Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.013%

Price spread now: Phemex against QFEX−0.011%7-day average +0.005% · 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−$100as in the Price arb table

costs, in and out, $10k−$980.983% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now −0.011%, 7d avg +0.005%

Together, before fees−0.053%−$5 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: −$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	94.200	0.0033	pay 0.0004% / 1h	4m 31s	$1.4M	$2.7M	10x
Short	Phemex CRCLUSDT	94.190	0	get 0.0000% / 4h	1h 04m	$1.0M	$52K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$6.94
Price spread: −0.011% → +0.005%: −$1.56
Slippage, 4 orders: −$76.3
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$106.8
Costs to cover: 0.983%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Phemex: 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, 3 min ago	2.12 bp	7.1 bp −$7	7.1 bp −$71	12.9 bp −$1,294	doesn't fit
Sell Phemex live order book, 3 min ago	1.06 bp	38.6 bp −$39	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
Gate CRCL_USDT	0.0000%	8h	94.250	+0.053%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.190	−0.011%	$1.0M	$52K	10x
Lighter RH CRCL	+0.0032%	1h	94.270	+0.074%	$888K	$2.9M	10x	as long as short
QFEX CRCL-USDlong	+0.0033%	1h	94.200	long leg	$1.4M	$2.7M	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.160	−0.042%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0048%	1h	94.229	+0.031%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.219	+0.020%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.216	+0.017%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.160	−0.042%	$1.1M	$5.9M	10x	as long as short
Bybit CRCLUSDT	+0.0077%	8h	94.270	+0.074%	$15.5M	$25.8M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.100	−0.106%	$936K	$720K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.220	+0.021%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.250	+0.053%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.190	−0.011%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.210	+0.011%	$939	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.252	+0.055%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0116%	8h	94.222	+0.024%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0123%	8h	94.235	+0.037%	$773	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0132%	8h	94.200	0.000%	$62K	$1.1M	10x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.250	+0.053%	$430K	$310K	10x	as long as short
Extended CRCL_24_5-USD	+0.0160%	1h	94.232	+0.034%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0160%	8h	94.245	+0.048%	$108.4M	$388.4M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0172%	1h	94.215	+0.016%	$70.6M	$42.7M	10x	as long as short
Aster CRCLUSDT	+0.0178%	8h	94.203	+0.003%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0191%	8h	94.250	+0.053%	$22.8M	$60.4M	50x	as long as short
Phoenix CRCL	+0.0212%	1h	94.180	−0.021%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.200	0.000%	$96K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0253%	1h	94.168	−0.034%	$126K	$73K	3x	as long as short
BloFin CRCL-USDT	+0.0281%	8h	94.270	+0.074%	$1.1M	$580K	20x	as long as short
Lighter CRCL	+0.0288%	1h	94.275	+0.080%	$3.0M	$2.3M	10x	as long as short
Bitget CRCLUSDT	+0.0305%	8h	94.280	+0.085%	$16.7M	$35.1M	25x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0387%	1h	94.230	+0.032%	$4K	$772K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.594%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0698%	4h	94.147	−0.057%	$24K	$267K	10x	as long as short