Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.102%

Price spread now: Injective against Orderly+0.515%58s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Injective

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 for this trade now. Funding pays +$10 a day on $10k at the current rate, and Injective is 0.515% dearer against Orderly than usual: you sell high and buy low: +$51 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 58 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	Orderly PERP_CRCL_USDC_mythos	91.330	0.0100	pay 0.0100% / 8h	1h 41m	$911	$2K	10x
Short	Injective CRCL/USDC PERP	91.800	0.0440	get 0.0055% / 1h	41m 32s	$5K	$19K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +0.515%Rate

Funding earned: $71.4
Price spread: +0.515% → 0.000%: $51.46
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $116.84
Costs to cover: 0.060%
Break-even: from the start

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

Orderly and 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	−0.0721%	8h	91.470	+0.153%	$17.4M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0086%	1h	91.080	−0.274%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.360	+0.033%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.410	+0.088%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.309	−0.023%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.340	+0.011%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.298	−0.036%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.330	0.000%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.323	−0.008%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	−0.022%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.310	−0.022%	$889K	$604K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.350	+0.022%	$1.3M	$1.8M	10x	as long as short
Lighter RH CRCL	+0.0072%	1h	91.359	+0.032%	$976K	$2.7M	10x	as long as short
Aster CRCLUSDT	+0.0080%	8h	91.386	+0.061%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0093%	8h	91.370	+0.044%	$104.5M	$397.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0096%	1h	91.341	+0.012%	$1.0M	$5.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.330	0.000%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.350	+0.022%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.350	+0.022%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.330	long leg	$911	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.350	+0.021%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0116%	1h	91.299	−0.034%	$67.6M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0151%	1h	91.339	+0.010%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0168%	8h	91.322	−0.009%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.384	+0.059%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0189%	8h	91.380	+0.055%	$22.2M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0212%	8h	91.360	+0.033%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.381	+0.056%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.368	+0.042%	$416K	$268K	10x	as long as short
Lighter CRCL	+0.0304%	1h	91.363	+0.036%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0407%	1h	91.330	0.000%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0430%	1h	91.270	−0.066%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	91.800	+0.515%	$5K	$19K	30x
edgeX CRCLUSDC	+0.0765%	4h	91.348	+0.020%	$52K	$278K	10x	as long as short