Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.017%

Price spread now: Orderly against QFEX+0.055%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on QFEX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.055% dearer against QFEX than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	91.140	0.0054	pay 0.0007% / 1h	30m 44s	$1.3M	$1.8M	10x
Short	Orderly PERP_CRCL_USDC_mythos	91.190	0.0100	get 0.0100% / 8h	2h 30m	$909	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.055%Rate

Funding earned: $9.56
Price spread: +0.055% → 0.000%: $5.49
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$0.95
Costs to cover: 0.160%
Break-even: 7.7 days

Slippage unknown: QFEX: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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	6.6 bp −$7	7.6 bp −$76	17.1 bp −$1,709	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0880%	8h	91.250	+0.121%	$16.7M	$36.3M	25x	as long as short
Vest CRCL-USD-PERP	−0.0071%	1h	90.900	−0.263%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.160	+0.022%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.220	+0.088%	$7.6M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.161	+0.023%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.170	+0.033%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	91.176	+0.040%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.156	+0.017%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0024%	8h	91.179	+0.043%	$103.7M	$395.0M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.195	+0.060%	$971K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.210	+0.077%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.217	+0.084%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.101	−0.043%	$68.1M	$43.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.142	+0.002%	$382K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.163	+0.025%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	+0.077%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USDlong	+0.0054%	1h	91.140	long leg	$1.3M	$1.8M	10x
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.180	+0.044%	$913K	$529K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0089%	8h	91.147	+0.008%	$419	$905	5x	as long as short
BloFin CRCL-USDT	+0.0097%	8h	91.230	+0.099%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.162	+0.024%	$133K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.180	+0.044%	$2.7M	$1.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0100%	8h	91.150	+0.011%	$62K	$1.1M	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	+0.033%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	91.190	+0.055%	$909	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.165	+0.027%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0111%	8h	91.190	+0.055%	$22.1M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.175	+0.039%	$415K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.110	−0.033%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0224%	1h	91.190	+0.055%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0299%	1h	91.180	+0.044%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0303%	1h	91.115	−0.028%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.987%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0917%	4h	91.164	+0.026%	$52K	$278K	10x	as long as short