Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0029%/8h= +3.1% APRpaid last 24h +0.074%

Price spread now: BloFin against QFEX+0.022%7-day average +0.005% · 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−$310.311% of the position

Long on QFEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.146%+$15 on $10k

Price spread, last 4 days (all we have)−0.058%−$6 · spread now +0.022%, 7d avg +0.005%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	91.980	0.0060	pay 0.0008% / 1h	20m 26s	$1.3M	$1.9M	10x
Short	BloFin CRCL-USDT	92.000	0.0089	get 0.0089% / 8h	3h 20m	$1.1M	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.022%Rate

Funding earned: $6.03
Price spread: +0.022% → +0.005%: $1.68
Slippage, 4 orders: −$9.06
Fee QFEX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$23.34
Costs to cover: 0.311%
Break-even: 34.1 days

Slippage from QFEX: live order book, 2 min ago; BloFin: 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 QFEX live order book, 2 min ago	2.18 bp	7.2 bp −$7	7.4 bp −$74	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	0.55 bp	9.2 bp −$9	13.3 bp −$133	29.1 bp −$2,915	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 CRCLUSDT	−0.0694%	8h	92.020	+0.043%	$16.7M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0061%	1h	91.740	−0.261%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.000	+0.022%	$14.9M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.020	+0.043%	$7.3M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.999	+0.021%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.950	−0.033%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0016%	8h	91.968	−0.013%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.983	+0.003%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0024%	8h	91.987	+0.008%	$104.8M	$392.6M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.965	−0.016%	$975K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.891	−0.097%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	−0.130%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.228%	$911K	$519K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.932	−0.052%	$68.3M	$41.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.990	+0.011%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.895	−0.092%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.720	−0.283%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USDlong	+0.0060%	1h	91.980	long leg	$1.3M	$1.9M	10x
Paradex CRCL-USD-PERP	+0.0065%	8h	91.974	−0.006%	$423	$905	5x	as long as short
BloFin CRCL-USDTshort	+0.0089%	8h	92.000	+0.022%	$1.1M	$1.6M	20x
OKX CRCL-USDT-SWAP	+0.0095%	8h	92.010	+0.033%	$22.3M	$61.9M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0096%	8h	91.880	−0.109%	$70K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.953	−0.029%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.930	−0.054%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.830	−0.163%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.900	−0.087%	$916	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.981	+0.001%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.000	+0.022%	$419K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.770	−0.228%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.981	+0.001%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0357%	1h	91.885	−0.103%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.440	+0.500%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0611%	4h	91.826	−0.168%	$51K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1056%	1h	91.980	0.000%	$4K	$768K	10x	as long as short