Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0304%/8h= +33.3% APRpaid last 24h +0.074%

Price spread now: BloFin against QFEX0.000%7-day average +0.017% · 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−$32as in the Price arb table

costs, in and out, $10k−$300.301% of the position

Long on QFEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.146%+$15 on $10k

Price spread, last 3 days (all we have)−0.028%−$3 · spread now 0.000%, 7d avg +0.017%

Together, before fees+0.118%+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: +$9 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	94.250	0.0042	pay 0.0005% / 1h	46m 03s	$1.4M	$2.7M	10x
Short	BloFin CRCL-USDT	94.250	0.0346	get 0.0346% / 8h	7h 46m	$1.1M	$561K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $63.83
Price spread: 0.000% → +0.017%: −$1.7
Slippage, 4 orders: −$8.13
Fee QFEX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $32.01
Costs to cover: 0.301%
Break-even: 3.5 days

Slippage from QFEX: live order book, 6 min ago; BloFin: live order book, 1 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	1.59 bp	6.6 bp −$7	8.4 bp −$84	15.8 bp −$1,582	doesn't fit
Sell BloFin live order book, 1 min ago	1.59 bp	9.4 bp −$9	16.1 bp −$161	60.0 bp −$6,004	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.100	−0.159%	$941K	$724K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.240	−0.011%	$15.5M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.260	+0.011%	$7.2M	$26.9M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.241	−0.010%	$64K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.250	0.000%	$1.0M	$52K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.195	−0.058%	$889K	$2.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0042%	1h	94.123	−0.135%	$71.6M	$42.3M	10x	as long as short
QFEX CRCL-USDlong	+0.0042%	1h	94.250	long leg	$1.4M	$2.7M	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.090	−0.170%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.218	−0.034%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	94.178	−0.076%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.196	−0.057%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.130	−0.127%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.255	+0.005%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.270	+0.021%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.160	−0.095%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.240	−0.011%	$940	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.207	−0.046%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0110%	8h	94.277	+0.028%	$773	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0157%	8h	94.240	−0.011%	$22.8M	$60.3M	50x	as long as short
Bitget CRCLUSDT	+0.0158%	8h	94.270	+0.021%	$16.9M	$35.1M	25x	as long as short
Variational Omni CRCL	+0.0162%	8h	94.220	−0.031%	$2.5M	$3.1M	—	as long as short
edgeX CRCLUSDC	+0.0200%	4h	94.169	−0.086%	$24K	$268K	10x	as long as short
Nado CRCL-PERP	+0.0216%	1h	94.199	−0.054%	$132K	$76K	3x	as long as short
Binance CRCLUSDT	+0.0224%	8h	94.220	−0.032%	$109.2M	$389.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0224%	1h	94.213	−0.039%	$1.1M	$4.3M	10x	as long as short
Aster CRCLUSDT	+0.0226%	8h	94.226	−0.026%	$1.1M	$4.9M	20x	as long as short
Lighter CRCL	+0.0280%	1h	94.209	−0.044%	$3.0M	$2.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.131	−0.126%	$28K	$92K	10x	as long as short
BloFin CRCL-USDTshort	+0.0346%	8h	94.250	0.000%	$1.1M	$561K	20x
Injective CRCL/USDC PERP	+0.0440%	1h	94.650	+0.424%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.210	−0.042%	$96K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0600%	1h	94.180	−0.074%	$4K	$772K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.279	+0.030%	$430K	$303K	10x	as long as short