Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0079%/8h= −8.7% APRpaid last 24h −0.038%

Price spread now: QFEX against Binance0.000%7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 7 days−0.018%−$2 · spread now 0.000%, 7d avg −0.044%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.044% dearer against Binance than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.044%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 44 hours. At the pace of the last 4 days (−0.009% in total) that is about 18 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CRCLUSDT	91.740	0.0148	pay 0.0148% / 8h	1h 03m	$105.0M	$397.2M	50x
Short	QFEX CRCL-USD	91.740	0.0068	get 0.0009% / 1h	3m 22s	$1.3M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Binance. 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 BinancebpFee QFEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$16.6
Price spread: 0.000% → −0.044%: $4.39
Slippage, 4 orders: −$6.25
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$38.46
Costs to cover: 0.263%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; QFEX: live order book, 4 min ago.

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 Binance live order book, 10 min ago	0.55 bp	6.5 bp −$6	11.3 bp −$113	29.3 bp −$2,933	doesn't fit
Sell QFEX live order book, 4 min ago	1.63 bp	6.6 bp −$7	7.6 bp −$76	14.1 bp −$1,409	doesn't fit

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	−0.0358%	8h	91.820	+0.087%	$17.6M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.500	−0.262%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.750	+0.011%	$7.8M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.760	+0.022%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0002%	8h	91.730	−0.011%	$14.7M	$26.7M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.737	−0.003%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.760	+0.022%	$95K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.718	−0.024%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.700	−0.044%	$1.1M	$5.3M	10x	as long as short
Variational Omni CRCL	+0.0051%	8h	91.859	+0.130%	$2.4M	$3.2M	—	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	+0.0056%	1h	91.795	+0.060%	$981K	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	+0.055%	$894K	$441K	10x	as long as short
QFEX CRCL-USDshort	+0.0068%	1h	91.740	0.000%	$1.3M	$1.8M	10x
Pacifica CRCL	+0.0100%	1h	91.762	+0.024%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.760	+0.022%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.690	−0.055%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.730	−0.011%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.743	+0.004%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0111%	1h	91.686	−0.059%	$67.9M	$44.2M	10x	as long as short
Aster CRCLUSDT	+0.0133%	8h	91.779	+0.043%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0144%	1h	91.744	+0.005%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDTlong	+0.0148%	8h	91.740	long leg	$105.0M	$397.2M	50x
Polymarket Perps CRCL-USD	+0.0149%	1h	91.734	−0.007%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0189%	8h	91.744	+0.004%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0224%	8h	91.834	+0.102%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0231%	8h	91.740	0.000%	$22.3M	$62.4M	50x	as long as short
Phoenix CRCL	+0.0245%	1h	91.776	+0.039%	$27K	$82K	10x	as long as short
BloFin CRCL-USDT	+0.0266%	8h	91.830	+0.098%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.783	+0.047%	$418K	$266K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0296%	1h	91.670	−0.076%	$5K	$769K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.785	+0.049%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDC	+0.0352%	4h	91.819	+0.087%	$52K	$277K	10x	as long as short
Nado CRCL-PERP	+0.0428%	1h	91.686	−0.059%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.578%	$5K	$19K	30x	as long as short