Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1347%/8h= +147.5% APRpaid last 24h −0.042%

Price spread now: QFEX against Bitget−0.098%7-day average −0.078% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.020%−$2 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.098%, 7d avg −0.078%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.021% cheaper against Bitget than usual: you would sell low and buy high (spread −0.098% now, against its 7-day average of −0.078%). If the spread goes back, that is −$2 on $10k: about 1 hour of funding at the current rate (+$40 a day).

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.020% in total (about -2.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CRCLUSDT	91.650	−0.1324	get 0.1324% / 8h	5h 32m	$15.8M	$34.5M	25x
Short	QFEX CRCL-USD	91.560	0.0023	get 0.0003% / 1h	32m 43s	$1.3M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bitget. 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 BitgetbpFee QFEXbpOrdersPrice spread, now −0.098%Rate

Funding earned: $282.96
Price spread: −0.098% → −0.078%: −$2.06
Slippage, 4 orders: −$10.98
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: $247.93
Costs to cover: 0.330%
Break-even: 0.9 days

Slippage from Bitget: live order book, 1 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 Bitget live order book, 1 min ago	1.64 bp	9.3 bp −$9	14.1 bp −$141	35.0 bp −$3,500	doesn't fit
Sell QFEX live order book, 4 min ago	2.18 bp	7.2 bp −$7	7.3 bp −$73	14.4 bp −$1,445	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 CRCLUSDTlong	−0.1324%	8h	91.650	long leg	$15.8M	$34.5M	25x
Vest CRCL-USD-PERP	−0.0076%	1h	91.400	−0.273%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.450	−0.218%	$902K	$527K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.541	−0.119%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.597	−0.058%	$104.2M	$384.5M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.630	−0.022%	$15.0M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.581	−0.075%	$418K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.630	−0.022%	$7.1M	$26.6M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.607	−0.047%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.646	−0.005%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	91.620	−0.033%	$4K	$767K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.620	−0.033%	$1.0M	$49K	10x	as long as short
Aster CRCLUSDT	+0.0005%	8h	91.628	−0.024%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0012%	8h	91.630	−0.022%	$21.5M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0020%	1h	91.531	−0.130%	$2K	$23K	5x	as long as short
QFEX CRCL-USDshort	+0.0023%	1h	91.560	−0.098%	$1.3M	$2.1M	10x
Lighter RH CRCL	+0.0032%	1h	91.633	−0.019%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.550	−0.109%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.556	−0.103%	$68.4M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.602	−0.052%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.599	−0.056%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.520	−0.142%	$996K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0066%	8h	91.603	−0.051%	$751	$740	5x	as long as short
BloFin CRCL-USDT	+0.0067%	8h	91.600	−0.055%	$1.1M	$1.3M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.573	−0.084%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.630	−0.022%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.610	−0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.630	−0.022%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.617	−0.036%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0176%	1h	91.601	−0.054%	$131K	$104K	3x	as long as short
Phoenix CRCL	+0.0183%	1h	91.608	−0.046%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.634	−0.017%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.200	+0.600%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0952%	4h	91.606	−0.048%	$23K	$267K	10x	as long as short