Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.049%

Price spread now: QFEX against Paradex−0.063%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and QFEX is 0.063% cheaper against Paradex than usual: you would sell low and buy high (−$6 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	Paradex CRCL-USD-PERP	94.450	0.0177	pay 0.0177% / 8h	1h 49m	$774	$740	5x
Short	QFEX CRCL-USD	94.390	0.0033	get 0.0004% / 1h	49m 20s	$1.4M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Paradex. 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 ParadexbpFee QFEXbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$30.21
Price spread: −0.063% → 0.000%: −$6.35
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$50.55
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; QFEX: live order book, 3 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 Paradex no order-book sample	—	—	—	—	—
Sell QFEX live order book, 3 min ago	2.65 bp	7.6 bp −$8	7.9 bp −$79	14.4 bp −$1,436	doesn't fit

Paradex: 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
Gate CRCL_USDT	0.0000%	8h	94.410	−0.042%	$7.2M	$27.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	94.400	−0.053%	$4K	$771K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.400	−0.053%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USDshort	+0.0033%	1h	94.390	−0.063%	$1.4M	$2.7M	10x
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	−0.018%	$50K	$1.2M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.419	−0.033%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	−0.085%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.399	−0.054%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.180%	$1.1M	$5.9M	10x	as long as short
Variational Omni CRCL	+0.0066%	8h	94.407	−0.045%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0068%	8h	94.460	+0.011%	$15.5M	$25.9M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0074%	1h	94.382	−0.072%	$357K	$1.1M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	−0.169%	$938K	$742K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.372	−0.082%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.470	+0.021%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.260	−0.201%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.400	−0.053%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.414	−0.038%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	94.386	−0.068%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0121%	8h	94.407	−0.046%	$108.4M	$388.5M	50x	as long as short
Aster CRCLUSDT	+0.0152%	8h	94.473	+0.024%	$1.1M	$4.8M	20x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.410	−0.042%	$431K	$309K	10x	as long as short
Paradex CRCL-USD-PERPlong	+0.0177%	8h	94.450	long leg	$774	$740	5x
Lighter RH CRCL	+0.0184%	1h	94.453	+0.003%	$881K	$2.9M	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.486	+0.038%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.430	−0.021%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0217%	8h	94.410	−0.042%	$22.8M	$60.5M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	−0.043%	$24K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0241%	8h	94.390	−0.063%	$1.1M	$581K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0286%	1h	94.375	−0.079%	$70.8M	$42.8M	10x	as long as short
Bitget CRCLUSDT	+0.0330%	8h	94.400	−0.053%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0358%	1h	94.385	−0.069%	$126K	$74K	3x	as long as short
Lighter CRCL	+0.0408%	1h	94.457	+0.007%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.424%	$5K	$19K	30x	as long as short