Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0068%/8h= +7.5% APRpaid last 24h −0.035%

Price spread now: QFEX against Gate−0.098%7-day average −0.081% · 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−$41as in the Price arb table

costs, in and out, $10k−$390.389% of the position

Long on Gate Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.013%+$1 on $10k

Price spread, last 7 days+0.070%+$7 · spread now −0.098%, 7d avg −0.081%

Together, before fees+0.082%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.081%, 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	Gate CRCL_USDT	91.450	0	get 0.0000% / 8h	1h 51m	$7.8M	$27.4M	50x
Short	QFEX CRCL-USD	91.360	0.0068	get 0.0009% / 1h	51m 18s	$1.3M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Gate. 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 GatebpFee QFEXbpOrdersPrice spread, now −0.098%Rate

Funding earned: $14.38
Price spread: −0.098% → −0.081%: −$1.71
Slippage, 4 orders: −$13.91
Fee Gate: 7.5 bp × 2 orders: −$15
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$26.23
Costs to cover: 0.389%
Break-even: 19.8 days

Slippage from Gate: live order book, 3 min ago; QFEX: live order book, 6 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 Gate live order book, 3 min ago	2.73 bp	11.7 bp −$12	27.3 bp −$273	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	2.19 bp	7.2 bp −$7	8.3 bp −$83	15.5 bp −$1,548	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	−0.0737%	8h	91.460	+0.011%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.110	−0.372%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.410	−0.044%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDTlong	0.0000%	8h	91.450	long leg	$7.8M	$27.4M	50x
Variational Omni CRCL	0.0000%	8h	91.489	+0.043%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.430	−0.022%	$1.0M	$48K	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.400	−0.055%	$93K	$289K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.369	−0.089%	$2K	$27K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.375	−0.082%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.290	−0.175%	$1.1M	$5.2M	10x	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	+0.0056%	1h	91.470	+0.022%	$891K	$605K	10x	as long as short
Aster CRCLUSDT	+0.0066%	8h	91.411	−0.043%	$1.0M	$5.1M	20x	as long as short
QFEX CRCL-USDshort	+0.0068%	1h	91.360	−0.098%	$1.3M	$1.8M	10x
Binance CRCLUSDT	+0.0080%	8h	91.394	−0.061%	$104.5M	$397.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.375	−0.081%	$1.0M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0088%	1h	91.385	−0.071%	$976K	$2.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.330	−0.131%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.400	−0.055%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.330	−0.131%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.380	−0.077%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.396	−0.059%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0167%	8h	91.347	−0.112%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0173%	8h	91.430	−0.022%	$65K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0177%	8h	91.420	−0.033%	$22.2M	$62.6M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0182%	1h	91.340	−0.120%	$67.7M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0190%	1h	91.373	−0.084%	$383K	$1.3M	10x	as long as short
BloFin CRCL-USDT	+0.0197%	8h	91.390	−0.066%	$1.1M	$1.6M	20x	as long as short
edgeX CRCLUSDC	+0.0226%	4h	91.425	−0.028%	$52K	$277K	10x	as long as short
Phoenix CRCL	+0.0245%	1h	91.374	−0.083%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.375	−0.082%	$416K	$271K	10x	as long as short
Lighter CRCL	+0.0368%	1h	91.393	−0.062%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.525%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0447%	1h	91.295	−0.170%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0736%	1h	91.370	−0.087%	$5K	$769K	10x	as long as short