Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.017%

Price spread now: QFEX against Orderly−0.055%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and QFEX is 0.055% cheaper against Orderly than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	91.190	0.0100	pay 0.0100% / 8h	2h 31m	$909	$2K	10x
Short	QFEX CRCL-USD	91.140	0.0054	get 0.0007% / 1h	31m 03s	$1.3M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Orderly. 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 OrderlybpFee QFEXbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$9.56
Price spread: −0.055% → 0.000%: −$5.48
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$31.04
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; QFEX: live order book, 6 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell QFEX live order book, 6 min ago	1.64 bp	6.6 bp −$7	8.6 bp −$86	16.1 bp −$1,607	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0880%	8h	91.250	+0.066%	$16.7M	$36.3M	25x	as long as short
Vest CRCL-USD-PERP	−0.0071%	1h	90.900	−0.318%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.170	−0.022%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.230	+0.044%	$7.6M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.161	−0.032%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.170	−0.022%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	91.185	−0.005%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.156	−0.037%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0024%	8h	91.186	−0.005%	$103.7M	$395.0M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.225	+0.038%	$972K	$2.9M	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	91.210	+0.022%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.217	+0.029%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.109	−0.089%	$68.1M	$43.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.142	−0.053%	$382K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.163	−0.030%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	+0.022%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USDshort	+0.0054%	1h	91.140	−0.055%	$1.3M	$1.8M	10x
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.180	−0.011%	$913K	$529K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0089%	8h	91.147	−0.047%	$419	$905	5x	as long as short
BloFin CRCL-USDT	+0.0097%	8h	91.230	+0.044%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.162	−0.031%	$133K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.180	−0.011%	$2.7M	$1.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0100%	8h	91.150	−0.044%	$62K	$1.1M	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	−0.022%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.190	long leg	$909	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.165	−0.028%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0111%	8h	91.190	0.000%	$22.1M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.175	−0.016%	$415K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.110	−0.088%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0224%	1h	91.219	+0.032%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0299%	1h	91.180	−0.011%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0303%	1h	91.115	−0.083%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.932%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0917%	4h	91.164	−0.029%	$52K	$278K	10x	as long as short