Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0046%/8h= −5.1% APRpaid last 24h −0.014%

Price spread now: QFEX against Paradex−0.036%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on QFEX

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and QFEX is 0.036% cheaper against Paradex than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex CRCL-USD-PERP	91.133	0.0070	pay 0.0070% / 8h	5h 49m	$747	$740	5x
Short	QFEX CRCL-USD	91.100	0.0023	get 0.0003% / 1h	49m 25s	$1.3M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Paradex. 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 ParadexbpFee QFEXbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$9.71
Price spread: −0.036% → 0.000%: −$3.6
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$27.31
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; QFEX: live order book, 3 min ago. 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 Paradex no order-book sample	—	—	—	—	—
Sell QFEX live order book, 3 min ago	1.64 bp	6.6 bp −$7	6.9 bp −$69	15.0 bp −$1,504	doesn't fit

Paradex: 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 33 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	−0.1192%	8h	91.180	+0.052%	$15.6M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.870	−0.288%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	+0.030%	$900K	$539K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.100	−0.036%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.110	−0.025%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.140	+0.008%	$7.0M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	+0.191%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.340	+0.227%	$66K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.170	+0.041%	$1.0M	$49K	10x	as long as short
Binance CRCLUSDT	+0.0014%	8h	91.077	−0.062%	$103.5M	$383.6M	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0016%	1h	91.093	−0.044%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0021%	8h	91.107	−0.029%	$1.1M	$4.9M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0022%	1h	91.379	+0.270%	$2K	$23K	5x	as long as short
QFEX CRCL-USDshort	+0.0023%	1h	91.100	−0.036%	$1.3M	$2.2M	10x
OKX CRCL-USDT-SWAP	+0.0027%	8h	91.080	−0.058%	$21.4M	$58.8M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.156	+0.025%	$969K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.320	+0.205%	$93K	$271K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.042	−0.100%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.086	−0.051%	$353K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.140	+0.008%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.160	+0.030%	$973K	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	+0.267%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERPlong	+0.0070%	8h	91.133	long leg	$747	$740	5x
Pacifica CRCL	+0.0100%	1h	91.118	−0.016%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.190	+0.063%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	+0.403%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.070	−0.069%	$908	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.133	+0.001%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.079	−0.059%	$27K	$84K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0189%	1h	91.180	+0.052%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0202%	1h	91.154	+0.023%	$130K	$103K	3x	as long as short
Lighter CRCL	+0.0280%	1h	91.170	+0.041%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.842%	$5K	$19K	30x	as long as short