Funding you earn now, next payment 10:00 UTC−0.0126%/8h= −13.8% APRnext payment −$0.16 per $10,000 · paid last 24h +0.067%
Price spread now: Injective against Phoenix−0.712%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.564%+$56 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 −$4 a day on $10k at the current rate, and Injective is 0.712% cheaper against Phoenix than usual: you would sell low and buy high (−$71 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.564%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix CRCL | 92.750 | 0.0197 | pay 0.0025% / 1h | 1m 50s | $27K | $66K | 10x |
| Short | Injective CRCL/USDC PERP | 92.090 | 0.0072 | get 0.0009% / 1h | 1m 50s | $38K | $172K | 30x |
Phoenix CRCL
Injective CRCL/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Phoenix. 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
- −$26.41
- Price spread: −0.712% → 0.000%
- −$71.16
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$104.59
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Injective: live order book, 45 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Injective live order book, 45 min ago | 26.32 bp | 26.3 bp −$26 | 53.6 bp −$536 | doesn't fit | doesn't fit |
Phoenix: 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 exchanges
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 | −0.0048% | 1h | 93.590 | +0.906% | $854K | $788K | 10x | as long as short |
| Bybit CRCLUSDT | 0.0000% | 8h | 94.120 | +1.477% | $15.2M | $26.8M | 50x | as long as short |
| Bitget CRCLUSDT | 0.0000% | 8h | 94.130 | +1.488% | $18.5M | $36.2M | 25x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | 0.0000% | 1h | 93.810 | +1.143% | $5K | $415K | 10x | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 93.760 | +1.089% | $1.0M | $47K | 10x | as long as short |
| Vest CRCL-USD-PERP | +0.0021% | 1h | 94.010 | +1.358% | — | $30K | 25x | as long as short |
| Aftermath Perps CRCLUSD | +0.0030% | 1h | 93.278 | +0.569% | $2K | $29K | 5x | as long as short |
| Lighter RH CRCL | +0.0032% | 1h | 94.184 | +1.546% | $999K | $2.7M | 10x | as long as short |
| tradeXYZ xyz:CRCL | +0.0050% | 1h | 94.012 | +1.361% | $68.2M | $42.8M | 10x | as long as short |
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 93.607 | +0.924% | $310K | $1.0M | 10x | as long as short |
Coinbase International CRCL-PERP-INTX
Bybit CRCLUSDT
Bitget CRCLUSDT
Deribit CRCL_USDC-PERPETUAL
Phemex CRCLUSDT
Vest CRCL-USD-PERP
Aftermath Perps CRCLUSD
Lighter RH CRCL
tradeXYZ xyz:CRCL
Polymarket Perps CRCL-USDShow all 34 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 93.950 | +1.294% | $1.0M | $4.0M | 10x | as long as short |
| QFEX CRCL-USD | +0.0055% | 1h | 94.410 | +1.790% | $1.3M | $1.7M | 10x | as long as short |
| Gate CRCL_USDT | +0.0059% | 8h | 94.070 | +1.423% | $7.6M | $26.1M | 50x | as long as short |
| Injective CRCL/USDC PERPshort | +0.0072% | 1h | 92.090 | −0.712% | $38K | $172K | 30x | |
| Paradex CRCL-USD-PERP | +0.0074% | 8h | 94.031 | +1.382% | $433 | $477 | 5x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 94.073 | +1.426% | $141K | $139K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 93.960 | +1.305% | $2.6M | $1.7M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 92.710 | −0.043% | $68K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 93.830 | +1.164% | $739 | $2K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 93.847 | +1.183% | $4 | — | 10x | as long as short |
| Variational Omni CRCL | +0.0194% | 8h | 92.750 | 0.000% | $2.5M | $3.2M | — | as long as short |
| Phoenix CRCLlong | +0.0197% | 1h | 92.750 | long leg | $27K | $66K | 10x | |
| OKX CRCL-USDT-SWAP | +0.0207% | 8h | 94.160 | +1.520% | $22.7M | $61.7M | 50x | as long as short |
| Arcus CRCL-USD | +0.0214% | 1h | 93.960 | +1.305% | $94K | $209K | 10x | as long as short |
| Binance CRCLUSDT | +0.0248% | 8h | 94.044 | +1.395% | $107.8M | $366.7M | 50x | as long as short |
| SoDEX CRCL-USD | +0.0252% | 1h | 93.874 | +1.212% | $47K | $3K | 10x | as long as short |
| Lighter CRCL | +0.0256% | 1h | 94.128 | +1.486% | $3.0M | $2.2M | 10x | as long as short |
| Extended CRCL_24_5-USD | +0.0256% | 1h | 93.916 | +1.257% | $1.1M | $4.0M | 10x | as long as short |
| Nado CRCL-PERP | +0.0267% | 1h | 93.801 | +1.133% | $156K | $101K | 3x | as long as short |
| Aster CRCLUSDT | +0.0267% | 8h | 94.045 | +1.397% | $1.1M | $4.6M | 20x | as long as short |
| GRVT CRCL_USDT_Perp | +0.0312% | 8h | 92.721 | −0.031% | $59K | $988K | 10x | as long as short |
| BloFin CRCL-USDT | +0.0379% | 8h | 94.440 | +1.822% | $1.2M | $1.7M | 20x | as long as short |
| edgeX CRCLUSDC | +0.0438% | 4h | 92.693 | −0.061% | $53K | $269K | 10x | as long as short |
| RISEx CRCL/USDC | +0.0528% | 1h | 93.805 | +1.137% | $417K | $228K | 10x | as long as short |
Ondo Perps CRCL-USD.P
QFEX CRCL-USD
Gate CRCL_USDT
Paradex CRCL-USD-PERP
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
Variational Omni CRCL
OKX CRCL-USDT-SWAP
Arcus CRCL-USD
Binance CRCLUSDT
SoDEX CRCL-USD
Lighter CRCL
Extended CRCL_24_5-USD
Nado CRCL-PERP
Aster CRCLUSDT
GRVT CRCL_USDT_Perp
BloFin CRCL-USDT
edgeX CRCLUSDC
RISEx CRCL/USDC