Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h +0.009%

Price spread now: Bitget against QFEX+0.077%7-day average +0.077% · 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−$33as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on QFEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.016%−$2 on $10k

Price spread, last 7 days−0.018%−$2 · spread now +0.077%, 7d avg +0.077%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.077%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.016% in total (about -1.6% 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	91.410	0.0065	pay 0.0008% / 1h	48m 32s	$1.3M	$1.7M	10x
Short	Bitget CRCLUSDT	91.480	−0.0215	pay 0.0215% / 8h	7h 48m	$17.4M	$36.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$58.84
Price spread: +0.077% → +0.077%: −$0.07
Slippage, 4 orders: −$11.23
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$92.14
Costs to cover: 0.332%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Bitget: live order book, 5 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, 3 min ago	1.64 bp	6.6 bp −$7	6.6 bp −$66	13.0 bp −$1,299	doesn't fit
Sell Bitget live order book, 5 min ago	1.64 bp	10.2 bp −$10	16.1 bp −$161	50.4 bp −$5,039	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
Bitget CRCLUSDTshort	−0.0215%	8h	91.480	+0.077%	$17.4M	$36.6M	25x
Vest CRCL-USD-PERP	−0.0089%	1h	91.160	−0.273%	—	$31K	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.470	+0.066%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.448	+0.042%	$985K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.320	−0.098%	$874K	$503K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.368	−0.046%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.410	0.000%	$95K	$287K	10x	as long as short
Gate CRCL_USDT	+0.0046%	8h	91.460	+0.055%	$7.8M	$26.2M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.380	−0.033%	$67.4M	$44.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.348	−0.068%	$377K	$1.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	91.460	+0.055%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.400	−0.011%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USDlong	+0.0065%	1h	91.410	long leg	$1.3M	$1.7M	10x
Pacifica CRCL	+0.0100%	1h	91.410	0.000%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.400	−0.011%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.210	−0.219%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.490	+0.088%	$912	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.498	+0.096%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0123%	8h	91.460	+0.055%	$14.9M	$26.5M	50x	as long as short
Variational Omni CRCL	+0.0143%	8h	91.540	+0.142%	$2.4M	$3.3M	—	as long as short
Paradex CRCL-USD-PERP	+0.0147%	8h	91.412	+0.002%	$420	$766	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0151%	8h	91.371	−0.043%	$62K	$1.1M	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.454	+0.048%	$2.9M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0218%	8h	91.480	+0.077%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	91.417	+0.008%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0234%	8h	91.470	+0.066%	$105.1M	$388.1M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.478	+0.074%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0293%	8h	91.480	+0.077%	$22.3M	$61.7M	50x	as long as short
Nado CRCL-PERP	+0.0336%	1h	91.363	−0.052%	$134K	$109K	3x	as long as short
BloFin CRCL-USDT	+0.0351%	8h	91.510	+0.109%	$1.1M	$1.7M	20x	as long as short
edgeX CRCLUSDC	+0.0355%	4h	91.326	−0.092%	$52K	$270K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.950	+0.591%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.450	+0.044%	$413K	$258K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0516%	1h	91.480	+0.077%	$5K	$769K	10x	as long as short