CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0791%/8h= −86.6% APRnext payment −$0.99 per $10,000 · paid last 24h −0.113%

Price spread now: QFEX against Deribit−0.548%7-day average +0.003% · 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−$89as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Deribit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.214%−$21 on $10k

Price spread, last 4 days (all we have)+0.584%+$58 · spread now −0.548%, 7d avg +0.003%

Together, before fees+0.371%+$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and QFEX is 0.551% cheaper against Deribit than usual: you would sell low and buy high (−$55 if the spread goes back to its 7-day average of +0.003%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.214% in total (about -20.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.99 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	94.880	0.0805	pay 0.0101% / 1h	58m 07s	$5K	$415K	10x
Short	QFEX CRCL-USD	94.360	0.0014	get 0.0002% / 1h	58m 07s	$1.4M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Deribit. 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 DeribitbpFee QFEXbpOrdersPrice spread, now −0.548%Rate

Funding earned: −$166.14
Price spread: −0.548% → +0.003%: −$55.08
Slippage, 4 orders: −$17.13
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$255.36
Costs to cover: 0.341%
Break-even: never at this rate

Slippage from Deribit: live order book, 49 min ago; QFEX: live order book, 2 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 Deribit live order book, 49 min ago	5.91 bp	9.4 bp −$9	12.1 bp −$121	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	2.65 bp	7.7 bp −$8	9.5 bp −$95	15.8 bp −$1,576	doesn't fit

CRCL on 34 exchanges

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
Coinbase International CRCL-PERP-INTX	−0.0024%	1h	94.740	−0.148%	$864K	$798K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	95.040	+0.169%	$15.4M	$27.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	94.520	−0.379%	$420K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.090	+0.221%	$18.8M	$37.3M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.970	+0.095%	$1.0M	$47K	10x	as long as short
QFEX CRCL-USDshort	+0.0014%	1h	94.360	−0.548%	$1.4M	$1.7M	10x
Vest CRCL-USD-PERP	+0.0027%	1h	94.580	−0.316%	—	$30K	25x	as long as short
Gate CRCL_USDT	+0.0031%	8h	94.980	+0.105%	$7.7M	$25.5M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0031%	1h	93.875	−1.059%	$2K	$29K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.932	+0.055%	$1.0M	$2.6M	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective CRCL/USDC PERP	+0.0033%	1h	92.090	−2.941%	$38K	$172K	30x	as long as short
edgeX CRCLUSDC	+0.0040%	4h	94.229	−0.686%	$53K	$278K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.530	−0.369%	$946K	$4.2M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	94.500	−0.401%	$96K	$220K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0079%	8h	94.520	−0.380%	$435	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.466	−0.436%	$140K	$149K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.690	−0.200%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.440	−0.464%	$88K	$21K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.540	−0.358%	$745	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.701	−0.189%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	94.730	−0.158%	$2.6M	$3.2M	—	as long as short
Phoenix CRCL	+0.0197%	1h	94.573	−0.324%	$28K	$66K	10x	as long as short
Nado CRCL-PERP	+0.0204%	1h	94.628	−0.266%	$156K	$99K	3x	as long as short
tradeXYZ xyz:CRCL	+0.0205%	1h	95.047	+0.176%	$69.0M	$43.8M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0225%	8h	95.170	+0.306%	$23.2M	$64.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	94.734	−0.153%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0250%	8h	94.983	+0.109%	$108.9M	$376.9M	50x	as long as short
Aster CRCLUSDT	+0.0269%	8h	94.749	−0.138%	$1.2M	$4.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0289%	8h	94.746	−0.142%	$65K	$998K	10x	as long as short
BloFin CRCL-USDT	+0.0372%	8h	94.470	−0.432%	$1.1M	$1.7M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0402%	1h	94.586	−0.310%	$303K	$1.0M	10x	as long as short
Lighter CRCL	+0.0520%	1h	94.963	+0.087%	$3.3M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0805%	1h	94.880	long leg	$5K	$415K	10x
SoDEX CRCL-USD	+0.3613%	1h	94.662	−0.230%	$47K	$3K	10x	as long as short