Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0057%/8h= −6.2% APRpaid last 24h +0.020%

Price spread now: Bybit against QFEX0.000%7-day average +0.078% · 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−$41as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.045%+$4 on $10k

Price spread, last 7 days+0.043%+$4 · spread now 0.000%, 7d avg +0.078%

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.078% cheaper against QFEX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.078%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	92.010	0.0057	pay 0.0007% / 1h	3m 36s	$1.3M	$2.3M	10x
Short	Bybit CRCLUSDT	92.010	0	get 0.0000% / 8h	6h 03m	$15.0M	$25.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$11.96
Price spread: 0.000% → +0.078%: −$7.8
Slippage, 4 orders: −$12.48
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$53.24
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; Bybit: 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, 4 min ago	2.17 bp	7.2 bp −$7	8.4 bp −$84	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.54 bp	10.9 bp −$11	20.0 bp −$200	doesn't fit	doesn't fit

CRCL on 33 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	−0.0956%	8h	92.040	+0.033%	$15.9M	$34.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.770	−0.261%	—	$40K	25x	as long as short
Gate CRCL_USDT	−0.0048%	8h	92.020	+0.011%	$7.1M	$26.9M	50x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.840	−0.185%	$906K	$564K	10x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	92.010	0.000%	$15.0M	$25.8M	50x
RISEx CRCL/USDC	0.0000%	1h	92.000	−0.011%	$420K	$298K	10x	as long as short
Variational Omni CRCL	0.0000%	8h	91.989	−0.023%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.022	+0.013%	$63K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.970	−0.043%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	91.936	−0.080%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.033	+0.025%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.950	−0.065%	$93K	$269K	10x	as long as short
Binance CRCLUSDT	+0.0045%	8h	91.970	−0.043%	$104.7M	$387.6M	50x	as long as short
OKX CRCL-USDT-SWAP	+0.0046%	8h	92.020	+0.011%	$21.8M	$59.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	91.978	−0.035%	$1.1M	$5.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.953	−0.062%	$69.0M	$41.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.010	0.000%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.973	−0.040%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.950	−0.065%	$1.0M	$5.3M	10x	as long as short
Aster CRCLUSDT	+0.0055%	8h	92.044	+0.037%	$1.1M	$4.9M	20x	as long as short
QFEX CRCL-USDlong	+0.0057%	1h	92.010	long leg	$1.3M	$2.3M	10x
Paradex CRCL-USD-PERP	+0.0072%	8h	92.026	+0.017%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.985	−0.027%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.030	+0.022%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.930	−0.087%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.020	+0.011%	$917	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.004	−0.007%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0166%	1h	91.893	−0.128%	$131K	$104K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0185%	1h	92.040	+0.033%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0208%	1h	92.043	+0.036%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.910	−0.109%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.260	+0.272%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0966%	4h	91.955	−0.060%	$23K	$267K	10x	as long as short