Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0440%/8h= −48.2% APRpaid last 24h −0.098%

Price spread now: Bybit against Injective−0.445%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.580%−$58 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 Bybit is 0.445% cheaper against Injective than usual: you would sell low and buy high (−$45 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	92.100	0.0440	pay 0.0055% / 1h	23m 00s	$5K	$19K	30x
Short	Bybit CRCLUSDT	91.690	0	get 0.0000% / 8h	1h 23m	$14.7M	$26.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.445%Rate

Funding earned: −$92.4
Price spread: −0.445% → 0.000%: −$44.52
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$147.94
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	1.64 bp	10.1 bp −$10	17.8 bp −$178	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 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	−0.0645%	8h	91.770	−0.358%	$17.5M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0086%	1h	91.390	−0.771%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.690	−0.445%	$14.7M	$26.6M	50x
Gate CRCL_USDT	0.0000%	8h	91.710	−0.423%	$7.8M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.640	−0.499%	$1.0M	$48K	10x	as long as short
Variational Omni CRCL	+0.0003%	8h	91.579	−0.566%	$2.4M	$3.2M	—	as long as short
Lighter RH CRCL	+0.0032%	1h	91.677	−0.459%	$979K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.482	−0.671%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.550	−0.597%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.683	−0.453%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.630	−0.510%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.560	−0.586%	$891K	$615K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.630	−0.510%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0079%	1h	91.633	−0.507%	$67.8M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0094%	8h	91.674	−0.462%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.660	−0.478%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.570	−0.575%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.430	−0.727%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.630	−0.510%	$914	$2K	10x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.675	−0.462%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.669	−0.468%	$4	—	10x	as long as short
Binance CRCLUSDT	+0.0108%	8h	91.697	−0.438%	$104.7M	$397.7M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0128%	1h	91.662	−0.476%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0155%	8h	91.666	−0.471%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0185%	8h	91.500	−0.651%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0205%	8h	91.730	−0.402%	$22.3M	$62.8M	50x	as long as short
BloFin CRCL-USDT	+0.0228%	8h	91.700	−0.434%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.587	−0.557%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0264%	1h	91.674	−0.463%	$2.9M	$2.4M	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.660	−0.478%	$417K	$268K	10x	as long as short
edgeX CRCLUSDC	+0.0376%	4h	91.464	−0.691%	$52K	$277K	10x	as long as short
Nado CRCL-PERP	+0.0396%	1h	91.603	−0.540%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	92.100	long leg	$5K	$19K	30x
Deribit CRCL_USDC-PERPETUAL	+0.0514%	1h	91.650	−0.489%	$5K	$769K	10x	as long as short