Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0276%/8h= −30.2% APRpaid last 24h −0.081%

Price spread now: Binance against Injective−0.535%97s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Binance

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 against this trade now: funding costs −$8 a day on $10k at the current rate, and Binance is 0.535% cheaper against Injective than usual: you would sell low and buy high (−$53 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 97 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	Injective CRCL/USDC PERP	92.010	0.0440	pay 0.0055% / 1h	51m 43s	$5K	$19K	30x
Short	Binance CRCLUSDT	91.518	0.0164	get 0.0164% / 8h	51m 43s	$105.1M	$394.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now −0.535%Rate

Funding earned: −$57.97
Price spread: −0.535% → 0.000%: −$53.45
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$121.44
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Binance: live order book, 7 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.55 bp	6.4 bp −$6	9.7 bp −$97	33.0 bp −$3,305	127.3 bp −$63.7K

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	−0.0345%	8h	91.630	−0.413%	$17.6M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.250	−0.826%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.650	−0.391%	$7.8M	$27.3M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.520	−0.533%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0017%	8h	91.520	−0.533%	$14.8M	$26.6M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.551	−0.499%	$978K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.493	−0.562%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.500	−0.554%	$97K	$293K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.536	−0.515%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.420	−0.641%	$1.1M	$5.0M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CRCL	+0.0066%	8h	91.488	−0.567%	$2.4M	$3.3M	—	as long as short
QFEX CRCL-USD	+0.0071%	1h	91.490	−0.565%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.663%	$890K	$420K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.519	−0.534%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.610	−0.435%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.470	−0.587%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.530	−0.522%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.550	−0.500%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0148%	8h	91.535	−0.517%	$1.0M	$5.0M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0158%	1h	91.447	−0.612%	$67.7M	$43.8M	10x	as long as short
Extended CRCL_24_5-USD	+0.0160%	1h	91.556	−0.494%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDTshort	+0.0164%	8h	91.518	−0.535%	$105.1M	$394.8M	50x
Paradex CRCL-USD-PERP	+0.0180%	8h	91.496	−0.558%	$421	$905	5x	as long as short
Polymarket Perps CRCL-USD	+0.0192%	1h	91.548	−0.502%	$379K	$1.3M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.481	−0.575%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0231%	8h	91.548	−0.503%	$69K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0246%	8h	91.530	−0.522%	$22.2M	$62.1M	50x	as long as short
Lighter CRCL	+0.0264%	1h	91.537	−0.514%	$2.9M	$2.3M	10x	as long as short
BloFin CRCL-USDT	+0.0281%	8h	91.460	−0.598%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0413%	1h	91.434	−0.626%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	92.010	long leg	$5K	$19K	30x
RISEx CRCL/USDC	+0.0466%	1h	91.555	−0.495%	$410K	$270K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0515%	1h	91.540	−0.511%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0752%	4h	91.493	−0.562%	$52K	$276K	10x	as long as short