Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.013%

Price spread now: QFEX against Phemex−0.042%7-day average −0.005% · 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−$102as in the Price arb table

costs, in and out, $10k−$980.983% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.016%+$2 on $10k

Price spread, last 3 days (all we have)+0.090%+$9 · spread now −0.042%, 7d avg −0.005%

Together, before fees+0.106%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.037% cheaper against Phemex than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of −0.005%). If the spread goes back, that is −$4 on $10k: about 3.8 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.016% in total) that is about 7.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.190	0	get 0.0000% / 4h	1h 05m	$1.0M	$52K	10x
Short	QFEX CRCL-USD	94.150	0.0033	get 0.0004% / 1h	5m 04s	$1.4M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phemex. 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 PhemexbpFee QFEXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $6.94
Price spread: −0.042% → −0.005%: −$3.75
Slippage, 4 orders: −$76.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$95.11
Costs to cover: 0.983%
Break-even: 103.0 days

Slippage from Phemex: live order book, 3 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 Phemex live order book, 3 min ago	1.06 bp	45.5 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	2.12 bp	7.1 bp −$7	7.2 bp −$72	13.2 bp −$1,319	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
Gate CRCL_USDT	0.0000%	8h	94.260	+0.074%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.190	long leg	$1.0M	$52K	10x
Lighter RH CRCL	+0.0032%	1h	94.270	+0.085%	$888K	$2.9M	10x	as long as short
QFEX CRCL-USDshort	+0.0033%	1h	94.150	−0.042%	$1.4M	$2.7M	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.130	−0.064%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0048%	1h	94.229	+0.041%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.233	+0.046%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.216	+0.028%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.160	−0.032%	$1.1M	$5.9M	10x	as long as short
Bybit CRCLUSDT	+0.0076%	8h	94.250	+0.064%	$15.5M	$25.8M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.100	−0.096%	$936K	$720K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.180	−0.011%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.260	+0.074%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.190	0.000%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.210	+0.021%	$939	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.252	+0.066%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0116%	8h	94.222	+0.034%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0124%	8h	94.218	+0.030%	$773	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0132%	8h	94.200	+0.011%	$62K	$1.1M	10x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.237	+0.050%	$430K	$310K	10x	as long as short
Extended CRCL_24_5-USD	+0.0160%	1h	94.222	+0.034%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0161%	8h	94.238	+0.051%	$108.4M	$388.4M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0172%	1h	94.212	+0.023%	$70.6M	$42.7M	10x	as long as short
Aster CRCLUSDT	+0.0178%	8h	94.203	+0.014%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0190%	8h	94.240	+0.053%	$22.8M	$60.4M	50x	as long as short
Phoenix CRCL	+0.0212%	1h	94.180	−0.011%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.180	−0.011%	$96K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0253%	1h	94.174	−0.017%	$126K	$73K	3x	as long as short
BloFin CRCL-USDT	+0.0281%	8h	94.270	+0.085%	$1.1M	$580K	20x	as long as short
Lighter CRCL	+0.0288%	1h	94.269	+0.084%	$3.0M	$2.3M	10x	as long as short
Bitget CRCLUSDT	+0.0305%	8h	94.270	+0.085%	$16.7M	$35.1M	25x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0387%	1h	94.230	+0.042%	$4K	$772K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.605%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0698%	4h	94.147	−0.046%	$24K	$267K	10x	as long as short