Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0420%/8h= −46.0% APRpaid last 24h +0.042%

Price spread now: Bitget against QFEX+0.066%7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on QFEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.018%+$2 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.066%, 7d avg +0.077%

Together, before fees−0.004%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.077%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.018% in total (about 1.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	91.510	0.0071	pay 0.0009% / 1h	56m 31s	$1.3M	$1.8M	10x
Short	Bitget CRCLUSDT	91.570	−0.0349	pay 0.0349% / 8h	56m 31s	$17.6M	$37.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$88.23
Price spread: +0.066% → +0.077%: −$1.16
Slippage, 4 orders: −$11.75
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$123.14
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; Bitget: 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 QFEX live order book, 6 min ago	2.18 bp	7.2 bp −$7	7.4 bp −$74	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	2.18 bp	9.8 bp −$10	14.3 bp −$143	43.0 bp −$4,296	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 CRCLUSDTshort	−0.0349%	8h	91.570	+0.066%	$17.6M	$37.0M	25x
Vest CRCL-USD-PERP	−0.0080%	1h	91.210	−0.328%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.570	+0.066%	$7.8M	$27.2M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.570	+0.066%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0010%	8h	91.530	+0.022%	$14.8M	$26.6M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.528	+0.020%	$978K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.500	−0.011%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.510	0.000%	$98K	$293K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.494	−0.017%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.410	−0.109%	$1.1M	$5.0M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CRCL	+0.0057%	8h	91.499	−0.012%	$2.4M	$3.2M	—	as long as short
QFEX CRCL-USDlong	+0.0071%	1h	91.510	long leg	$1.3M	$1.8M	10x
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.120%	$890K	$420K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.536	+0.028%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.590	+0.087%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.440	−0.076%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.550	+0.044%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.557	+0.052%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0144%	8h	91.545	+0.038%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0159%	8h	91.520	+0.011%	$105.1M	$395.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0160%	1h	91.484	−0.028%	$1.0M	$5.0M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0182%	8h	91.473	−0.040%	$421	$905	5x	as long as short
tradeXYZ xyz:CRCL	+0.0192%	1h	91.480	−0.033%	$67.7M	$44.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0201%	1h	91.495	−0.016%	$383K	$1.3M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0226%	8h	91.550	+0.044%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0242%	8h	91.530	+0.022%	$22.3M	$62.1M	50x	as long as short
Phoenix CRCL	+0.0245%	1h	91.481	−0.032%	$27K	$74K	10x	as long as short
BloFin CRCL-USDT	+0.0278%	8h	91.570	+0.066%	$1.1M	$1.7M	20x	as long as short
Lighter CRCL	+0.0288%	1h	91.552	+0.046%	$2.9M	$2.3M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0406%	1h	91.530	+0.022%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0406%	1h	91.416	−0.103%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.890	+0.415%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.530	+0.022%	$418K	$265K	10x	as long as short
edgeX CRCLUSDC	+0.0477%	4h	91.500	−0.011%	$52K	$278K	10x	as long as short