Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0440%/8h= +48.2% APRpaid last 24h +0.081%

Price spread now: Injective against Binance+0.374%47s7-day average — · you sell dearer than you buy

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.604%+$60 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 0.374% dearer against Binance than usual: you sell high and buy low: +$37 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 47 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	Binance CRCLUSDT	92.185	0	get 0.0000% / 8h	5h 00m	$105.1M	$386.0M	50x
Short	Injective CRCL/USDC PERP	92.530	0.0440	get 0.0055% / 1h	0m 32s	$5K	$19K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now +0.374%Rate

Funding earned: $92.4
Price spread: +0.374% → 0.000%: $37.42
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $119.8
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Binance: live order book, 13 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 Binance live order book, 13 min ago	0.54 bp	6.6 bp −$7	9.5 bp −$95	31.1 bp −$3,112	178.0 bp −$89.0K
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
Bitget CRCLUSDT	−0.1001%	8h	92.240	+0.060%	$16.2M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	91.930	−0.277%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.080	−0.114%	$908K	$501K	10x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.169	−0.018%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.183	−0.002%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDTlong	0.0000%	8h	92.185	long leg	$105.1M	$386.0M	50x
Bybit CRCLUSDT	0.0000%	8h	92.220	+0.038%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.208	+0.024%	$421K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.230	+0.049%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.126	−0.064%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CRCL_USDT_Perp	0.0000%	8h	92.034	−0.164%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.160	−0.027%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0006%	8h	92.200	+0.016%	$21.6M	$59.9M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	92.039	−0.158%	$2K	$24K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.180	−0.006%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.221	+0.039%	$978K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.050	−0.147%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.156	−0.032%	$68.7M	$41.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.112	−0.079%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.117	−0.074%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.020	−0.179%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0081%	8h	92.203	+0.019%	$756	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.199	+0.016%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.160	−0.027%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.000	−0.201%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.120	−0.071%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.150	−0.038%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	92.180	−0.006%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0183%	1h	92.176	−0.010%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0208%	1h	92.219	+0.037%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0218%	1h	92.147	−0.041%	$131K	$104K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0401%	1h	92.170	−0.016%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	92.530	+0.374%	$5K	$19K	30x
edgeX CRCLUSDC	+0.0747%	4h	91.992	−0.209%	$23K	$249K	10x	as long as short