Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.036%

Price spread now: QFEX against Gate−0.054%7-day average −0.082% · 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−$37as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Gate Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.054%, 7d avg −0.082%

Together, before fees+0.045%+$4 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 0.027% dearer against Gate than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CRCL_USDT	92.060	0	get 0.0000% / 8h	3h 29m	$7.3M	$27.3M	50x
Short	QFEX CRCL-USD	92.010	0.0060	get 0.0008% / 1h	29m 26s	$1.3M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Gate. 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 GatebpFee QFEXbpOrdersPrice spread, now −0.054%Rate

Funding earned: $12.65
Price spread: −0.054% → −0.082%: $2.73
Slippage, 4 orders: −$14.66
Fee Gate: 7.5 bp × 2 orders: −$15
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$24.27
Costs to cover: 0.397%
Break-even: 20.4 days

Slippage from Gate: live order book, 4 min ago; QFEX: live order book, 3 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 Gate live order book, 4 min ago	2.17 bp	11.2 bp −$11	27.0 bp −$270	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	1.63 bp	6.6 bp −$7	6.9 bp −$69	14.4 bp −$1,444	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	−0.0701%	8h	92.050	−0.011%	$16.7M	$35.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0063%	1h	91.770	−0.315%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.020	−0.043%	$14.9M	$26.6M	50x	as long as short
Gate CRCL_USDTlong	0.0000%	8h	92.060	long leg	$7.3M	$27.3M	50x
Variational Omni CRCL	0.0000%	8h	92.099	+0.042%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.010	−0.054%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0023%	8h	92.036	−0.026%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0032%	8h	92.030	−0.033%	$104.7M	$392.2M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.052	−0.009%	$976K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.994	−0.072%	$1.2M	$5.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.950	−0.119%	$93K	$272K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.923	−0.148%	$2K	$25K	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.185%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.958	−0.111%	$68.3M	$41.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.990	−0.076%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.091	+0.034%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.980	−0.087%	$1.0M	$5.2M	10x	as long as short
QFEX CRCL-USDshort	+0.0060%	1h	92.010	−0.054%	$1.3M	$1.9M	10x
OKX CRCL-USDT-SWAP	+0.0096%	8h	92.040	−0.022%	$22.3M	$61.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0099%	8h	91.973	−0.094%	$70K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.014	−0.050%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.960	−0.109%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.970	−0.098%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.000	−0.065%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.008	−0.056%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.030	−0.033%	$418K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0114%	8h	92.020	−0.043%	$1.1M	$1.6M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0140%	8h	91.871	−0.206%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.924	−0.148%	$27K	$82K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	92.020	−0.043%	$4K	$768K	10x	as long as short
Lighter CRCL	+0.0288%	1h	92.026	−0.037%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0371%	1h	91.996	−0.070%	$134K	$107K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.350	+0.315%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0652%	4h	91.906	−0.168%	$51K	$277K	10x	as long as short