CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0767%/8h= −84.0% APRnext payment −$0.96 per $10,000 · paid last 24h −0.090%

Price spread now: QFEX against Deribit0.000%7-day average +0.001% · 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−$36as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Deribit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.151%−$15 on $10k

Price spread, last 3 days (all we have)+0.046%+$5 · spread now 0.000%, 7d avg +0.001%

Together, before fees−0.105%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$23 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.151% in total (about -16.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.96 per $10,000. 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	Deribit CRCL_USDC-PERPETUAL	94.450	0.0810	pay 0.0101% / 1h	31m 05s	$4K	$771K	10x
Short	QFEX CRCL-USD	94.450	0.0042	get 0.0005% / 1h	31m 05s	$1.4M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Deribit. 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 DeribitbpFee QFEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$161.15
Price spread: 0.000% → +0.001%: −$0.09
Slippage, 4 orders: −$18.98
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$197.22
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Deribit: live order book, 43 min ago; QFEX: live order book, 6 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 Deribit live order book, 43 min ago	0.53 bp	10.3 bp −$10	14.3 bp −$143	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	2.12 bp	7.1 bp −$7	7.3 bp −$73	13.5 bp −$1,347	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	−0.254%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.450	0.000%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.450	0.000%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.300	−0.159%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.360	−0.095%	$1.0M	$51K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.442	−0.008%	$889K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0036%	8h	94.460	+0.011%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.295	−0.164%	$2K	$22K	5x	as long as short
QFEX CRCL-USDshort	+0.0042%	1h	94.450	0.000%	$1.4M	$2.6M	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.320	−0.138%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0047%	4h	94.288	−0.171%	$24K	$268K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.380	−0.074%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.439	−0.012%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.429	−0.022%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.330	−0.127%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.410	−0.042%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.400	−0.053%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.159%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.430	−0.021%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.454	+0.004%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.445	−0.005%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0127%	8h	94.450	0.000%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0153%	8h	94.450	0.000%	$22.8M	$59.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.430	−0.021%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0194%	8h	94.450	0.000%	$109.4M	$386.3M	50x	as long as short
Aster CRCLUSDT	+0.0201%	8h	94.425	−0.026%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0222%	1h	94.349	−0.107%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.328	−0.129%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.457	+0.007%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0314%	8h	94.460	+0.011%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.466%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.310	−0.148%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.435	−0.016%	$431K	$299K	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0810%	1h	94.450	long leg	$4K	$771K	10x