Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.029%

Price spread now: QFEX against KuCoin+0.011%7-day average −0.054% · 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−$85as in the Price arb table

costs, in and out, $10k−$910.913% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.032%−$3 on $10k

Price spread, last 7 days−0.053%−$5 · spread now +0.011%, 7d avg −0.054%

Together, before fees−0.085%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.065% dearer against KuCoin than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.054%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRCLUSDTM	91.260	0.0100	pay 0.0100% / 8h	5m 08s	$2.7M	$1.7M	20x
Short	QFEX CRCL-USD	91.270	0.0071	get 0.0009% / 1h	5m 08s	$1.3M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$6.06
Price spread: +0.011% → −0.054%: $6.52
Slippage, 4 orders: −$69.35
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$90.89
Costs to cover: 0.913%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; QFEX: live order book, 2 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 KuCoin live order book, 2 min ago	1.10 bp	47.7 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	1.64 bp	6.6 bp −$7	8.7 bp −$87	14.7 bp −$1,473	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	−0.0350%	8h	91.360	+0.110%	$17.3M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0084%	1h	90.970	−0.318%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.340	+0.088%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.280	+0.022%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.280	+0.022%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.231	−0.032%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.200	−0.066%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.276	+0.018%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	−0.055%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0062%	8h	91.320	+0.066%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USDshort	+0.0071%	1h	91.270	+0.011%	$1.3M	$1.7M	10x
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.208%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0090%	1h	91.219	−0.045%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.270	+0.011%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	91.260	long leg	$2.7M	$1.7M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	−0.099%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.270	+0.011%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.291	+0.034%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0132%	8h	91.253	−0.008%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0152%	1h	91.256	−0.004%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0158%	8h	91.253	−0.007%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0197%	8h	91.301	+0.045%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0213%	8h	91.307	+0.051%	$104.9M	$389.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	91.278	+0.020%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.260	0.000%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	91.227	−0.036%	$70K	$1.1M	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.276	+0.018%	$2.9M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0290%	8h	91.330	+0.077%	$22.3M	$61.8M	50x	as long as short
BloFin CRCL-USDT	+0.0333%	8h	91.320	+0.066%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0435%	1h	91.172	−0.097%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.526%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.280	+0.022%	$412K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0737%	1h	91.260	0.000%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0907%	4h	91.195	−0.071%	$52K	$270K	10x	as long as short