Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0377%/8h= +41.3% APRpaid last 24h +0.081%

Price spread now: Injective against Binance+0.601%107s7-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 +$11 a day on $10k at the current rate, and Injective is 0.601% dearer against Binance 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 107 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	91.599	0.0063	pay 0.0063% / 8h	2h 03m	$104.6M	$397.7M	50x
Short	Injective CRCL/USDC PERP	92.150	0.0440	get 0.0055% / 1h	3m 34s	$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 +0.601%Rate

Funding earned: $79.26
Price spread: +0.601% → 0.000%: $60.1
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: $129.34
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Binance: live order book, 10 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, 10 min ago	0.55 bp	5.8 bp −$6	9.0 bp −$90	28.8 bp −$2,877	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	−0.0833%	8h	91.670	+0.077%	$17.4M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0082%	1h	91.350	−0.272%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.600	+0.001%	$14.7M	$26.8M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.620	+0.022%	$7.7M	$27.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.719	+0.130%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.650	+0.055%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.610	+0.012%	$978K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.546	−0.059%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.590	−0.010%	$93K	$289K	10x	as long as short
Aster CRCLUSDT	+0.0049%	8h	91.531	−0.074%	$1.0M	$5.1M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	91.568	−0.034%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.500	−0.109%	$1.1M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.610	+0.012%	$1.3M	$1.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0062%	1h	91.576	−0.026%	$384K	$1.3M	10x	as long as short
Binance CRCLUSDTlong	+0.0063%	8h	91.599	long leg	$104.6M	$397.7M	50x
Extended CRCL_24_5-USD	+0.0064%	1h	91.571	−0.031%	$1.0M	$5.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.590	−0.010%	$892K	$606K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0081%	1h	91.570	−0.032%	$67.8M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.560	−0.043%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.620	+0.022%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.550	−0.054%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.620	+0.022%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.613	+0.015%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.620	+0.022%	$417K	$277K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0147%	8h	91.730	+0.143%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0152%	8h	91.580	−0.021%	$421	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0160%	8h	91.620	+0.022%	$22.3M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0179%	8h	91.700	+0.110%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.654	+0.060%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.612	+0.014%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0343%	1h	91.497	−0.112%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	92.150	+0.601%	$5K	$19K	30x
Deribit CRCL_USDC-PERPETUAL	+0.0515%	1h	91.590	−0.010%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0530%	4h	91.696	+0.106%	$52K	$278K	10x	as long as short