Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h −0.014%

Price spread now: Gate against QFEX+0.088%7-day average +0.082% · 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−$45as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on QFEX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.015%−$2 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.088%, 7d avg +0.082%

Together, before fees−0.049%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.082%, 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	91.350	0.0065	pay 0.0008% / 1h	45m 03s	$1.3M	$1.7M	10x
Short	Gate CRCL_USDT	91.430	0.0028	get 0.0028% / 8h	7h 45m	$7.8M	$26.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.088%Rate

Funding earned: −$7.81
Price spread: +0.088% → +0.082%: $0.6
Slippage, 4 orders: −$20.29
Fee QFEX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$52.5
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from QFEX: live order book, 2 min ago; Gate: live order book, 4 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	1.64 bp	8.3 bp −$8	8.8 bp −$88	14.0 bp −$1,402	doesn't fit
Sell Gate live order book, 4 min ago	2.73 bp	16.6 bp −$17	26.2 bp −$262	doesn't fit	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	−0.0183%	8h	91.440	+0.099%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0090%	1h	91.150	−0.219%	—	$31K	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.400	+0.055%	$1.0M	$48K	10x	as long as short
Gate CRCL_USDTshort	+0.0028%	8h	91.430	+0.088%	$7.8M	$26.2M	50x
Lighter RH CRCL	+0.0032%	1h	91.402	+0.057%	$984K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.370	+0.022%	$874K	$506K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.343	−0.007%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.330	−0.022%	$95K	$287K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.326	−0.026%	$67.3M	$44.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.276	−0.081%	$377K	$1.2M	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	91.360	+0.011%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.320	−0.033%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USDlong	+0.0065%	1h	91.350	long leg	$1.3M	$1.7M	10x
Bybit CRCLUSDT	+0.0095%	8h	91.390	+0.044%	$14.9M	$26.5M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.370	+0.022%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.400	+0.055%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.320	−0.033%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.410	+0.066%	$911	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.371	+0.024%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0145%	8h	91.338	−0.013%	$420	$766	5x	as long as short
Variational Omni CRCL	+0.0157%	8h	91.350	0.000%	$2.4M	$3.3M	—	as long as short
Lighter CRCL	+0.0192%	1h	91.384	+0.037%	$2.9M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0221%	8h	91.420	+0.076%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0237%	8h	91.387	+0.040%	$105.0M	$388.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	91.346	−0.005%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.375	+0.027%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0295%	8h	91.410	+0.066%	$22.3M	$61.6M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0298%	1h	91.340	−0.011%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0349%	1h	91.293	−0.062%	$134K	$109K	3x	as long as short
BloFin CRCL-USDT	+0.0357%	8h	91.330	−0.022%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.602%	$5K	$19K	30x	as long as short
GRVT CRCL_USDT_Perp	+0.0458%	8h	91.510	+0.175%	$62K	$1.1M	10x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.380	+0.033%	$413K	$258K	10x	as long as short
edgeX CRCLUSDC	+0.0574%	4h	91.486	+0.149%	$52K	$270K	10x	as long as short