Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.102%

Price spread now: Orderly against Injective−0.444%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 −$10 a day on $10k at the current rate, and Orderly is 0.444% cheaper against Injective than usual: you would sell low and buy high (−$44 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	92.360	0.0440	pay 0.0055% / 1h	16m 59s	$5K	$19K	30x
Short	Orderly PERP_CRCL_USDC_mythos	91.950	0.0100	get 0.0100% / 8h	3h 16m	$917	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.444%Rate

Funding earned: −$71.4
Price spread: −0.444% → 0.000%: −$44.39
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$121.81
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: 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 no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	−0.0688%	8h	92.010	−0.379%	$16.7M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0061%	1h	91.690	−0.725%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.930	−0.466%	$14.9M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.030	−0.357%	$7.3M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.999	−0.391%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.960	−0.433%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0016%	8h	91.955	−0.439%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.963	−0.430%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0025%	8h	91.945	−0.449%	$104.8M	$392.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.976	−0.416%	$975K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.900	−0.498%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.870	−0.531%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.639%	$911K	$519K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.869	−0.532%	$68.3M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.928	−0.468%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.934	−0.461%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.840	−0.563%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.940	−0.455%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0069%	8h	91.939	−0.456%	$423	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0087%	8h	92.030	−0.357%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	91.940	−0.455%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.948	−0.447%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.910	−0.487%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.830	−0.574%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	91.950	−0.444%	$917	$2K	10x
BloFin CRCL-USDT	+0.0102%	8h	91.930	−0.466%	$1.1M	$1.6M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.964	−0.429%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.975	−0.417%	$419K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.770	−0.639%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0226%	4h	91.934	−0.461%	$51K	$276K	10x	as long as short
Lighter CRCL	+0.0272%	1h	92.011	−0.378%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0357%	1h	91.925	−0.471%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	92.360	long leg	$5K	$19K	30x
Deribit CRCL_USDC-PERPETUAL	+0.0730%	1h	91.950	−0.444%	$4K	$768K	10x	as long as short