Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h +0.051%

Price spread now: OKX against QFEX−0.011%7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$300.301% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.059%+$6 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.011%, 7d avg +0.060%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.071% cheaper against QFEX than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.060%). If the spread goes back, that is −$7 on $10k: about 25 hours of funding at the current rate (+$7 a day). At the pace of the last 4 days (+0.059% in total) that is about 4.5 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.059% in total (about 5.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	91.210	0.0065	pay 0.0008% / 1h	41m 02s	$1.3M	$1.7M	10x
Short	OKX CRCL-USDT-SWAP	91.200	0.0294	get 0.0294% / 8h	7h 41m	$22.2M	$61.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $48.09
Price spread: −0.011% → +0.060%: −$7.11
Slippage, 4 orders: −$10.05
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $10.93
Costs to cover: 0.301%
Break-even: 5.4 days

Slippage from QFEX: live order book, 6 min ago; OKX: live order book, 3 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, 6 min ago	1.64 bp	8.3 bp −$8	8.8 bp −$88	14.0 bp −$1,402	doesn't fit
Sell OKX live order book, 3 min ago	1.10 bp	7.5 bp −$8	13.2 bp −$132	105.9 bp −$10.6K	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	−0.0145%	8h	91.190	−0.022%	$17.3M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0092%	1h	91.030	−0.197%	—	$31K	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.210	0.000%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0008%	8h	91.200	−0.011%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	+0.0030%	8h	91.230	+0.022%	$7.8M	$26.3M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.168	−0.046%	$982K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	−0.022%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.238	+0.030%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.160	−0.055%	$95K	$287K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.109	−0.111%	$67.2M	$44.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	91.140	−0.077%	$377K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.172	−0.042%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	−0.066%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USDlong	+0.0065%	1h	91.210	long leg	$1.3M	$1.7M	10x
Pacifica CRCL	+0.0100%	1h	91.190	−0.022%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.220	+0.011%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.320	+0.121%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.190	−0.022%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.184	−0.029%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0139%	8h	91.171	−0.042%	$419	$766	5x	as long as short
Variational Omni CRCL	+0.0157%	8h	91.350	+0.153%	$2.4M	$3.3M	—	as long as short
Lighter CRCL	+0.0184%	1h	91.204	−0.007%	$2.9M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0221%	8h	91.234	+0.026%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0236%	8h	91.189	−0.023%	$104.8M	$387.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	91.173	−0.041%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.196	−0.015%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0294%	8h	91.200	−0.011%	$22.2M	$61.4M	50x
GRVT CRCL_USDT_Perp	+0.0326%	8h	91.300	+0.099%	$62K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0356%	8h	91.200	−0.011%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0362%	1h	91.118	−0.101%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0408%	1h	91.180	−0.033%	$5K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.053%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.225	+0.016%	$412K	$258K	10x	as long as short
edgeX CRCLUSDC	+0.0927%	4h	91.362	+0.166%	$52K	$271K	10x	as long as short