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Funding arb · Price arb /

CRCL

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 11:00 UTC+0.0337%/8h= +36.9% APRnext payment +$0.42 per $10,000 · paid last 24h +0.032%
Price spread now: Extended against QFEX+0.010%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−$24as in the Price arb table
costs, in and out, $10k−$250.248% of the position
Long on QFEXShort on Extended
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.038%+$4 on $10k
Price spread, last 7 days+0.094%+$9 · spread now +0.010%, 7d avg +0.005%
Together, before fees+0.132%+ Points / potential airdropExtended: Active · farm board+$13 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: +$10 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 0.038% in total (about 3.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.42 per $10,000. 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongQFEX CRCL-USD93.0800.0055pay 0.0007% / 1h54m 27s$1.3M$1.6M10x
ShortExtended CRCL_24_5-USD93.0890.0392get 0.0049% / 1h54m 27s$1.1M$4.0M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Extended 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

Funding earned
$70.73
Price spread: +0.010% → +0.005%
$0.46
Slippage, 4 orders
−$9.8
Fee QFEX: 5 bp × 2 orders
−$10
Fee Extended: 2.5 bp × 2 orders
−$5
Net
$46.39
Costs to cover
0.248%
Break-even
2.4 days
Slippage from QFEX: live order book, 5 min ago; Extended: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy QFEX live order book, 5 min ago2.15 bp7.1 bp −$77.1 bp −$7112.7 bp −$1,269doesn't fit
Sell Extended live order book, 2 min ago0.48 bp5.2 bp −$521.5 bp −$215doesn't fitdoesn't fit

CRCL on 34 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Coinbase International CRCL-PERP-INTX−0.0048%1h92.950−0.140%$869K$749K10xas long as short
Vest CRCL-USD-PERP−0.0013%1h92.990−0.097%—$30K25xas long as short
Bybit CRCLUSDT0.0000%8h93.100+0.021%$15.1M$25.1M50xas long as short
Bitget CRCLUSDT0.0000%8h93.140+0.064%$18.4M$33.4M25xas long as short
Phemex CRCLUSDT0.0000%4h93.150+0.075%$1.0M$45K10xas long as short
Lighter RH CRCL+0.0032%1h93.133+0.057%$1.0M$2.5M10xas long as short
Aftermath Perps CRCLUSD+0.0041%1h93.028−0.056%$2K$29K5xas long as short
tradeXYZ xyz:CRCL+0.0050%1h93.057−0.025%$68.0M$40.1M10xas long as short
Polymarket Perps CRCL-USD+0.0050%1h93.092+0.013%$382K$847K10xas long as short
SoDEX CRCL-USD+0.0050%1h93.124+0.047%$47K$3K10xas long as short
Show all 34 exchanges
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Ondo Perps CRCL-USD.P+0.0050%1h93.020−0.064%$1.0M$3.8M10xas long as short
QFEX CRCL-USDlong+0.0055%1h93.080long leg$1.3M$1.6M10x
Injective CRCL/USDC PERP+0.0072%1h92.090−1.064%$38K$172K30xas long as short
Deribit CRCL_USDC-PERPETUAL+0.0072%1h93.120+0.043%$5K$419K10xas long as short
Pacifica CRCL+0.0100%1h93.0800.000%$139K$141K10xas long as short
KuCoin CRCLUSDTM+0.0100%8h93.110+0.032%$2.6M$1.6M20xas long as short
ApeX Omni CRCLUSDT+0.0100%1h93.070−0.011%$68K$4K50xas long as short
Orderly PERP_CRCL_USDC_mythos+0.0100%8h93.140+0.064%$929$1K10xas long as short
Aevo CRCL-PERP+0.0104%1h93.162+0.088%$4—10xas long as short
Gate CRCL_USDT+0.0109%8h93.170+0.097%$7.5M$25.2M50xas long as short
Paradex CRCL-USD-PERP+0.0124%8h93.089+0.009%$428$4775xas long as short
Phoenix CRCL+0.0199%1h93.194+0.122%$28K$66K10xas long as short
Arcus CRCL-USD+0.0214%1h93.090+0.011%$94K$214K10xas long as short
Nado CRCL-PERP+0.0274%1h93.081+0.001%$155K$94K3xas long as short
Lighter CRCL+0.0304%1h93.160+0.086%$3.0M$2.1M10xas long as short
Variational Omni CRCL+0.0312%8h93.131+0.055%$2.5M$3.3M—as long as short
OKX CRCL-USDT-SWAP+0.0329%8h93.090+0.011%$23.0M$57.0M50xas long as short
Aster CRCLUSDT+0.0386%8h93.137+0.062%$1.1M$4.5M20xas long as short
Extended CRCL_24_5-USDshort+0.0392%1h93.089+0.010%$1.1M$4.0M10x
Binance CRCLUSDT+0.0395%8h93.090+0.011%$107.7M$352.5M50xas long as short
BloFin CRCL-USDT+0.0515%8h93.160+0.086%$1.1M$1.7M20xas long as short
RISEx CRCL/USDC+0.0528%1h93.135+0.059%$418K$237K10xas long as short
GRVT CRCL_USDT_Perp+0.0813%8h93.170+0.097%$61K$1.0M10xas long as short
edgeX CRCLUSDC+0.0973%4h93.108+0.030%$53K$268K10xas long as short