Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.104%

Price spread now: Paradex against Injective−0.251%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Paradex is 0.251% cheaper against Injective than usual: you would sell low and buy high (−$25 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	92.270	0.0440	pay 0.0055% / 1h	36m 07s	$5K	$19K	30x
Short	Paradex CRCL-USD-PERP	92.039	0.0084	get 0.0084% / 8h	6h 36m	$755	$740	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.251%Rate

Funding earned: −$74.79
Price spread: −0.251% → 0.000%: −$25.09
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$103.9
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

Injective and Paradex: 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	−0.0361%	8h	92.160	−0.119%	$16.0M	$35.3M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.990	−0.303%	$916K	$586K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.110	−0.173%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.017	−0.274%	$420K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.140	−0.141%	$7.2M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.051	−0.238%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.790	−0.520%	$61K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.970	−0.325%	$1.0M	$49K	10x	as long as short
Vest CRCL-USD-PERP	+0.0002%	1h	91.830	−0.477%	—	$37K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0027%	1h	92.005	−0.287%	$2K	$23K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.127	−0.155%	$980K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.900	−0.401%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.053	−0.235%	$69.4M	$41.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.037	−0.253%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.990	−0.303%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.850	−0.455%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	92.000	−0.293%	$1.3M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0076%	1h	92.130	−0.152%	$4K	$769K	10x	as long as short
Binance CRCLUSDT	+0.0078%	8h	92.073	−0.213%	$105.1M	$393.1M	50x	as long as short
OKX CRCL-USDT-SWAP	+0.0078%	8h	92.100	−0.184%	$21.7M	$60.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	92.047	−0.242%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0081%	8h	92.070	−0.217%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERPshort	+0.0084%	8h	92.039	−0.251%	$755	$740	5x
Pacifica CRCL	+0.0100%	1h	91.980	−0.314%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.070	−0.217%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.780	−0.531%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.040	−0.249%	$918	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.085	−0.200%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0178%	1h	92.063	−0.224%	$131K	$103K	3x	as long as short
Lighter CRCL	+0.0200%	1h	92.142	−0.139%	$3.0M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.065%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	91.730	−0.585%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERPlong	+0.0440%	1h	92.270	long leg	$5K	$19K	30x
edgeX CRCLUSDC	+0.0565%	4h	91.735	−0.580%	$23K	$267K	10x	as long as short