Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h +0.033%

Price spread now: Injective against Phemex−1.972%7-day average — · you buy dearer than you sell

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 4 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 against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 1.972% cheaper against Phemex than usual: you would sell low and buy high (−$197 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRWDUSDT	250.96	0	get 0.0000% / 8h	12m 26s	$1.5M	$221K	10x
Short	Injective CRWD/USDC PERP	246.01	−0.0220	pay 0.0028% / 1h	12m 26s	$22K	$20K	12x

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 −1.972%Rate

Funding earned: −$46.2
Price spread: −1.972% → 0.000%: −$197.24
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: −$255.46
Costs to cover: 0.120%
Break-even: never at this rate

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	3.59 bp	39.8 bp −$40	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.

CRWD on 18 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
Injective CRWD/USDC PERPshort	−0.0220%	1h	246.01	−1.972%	$22K	$20K	12x
BloFin CRWD-USDT	−0.0029%	8h	250.76	−0.080%	$70K	$24K	25x	as long as short
Aster CRWDUSDT	0.0000%	8h	250.46	−0.199%	$4K	$35K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	250.88	−0.033%	$2.5M	$7.3M	25x	as long as short
Bybit CRWDUSDT	0.0000%	8h	250.48	−0.191%	$1.2M	$440K	25x	as long as short
OKX CRWD-USDT-SWAP	0.0000%	8h	250.72	−0.096%	$547K	$765K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	250.65	−0.124%	$305K	$410K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	250.83	−0.050%	$68K	$56K	—	as long as short
SunX CRWD-USDT	0.0000%	8h	250.73	−0.092%	$2K	$1.1M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	251.00	+0.016%	$6K	$7K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRWDUSDTlong	0.0000%	8h	250.96	long leg	$1.5M	$221K	10x
QFEX CRWD-USD	+0.0017%	1h	250.83	−0.052%	$1.2M	$2.7M	10x	as long as short
GRVT CRWD_USDT_Perp	+0.0026%	8h	250.84	−0.047%	$464	$124K	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	250.59	−0.149%	$100K	—	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	250.54	−0.167%	$34K	$244K	20x	as long as short
tradeXYZ xyz:CRWD	+0.0102%	1h	250.58	−0.151%	$894K	$676K	10x	as long as short
Phoenix CRWD	+0.0128%	1h	250.67	−0.116%	$3	$121K	10x	as long as short
Paragon para:CRWD	+0.0367%	1h	250.45	−0.204%	$84K	$108K	10x	as long as short