Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0440%/8hpaid last 24h +0.132%

Price spread now: Injective against Phemex+0.401%65s7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

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 for this trade now. Funding pays +$13 a day on $10k at the current rate, and Injective is 0.401% dearer against Phemex than usual: you sell high and buy low: +$40 more if the spread goes back to zero (this spread has no 7-day history yet). 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	Phemex CRCLUSDT	94.820	0	get 0.0000% / 4h	23m 29s	$1.0M	$48K	10x
Short	Injective CRCL/USDC PERP	95.200	0.0440	get 0.0055% / 1h	23m 29s	$5K	$20K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now +0.401%Rate

Funding earned: $92.4
Price spread: +0.401% → 0.000%: $40.08
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $120.46
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 4 min ago; 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 Phemex live order book, 4 min ago	4.75 bp	39.0 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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
Gate CRCL_USDT	0.0000%	8h	94.820	0.000%	$7.2M	$26.8M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.820	long leg	$1.0M	$48K	10x
Lighter RH CRCL	+0.0032%	1h	94.851	+0.033%	$816K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.750	−0.074%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.788	−0.034%	$357K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.826	+0.006%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.700	−0.127%	$1.1M	$5.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	94.810	−0.011%	$1.4M	$2.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0076%	1h	94.794	−0.027%	$71.2M	$41.2M	10x	as long as short
Bybit CRCLUSDT	+0.0086%	8h	94.820	0.000%	$15.5M	$25.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CRCL-USD-PERP	+0.0098%	8h	94.843	+0.025%	$721	$428	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.800	−0.021%	$78K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.800	−0.021%	$70K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.830	+0.011%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.848	+0.030%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0113%	8h	94.887	+0.070%	$48K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0123%	8h	94.715	−0.111%	$2.5M	$3.2M	—	as long as short
KuCoin CRCLUSDTM	+0.0138%	8h	94.820	0.000%	$2.9M	$1.7M	20x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.790	−0.032%	$947K	$730K	10x	as long as short
Phoenix CRCL	+0.0162%	1h	94.827	+0.007%	$28K	$92K	10x	as long as short
Aster CRCLUSDT	+0.0164%	8h	94.860	+0.042%	$1.1M	$4.7M	20x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.814	−0.006%	$1.2M	$3.5M	10x	as long as short
Binance CRCLUSDT	+0.0170%	8h	94.820	0.000%	$108.9M	$376.6M	50x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.830	+0.011%	$421K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0278%	1h	94.820	0.000%	$4K	$802K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0290%	8h	94.830	+0.011%	$23.0M	$59.4M	50x	as long as short
BloFin CRCL-USDT	+0.0291%	8h	94.890	+0.074%	$1.1M	$576K	20x	as long as short
Lighter CRCL	+0.0312%	1h	94.885	+0.069%	$3.0M	$2.1M	10x	as long as short
Nado CRCL-PERP	+0.0320%	1h	94.788	−0.034%	$132K	$67K	3x	as long as short
Aftermath Perps CRCLUSD	+0.0358%	1h	94.603	−0.229%	$2K	$16K	5x	as long as short
Bitget CRCLUSDT	+0.0413%	8h	94.830	+0.011%	$17.0M	$34.3M	25x	as long as short
Injective CRCL/USDC PERPshort	+0.0440%	1h	95.200	+0.401%	$5K	$20K	30x
Arcus CRCL-USD	+0.0748%	1h	94.860	+0.042%	$102K	$257K	10x	as long as short
edgeX CRCLUSDC	+0.0859%	4h	94.832	+0.013%	$24K	$265K	10x	as long as short