Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0210%/8h= +23.0% APRpaid last 24h +0.014%

Price spread now: Binance against QFEX+0.021%7-day average +0.029% · 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−$29as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 2 days (all we have)−0.008%−$1 · spread now +0.021%, 7d avg +0.029%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.012% in total (about -1.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	94.680	0.0022	pay 0.0003% / 1h	25m 38s	$1.4M	$2.8M	10x
Short	Binance CRCLUSDT	94.700	0.0231	get 0.0231% / 8h	25m 38s	$109.8M	$390.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against QFEX. 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 QFEXbpFee BinancebpOrdersPrice spread, now +0.021%Rate

Funding earned: $44.03
Price spread: +0.021% → +0.029%: −$0.82
Slippage, 4 orders: −$7.95
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $15.27
Costs to cover: 0.279%
Break-even: 4.6 days

Slippage from QFEX: live order book, 2 min ago; Binance: live order book, 3 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, 2 min ago	2.11 bp	7.1 bp −$7	7.1 bp −$71	12.4 bp −$1,243	doesn't fit
Sell Binance live order book, 3 min ago	0.53 bp	6.5 bp −$7	8.5 bp −$85	30.8 bp −$3,076	94.9 bp −$47.4K

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	94.700	+0.021%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.750	+0.074%	$1.0M	$51K	10x	as long as short
QFEX CRCL-USDlong	+0.0022%	1h	94.680	long leg	$1.4M	$2.8M	10x
Lighter RH CRCL	+0.0032%	1h	94.741	+0.064%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.180%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.710	+0.032%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.719	+0.041%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.727	+0.050%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.650	−0.032%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.762	+0.086%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0098%	8h	94.720	+0.042%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.666	−0.015%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.740	+0.063%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.670	−0.011%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.750	+0.074%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.755	+0.079%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0116%	8h	94.743	+0.066%	$777	$740	5x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.744	+0.068%	$2.5M	$3.1M	—	as long as short
tradeXYZ xyz:CRCL	+0.0175%	1h	94.693	+0.014%	$71.1M	$42.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0196%	8h	94.720	+0.042%	$22.9M	$60.7M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0223%	8h	94.781	+0.106%	$61K	$1.1M	10x	as long as short
Binance CRCLUSDTshort	+0.0231%	8h	94.700	+0.021%	$109.8M	$390.0M	50x
Extended CRCL_24_5-USD	+0.0232%	1h	94.683	+0.004%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0236%	8h	94.744	+0.068%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0273%	1h	94.681	+0.001%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.656	−0.025%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0304%	8h	94.720	+0.042%	$16.9M	$35.4M	25x	as long as short
Lighter CRCL	+0.0344%	1h	94.723	+0.045%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0346%	8h	94.750	+0.074%	$1.1M	$599K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.929%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.690	+0.011%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.710	+0.032%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0542%	4h	94.739	+0.062%	$24K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0701%	1h	94.770	+0.095%	$4K	$772K	10x	as long as short