Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h −0.014%

Price spread now: QFEX against Bybit−0.044%7-day average −0.079% · 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−$33as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.046%−$5 on $10k

Price spread, last 7 days−0.005%−$1 · spread now −0.044%, 7d avg −0.079%

Together, before fees−0.052%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.035% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	90.720	0	get 0.0000% / 8h	7h 27m	$14.9M	$26.6M	50x
Short	QFEX CRCL-USD	90.680	0.0065	get 0.0008% / 1h	27m 13s	$1.3M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now −0.044%Rate

Funding earned: $13.69
Price spread: −0.044% → −0.079%: $3.49
Slippage, 4 orders: −$15.76
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$19.58
Costs to cover: 0.368%
Break-even: 17.0 days

Slippage from Bybit: 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 Bybit live order book, 1 min ago	1.65 bp	11.3 bp −$11	19.1 bp −$191	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.65 bp	6.6 bp −$7	6.6 bp −$66	12.5 bp −$1,247	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
Vest CRCL-USD-PERP	−0.0102%	1h	90.440	−0.309%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0017%	8h	90.750	+0.033%	$17.4M	$36.1M	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	90.720	long leg	$14.9M	$26.6M	50x
Gate CRCL_USDT	0.0000%	8h	90.750	+0.033%	$7.7M	$26.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.730	+0.011%	$1.0M	$47K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0008%	8h	90.967	+0.272%	$71K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.729	+0.010%	$976K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	90.560	−0.176%	$933K	$560K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	90.871	+0.167%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.650	−0.077%	$94K	$283K	10x	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	90.656	−0.071%	$66.9M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.633	−0.096%	$374K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.688	−0.035%	$45K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.790	+0.077%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USDshort	+0.0065%	1h	90.680	−0.044%	$1.3M	$1.7M	10x
Pacifica CRCL	+0.0100%	1h	90.680	−0.044%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.720	0.000%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.950	+0.254%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.710	−0.011%	$904	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.728	+0.008%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0122%	8h	90.706	−0.015%	$417	$766	5x	as long as short
Variational Omni CRCL	+0.0148%	8h	90.940	+0.242%	$2.4M	$3.3M	—	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0191%	1h	90.690	−0.033%	$5K	$762K	10x	as long as short
Aster CRCLUSDT	+0.0204%	8h	90.723	+0.003%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0208%	1h	90.731	+0.012%	$2.9M	$2.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	90.698	−0.024%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0216%	8h	90.713	−0.007%	$104.0M	$387.0M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	90.710	−0.011%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0281%	8h	90.690	−0.033%	$22.1M	$61.3M	50x	as long as short
edgeX CRCLUSDC	+0.0304%	4h	90.952	+0.256%	$52K	$271K	10x	as long as short
BloFin CRCL-USDT	+0.0336%	8h	90.700	−0.022%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0360%	1h	90.661	−0.065%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.598%	$108K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	90.802	+0.090%	$410K	$258K	10x	as long as short