Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0440%/8h= +48.2% APRpaid last 24h +0.132%

Price spread now: Injective against Phemex+0.599%65s7-day average — · you sell dearer than you buy

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 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 for this trade now. Funding pays +$13 a day on $10k at the current rate, and Injective is 0.599% dearer against Phemex than usual: you sell high and buy low: +$60 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 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	Phemex CRCLUSDT	91.810	0	get 0.0000% / 4h	3h 42m	$1.0M	$48K	10x
Short	Injective CRCL/USDC PERP	92.360	0.0440	get 0.0055% / 1h	42m 07s	$5K	$19K	30x

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 +0.599%Rate

Funding earned: $92.4
Price spread: +0.599% → 0.000%: $59.91
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: $140.29
Costs to cover: 0.120%
Break-even: from the start

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	1.09 bp	39.5 bp −$39	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.

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	−0.0697%	8h	91.830	+0.022%	$16.7M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.600	−0.229%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.820	+0.011%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.790	−0.022%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.979	+0.184%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.810	long leg	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0009%	8h	91.792	−0.020%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0014%	8h	91.771	−0.042%	$104.5M	$391.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.743	−0.072%	$1.2M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.896	+0.093%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.920	+0.120%	$93K	$272K	10x	as long as short
Lighter RH CRCL	+0.0048%	1h	91.818	+0.009%	$973K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	+0.087%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.730	−0.087%	$68.1M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.778	−0.035%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.790	−0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	+0.098%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0059%	8h	92.050	+0.261%	$1.1M	$1.6M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.820	+0.011%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	+0.152%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0074%	8h	91.830	+0.022%	$22.3M	$61.5M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.807	−0.003%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.770	−0.044%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.900	+0.098%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	−0.054%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.785	−0.027%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.810	0.000%	$417K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0128%	8h	91.816	+0.006%	$422	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.939	+0.141%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0280%	1h	91.810	0.000%	$3.0M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0295%	1h	91.790	−0.022%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0370%	1h	91.735	−0.081%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	92.360	+0.599%	$5K	$19K	30x
edgeX CRCLUSDC	+0.0529%	4h	92.039	+0.249%	$51K	$277K	10x	as long as short