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 −0.132%

Price spread now: Phemex against Injective−0.784%7-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 Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.862%−$86 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 −$13 a day on $10k at the current rate, and Phemex is 0.784% cheaper against Injective than usual: you would sell low and buy high (−$78 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	Injective CRCL/USDC PERP	91.820	0.0440	pay 0.0055% / 1h	48m 34s	$5K	$19K	30x
Short	Phemex CRCLUSDT	91.100	0	get 0.0000% / 4h	1h 48m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.784%Rate

Funding earned: −$92.4
Price spread: −0.784% → 0.000%: −$78.41
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$182.83
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago	1.64 bp	36.6 bp −$37	doesn't fit	doesn't fit	doesn't fit

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 33 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	−0.1223%	8h	91.160	−0.719%	$15.6M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	90.840	−1.067%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	−0.719%	$900K	$539K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.130	−0.751%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.100	−0.784%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.130	−0.751%	$7.0M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	−0.558%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.340	−0.523%	$66K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.100	−0.784%	$1.0M	$49K	10x
Binance CRCLUSDT	+0.0012%	8h	91.115	−0.768%	$103.5M	$383.8M	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0016%	1h	91.088	−0.797%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0018%	8h	91.096	−0.789%	$1.1M	$4.9M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0022%	1h	91.379	−0.481%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.090	−0.795%	$1.3M	$2.2M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0026%	8h	91.120	−0.762%	$21.4M	$58.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.148	−0.732%	$969K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.240	−0.632%	$92K	$271K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.070	−0.817%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.082	−0.804%	$353K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.093	−0.792%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.050	−0.839%	$973K	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	−0.483%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0069%	8h	91.112	−0.771%	$747	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.122	−0.760%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.170	−0.708%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	−0.349%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.070	−0.817%	$908	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.056	−0.833%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.079	−0.807%	$27K	$84K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0189%	1h	91.090	−0.795%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0196%	1h	91.064	−0.823%	$130K	$103K	3x	as long as short
Lighter CRCL	+0.0280%	1h	91.161	−0.718%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	91.820	long leg	$5K	$19K	30x