s	$5K	$20K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against tradeXYZ. 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 tradeXYZbpFee InjectivebpOrdersPrice spread, now +0.304%Rate

Funding earned: $72.17
Price spread: +0.304% → 0.000%: $30.4
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $84.55
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: tradeXYZ: live order book, 12 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 tradeXYZ live order book, 12 min ago	0.79 bp	9.8 bp −$10	12.0 bp −$120	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
Gate CRCL_USDT	0.0000%	8h	94.070	−0.015%	$7.1M	$27.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.110	+0.028%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.120	+0.038%	$813K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	93.950	−0.142%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.083	−0.001%	$354K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.185	+0.107%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.860	−0.238%	$1.1M	$5.7M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	93.980	−0.111%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0082%	8h	94.140	+0.060%	$15.4M	$25.7M	50x	as long as short
tradeXYZ xyz:CRCLlong	+0.0096%	1h	94.084	long leg	$70.8M	$41.5M	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.060	−0.026%	$77K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.150	+0.070%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.190	+0.113%	$939	$3K	10x	as long as short
KuCoin CRCLUSDTM	+0.0103%	8h	94.210	+0.134%	$2.9M	$1.8M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0103%	8h	94.025	−0.062%	$715	$428	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.209	+0.133%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0108%	8h	94.304	+0.234%	$50K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0118%	8h	94.065	−0.021%	$2.5M	$3.2M	—	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	93.900	−0.196%	$938K	$723K	10x	as long as short
Phoenix CRCL	+0.0162%	1h	94.029	−0.058%	$28K	$92K	10x	as long as short
Aster CRCLUSDT	+0.0166%	8h	94.026	−0.062%	$1.1M	$4.7M	20x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	94.180	+0.102%	$1.2M	$3.5M	10x	as long as short
Binance CRCLUSDT	+0.0177%	8h	94.130	+0.049%	$108.2M	$380.0M	50x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.030	−0.057%	$417K	$301K	10x	as long as short
edgeX CRCLUSDC	+0.0283%	4h	94.023	−0.064%	$24K	$266K	10x	as long as short
BloFin CRCL-USDT	+0.0295%	8h	94.110	+0.028%	$1.1M	$575K	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0302%	8h	94.150	+0.070%	$22.8M	$59.3M	50x	as long as short
Lighter CRCL	+0.0336%	1h	94.165	+0.086%	$2.9M	$2.2M	10x	as long as short
Nado CRCL-PERP	+0.0341%	1h	94.001	−0.088%	$131K	$67K	3x	as long as short
Aftermath Perps CRCLUSD	+0.0364%	1h	94.123	+0.042%	$2K	$17K	5x	as long as short
Bitget CRCLUSDT	+0.0433%	8h	94.170	+0.091%	$16.9M	$34.5M	25x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	94.370	+0.304%	$5K	$20K	30x
Deribit CRCL_USDC-PERPETUAL	+0.0706%	1h	94.190	+0.113%	$4K	$802K	10x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.040	−0.047%	$100K	$258K	10x	as long as short