Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0263%/8h= +28.8% APRpaid last 24h +0.045%

Price spread now: Aster against QFEX−0.033%7-day average +0.050% · 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−$290.286% of the position

Long on QFEX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.055%+$5 on $10k

Price spread, last 7 days+0.099%+$10 · spread now −0.033%, 7d avg +0.050%

Together, before fees+0.153%+ Points / potential airdropAster: Stage 5 · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.083% cheaper against QFEX than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.050%). If the spread goes back, that is −$8 on $10k: about 25 hours of funding at the current rate (+$8 a day). At the pace of the last 4 days (+0.055% in total) that is about 5.9 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.055% in total (about 5.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	95.610	0.0014	pay 0.0002% / 1h	50m 26s	$1.4M	$1.7M	10x
Short	Aster CRCLUSDT	95.579	0.0277	get 0.0277% / 8h	4h 50m	$1.2M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against QFEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 QFEXbpFee AsterbpOrdersPrice spread, now −0.033%Rate

Funding earned: $55.15
Price spread: −0.033% → +0.050%: −$8.26
Slippage, 4 orders: −$10.61
Fee QFEX: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $18.29
Costs to cover: 0.286%
Break-even: 4.7 days

Slippage from QFEX: live order book, 4 min ago; Aster: live order book, 1 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 QFEX live order book, 4 min ago	1.57 bp	6.6 bp −$7	6.6 bp −$66	12.5 bp −$1,249	doesn't fit
Sell Aster live order book, 1 min ago	2.09 bp	7.1 bp −$7	12.3 bp −$123	doesn't fit	doesn't fit

CRCL on 34 exchanges

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
Coinbase International CRCL-PERP-INTX	−0.0024%	1h	95.460	−0.157%	$871K	$804K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	95.570	−0.042%	$15.8M	$28.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.671	+0.064%	$425K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.530	−0.084%	$19.1M	$39.1M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	95.470	−0.146%	$1.1M	$47K	10x	as long as short
QFEX CRCL-USDlong	+0.0014%	1h	95.610	long leg	$1.4M	$1.7M	10x
Gate CRCL_USDT	+0.0028%	8h	95.730	+0.126%	$7.7M	$26.4M	50x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	+0.021%	$39K	$172K	30x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	95.146	−0.486%	$2K	$29K	5x	as long as short
Lighter RH CRCL	+0.0040%	1h	95.652	+0.044%	$1.0M	$2.6M	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	+0.0046%	1h	95.690	+0.084%	—	$29K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	95.601	−0.009%	$69.5M	$44.2M	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.470	−0.146%	$1.1M	$4.3M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.620	+0.010%	$96K	$233K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.625	+0.016%	$142K	$149K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.570	−0.042%	$2.5M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.850	+0.251%	$98K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.440	−0.178%	$752	$2K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0103%	8h	95.600	−0.011%	$440	$477	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.562	−0.051%	$4	—	10x	as long as short
Phoenix CRCL	+0.0136%	1h	95.413	−0.206%	$28K	$94K	10x	as long as short
Variational Omni CRCL	+0.0157%	8h	95.650	+0.041%	$2.7M	$3.3M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0209%	8h	95.500	−0.115%	$23.6M	$67.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0256%	1h	95.577	−0.034%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0260%	8h	95.695	+0.089%	$112.2M	$391.3M	50x	as long as short
Aster CRCLUSDTshort	+0.0277%	8h	95.579	−0.033%	$1.2M	$4.7M	20x
edgeX CRCLUSDC	+0.0287%	4h	95.658	+0.050%	$55K	$278K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0324%	8h	95.670	+0.063%	$66K	$1.0M	10x	as long as short
Nado CRCL-PERP	+0.0357%	1h	95.607	−0.003%	$153K	$93K	3x	as long as short
BloFin CRCL-USDT	+0.0375%	8h	95.540	−0.073%	$1.1M	$1.8M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0393%	1h	95.700	+0.094%	$284K	$1.1M	10x	as long as short
Lighter CRCL	+0.0456%	1h	95.661	+0.053%	$3.3M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0588%	1h	95.500	−0.115%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.2517%	1h	95.542	−0.071%	$48K	$3K	10x	as long as short