Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0268%/8h= −29.4% APRpaid last 24h −0.074%

Price spread now: QFEX against BloFin−0.127%7-day average −0.017% · 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−$41as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.146%−$15 on $10k

Price spread, last 3 days (all we have)+0.155%+$16 · spread now −0.127%, 7d avg −0.017%

Together, before fees+0.009%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and QFEX is 0.110% cheaper against BloFin than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CRCL-USDT	94.510	0.0311	pay 0.0311% / 8h	7h 27m	$1.1M	$561K	20x
Short	QFEX CRCL-USD	94.390	0.0042	get 0.0005% / 1h	27m 11s	$1.4M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against BloFin. 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 BloFinbpFee QFEXbpOrdersPrice spread, now −0.127%Rate

Funding earned: −$56.29
Price spread: −0.127% → −0.017%: −$11
Slippage, 4 orders: −$8.31
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$97.59
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; QFEX: live order book, 5 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 BloFin live order book, 5 min ago	0.53 bp	6.9 bp −$7	9.9 bp −$99	36.5 bp −$3,648	doesn't fit
Sell QFEX live order book, 5 min ago	1.59 bp	6.6 bp −$7	7.5 bp −$75	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.317%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.490	−0.021%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.480	−0.032%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.462	−0.050%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.460	−0.053%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0029%	8h	94.490	−0.021%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.456	−0.057%	$889K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.362	−0.157%	$2K	$22K	5x	as long as short
QFEX CRCL-USDshort	+0.0042%	1h	94.390	−0.127%	$1.4M	$2.6M	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.350	−0.169%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.428	−0.087%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.445	−0.069%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.464	−0.049%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.310	−0.212%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.360	−0.159%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.430	−0.085%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.360	−0.159%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.460	−0.053%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.483	−0.028%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.437	−0.077%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	−0.063%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.480	−0.032%	$22.8M	$59.5M	50x	as long as short
Binance CRCLUSDT	+0.0191%	8h	94.460	−0.053%	$109.4M	$386.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.436	−0.079%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0196%	8h	94.431	−0.084%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0230%	1h	94.340	−0.180%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.429	−0.086%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.471	−0.041%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDTlong	+0.0311%	8h	94.510	long leg	$1.1M	$561K	20x
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.402%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.380	−0.138%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.456	−0.057%	$431K	$299K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0810%	1h	94.460	−0.053%	$4K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0948%	4h	94.390	−0.127%	$24K	$269K	10x	as long as short