Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.029%

Price spread now: KuCoin against QFEX+0.055%7-day average +0.054% · 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−$110as in the Price arb table

costs, in and out, $10k−$1111.105% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.035%+$4 on $10k

Price spread, last 7 days−0.051%−$5 · spread now +0.055%, 7d avg +0.054%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.054%, so right now this pair is about funding alone: +$2 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	91.570	0.0023	pay 0.0003% / 1h	27m 37s	$1.3M	$2.1M	10x
Short	KuCoin CRCLUSDTM	91.620	0.0100	get 0.0100% / 8h	5h 27m	$2.8M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.055%Rate

Funding earned: $16.08
Price spread: +0.055% → +0.054%: $0.02
Slippage, 4 orders: −$88.5
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$94.4
Costs to cover: 1.105%
Break-even: 48.1 days

Slippage from QFEX: live order book, 4 min ago; KuCoin: live order book, 9 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	2.18 bp	7.2 bp −$7	8.9 bp −$89	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 min ago	1.09 bp	34.8 bp −$35	doesn't fit	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	−0.1306%	8h	91.640	+0.076%	$15.8M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	91.440	−0.142%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.690	+0.131%	$905K	$529K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.585	+0.017%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.610	+0.044%	$104.5M	$385.0M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.630	+0.066%	$15.0M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.614	+0.048%	$418K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.660	+0.098%	$7.1M	$26.6M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.746	+0.192%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.777	+0.226%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.660	+0.098%	$1.0M	$49K	10x	as long as short
Aster CRCLUSDT	+0.0001%	8h	91.639	+0.075%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0009%	8h	91.620	+0.055%	$21.5M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0018%	1h	91.639	+0.075%	$2K	$23K	5x	as long as short
QFEX CRCL-USDlong	+0.0023%	1h	91.570	long leg	$1.3M	$2.1M	10x
Lighter RH CRCL	+0.0032%	1h	91.610	+0.044%	$972K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.610	+0.044%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.592	+0.024%	$68.4M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.672	+0.111%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.640	+0.076%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.610	+0.044%	$970K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0069%	8h	91.636	+0.072%	$751	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.580	+0.011%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTMshort	+0.0100%	8h	91.620	+0.055%	$2.8M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.820	+0.273%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.660	+0.098%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.664	+0.103%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.660	+0.098%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0183%	1h	91.684	+0.124%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0183%	1h	91.626	+0.061%	$131K	$104K	3x	as long as short
Lighter CRCL	+0.0208%	1h	91.647	+0.084%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.830%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0590%	4h	91.601	+0.033%	$23K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0623%	1h	91.680	+0.120%	$4K	$767K	10x	as long as short