Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0305%/8h= −33.4% APRpaid last 24h −0.097%

Price spread now: Paradex against Injective+0.975%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Paradex

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.975% dearer against Injective than usual: you sell high and buy low (spread +0.975% now, against zero (this spread has no 7-day history yet)): +$98 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective CRCL/USDC PERP	92.090	0.0440	pay 0.0055% / 1h	4m 34s	$38K	$172K	30x
Short	Paradex CRCL-USD-PERP	92.988	0.0135	get 0.0135% / 8h	6h 04m	$428	$477	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.975%Rate

Funding earned: −$64.1
Price spread: +0.975% → 0.000%: $97.55
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: $29.43
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: live order book, 47 min ago; Paradex: 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 Injective live order book, 47 min ago	21.77 bp	57.5 bp −$57	62.9 bp −$629	78364.0 bp −$7.84M	431819.7 bp −$215.91M
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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 exchanges

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
Vest CRCL-USD-PERP	−0.0021%	1h	92.800	+0.771%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.990	+0.977%	$15.1M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	93.040	+1.032%	$18.2M	$33.7M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.850	+0.825%	$1.0M	$45K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.890	+0.869%	$860K	$702K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	93.004	+0.993%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	92.639	+0.596%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.925	+0.907%	$67.9M	$40.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.968	+0.953%	$382K	$847K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.865	+0.842%	$47K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.910	+0.890%	$1.1M	$3.8M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0073%	1h	92.910	+0.890%	$5K	$454K	10x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.950	+0.934%	$1.3M	$1.6M	10x	as long as short
Gate CRCL_USDT	+0.0096%	8h	93.070	+1.064%	$7.4M	$26.0M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.960	+0.945%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.940	+0.923%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.550	+0.500%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.950	+0.934%	$927	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.950	+0.933%	$4	—	10x	as long as short
Paradex CRCL-USD-PERPshort	+0.0135%	8h	92.988	+0.975%	$428	$477	5x
Phoenix CRCL	+0.0199%	1h	92.671	+0.631%	$27K	$66K	10x	as long as short
Lighter CRCL	+0.0264%	1h	93.055	+1.048%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0303%	8h	92.823	+0.796%	$2.5M	$3.3M	—	as long as short
Nado CRCL-PERP	+0.0319%	1h	92.954	+0.938%	$152K	$107K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0339%	8h	93.000	+0.988%	$22.9M	$57.2M	50x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.960	+0.945%	$94K	$226K	10x	as long as short
Aster CRCLUSDT	+0.0382%	8h	92.936	+0.918%	$1.1M	$4.5M	20x	as long as short
Extended CRCL_24_5-USD	+0.0384%	1h	92.944	+0.927%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0390%	8h	92.964	+0.949%	$107.6M	$355.6M	50x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	92.090	long leg	$38K	$172K	30x
RISEx CRCL/USDC	+0.0479%	1h	93.005	+0.994%	$417K	$243K	10x	as long as short
BloFin CRCL-USDT	+0.0505%	8h	92.950	+0.934%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0795%	8h	92.663	+0.622%	$62K	$1.0M	10x	as long as short
edgeX CRCLUSDC	+0.0977%	4h	92.636	+0.593%	$53K	$269K	10x	as long as short