Funding you earn now, next payment 02:00 UTC−0.0440%/8h= −48.2% APRpaid last 24h −0.132%
Price spread now: Phemex against Injective−0.532%65s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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 against this trade now: funding costs −$13 a day on $10k at the current rate, and Phemex is 0.532% cheaper against Injective than usual: you would sell low and buy high (−$53 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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 | Injective CRCL/USDC PERP | 93.910 | 0.0440 | pay 0.0055% / 1h | 58m 10s | $5K | $19K | 30x |
| Short | Phemex CRCLUSDT | 93.410 | 0 | get 0.0000% / 4h | 2h 58m | $1.0M | $49K | 10x |
Injective CRCL/USDC PERP
Phemex CRCLUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Injective. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$92.4
- Price spread: −0.532% → 0.000%
- −$53.24
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$157.66
- Costs to cover
- 0.120%
- Break-even
- never at this rate
Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago | 2.14 bp | 36.7 bp −$37 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International CRCL-PERP-INTX | −0.0008% | 1h | 93.400 | −0.543% | $934K | $590K | 10x | as long as short |
| Bybit CRCLUSDT | 0.0000% | 8h | 93.350 | −0.596% | $15.3M | $25.5M | 50x | as long as short |
| RISEx CRCL/USDC | 0.0000% | 1h | 93.348 | −0.599% | $426K | $299K | 10x | as long as short |
| Gate CRCL_USDT | 0.0000% | 8h | 93.420 | −0.522% | $7.2M | $25.5M | 50x | as long as short |
| Bitget CRCLUSDT | 0.0000% | 8h | 93.380 | −0.564% | $16.6M | $34.4M | 25x | as long as short |
| GRVT CRCL_USDT_Perp | 0.0000% | 8h | 93.600 | −0.330% | $62K | $1.1M | 10x | as long as short |
| Phemex CRCLUSDTshort | 0.0000% | 4h | 93.410 | −0.532% | $1.0M | $49K | 10x | |
| Lighter RH CRCL | +0.0032% | 1h | 93.353 | −0.593% | $978K | $2.9M | 10x | as long as short |
| Aftermath Perps CRCLUSD | +0.0037% | 1h | 93.632 | −0.296% | $2K | $22K | 5x | as long as short |
| Arcus CRCL-USD | +0.0040% | 1h | 93.550 | −0.383% | $96K | $271K | 10x | as long as short |
Coinbase International CRCL-PERP-INTX
Bybit CRCLUSDT
RISEx CRCL/USDC
Gate CRCL_USDT
Bitget CRCLUSDT
GRVT CRCL_USDT_Perp
Lighter RH CRCL
Aftermath Perps CRCLUSD
Arcus CRCL-USDShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Vest CRCL-USD-PERP | +0.0046% | 1h | 93.230 | −0.724% | — | $37K | 25x | as long as short |
| tradeXYZ xyz:CRCL | +0.0050% | 1h | 93.327 | −0.621% | $71.0M | $41.2M | 10x | as long as short |
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 93.354 | −0.592% | $362K | $1.1M | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 93.330 | −0.618% | $47K | $3K | 10x | as long as short |
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 93.410 | −0.532% | $1.0M | $5.6M | 10x | as long as short |
| QFEX CRCL-USD | +0.0057% | 1h | 93.320 | −0.628% | $1.3M | $2.5M | 10x | as long as short |
| Variational Omni CRCL | +0.0059% | 8h | 93.569 | −0.364% | $2.5M | $3.1M | — | as long as short |
| Paradex CRCL-USD-PERP | +0.0098% | 8h | 93.323 | −0.625% | $765 | $740 | 5x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 93.350 | −0.596% | $75K | $96K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 93.400 | −0.543% | $2.9M | $1.9M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 93.750 | −0.170% | $69K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 93.330 | −0.618% | $931 | $3K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 93.334 | −0.613% | $4 | — | 10x | as long as short |
| OKX CRCL-USDT-SWAP | +0.0118% | 8h | 93.330 | −0.618% | $22.6M | $58.6M | 50x | as long as short |
| Extended CRCL_24_5-USD | +0.0136% | 1h | 93.312 | −0.636% | $1.1M | $5.7M | 10x | as long as short |
| Aster CRCLUSDT | +0.0137% | 8h | 93.339 | −0.608% | $1.1M | $4.9M | 20x | as long as short |
| Binance CRCLUSDT | +0.0137% | 8h | 93.330 | −0.617% | $107.7M | $386.0M | 50x | as long as short |
| BloFin CRCL-USDT | +0.0257% | 8h | 93.160 | −0.799% | $1.1M | $1.0M | 20x | as long as short |
| Nado CRCL-PERP | +0.0265% | 1h | 93.322 | −0.626% | $154K | $89K | 3x | as long as short |
| Phoenix CRCL | +0.0296% | 1h | 93.653 | −0.274% | $28K | $92K | 10x | as long as short |
| Lighter CRCL | +0.0296% | 1h | 93.412 | −0.530% | $3.0M | $2.3M | 10x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.0393% | 1h | 93.350 | −0.596% | $4K | $769K | 10x | as long as short |
| Injective CRCL/USDC PERPlong | +0.0440% | 1h | 93.910 | long leg | $5K | $19K | 30x | |
| edgeX CRCLUSDC | +0.0940% | 4h | 93.809 | −0.107% | $24K | $268K | 10x | as long as short |
Vest CRCL-USD-PERP
tradeXYZ xyz:CRCL
Polymarket Perps CRCL-USD
SoDEX CRCL-USD
Ondo Perps CRCL-USD.P
QFEX CRCL-USD
Variational Omni CRCL
Paradex CRCL-USD-PERP
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
OKX CRCL-USDT-SWAP
Extended CRCL_24_5-USD
Aster CRCLUSDT
Binance CRCLUSDT
BloFin CRCL-USDT
Nado CRCL-PERP
Phoenix CRCL
Lighter CRCL
Deribit CRCL_USDC-PERPETUAL
edgeX CRCLUSDC