Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0608%/8h= +66.5% APRpaid last 24h +0.150%

Price spread now: edgeX against QFEX+0.015%57s7-day average +0.014% · 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—prices read too far apart to compare

costs, in and out, $10k−$350.348% of the position

Long on QFEX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.576%+$58 on $10k

Price spread, last 4 days (all we have)+0.275%+$27 · spread now +0.015%, 7d avg +0.014%

Together, before fees+0.851%+ Points / potential airdropedgeX: Active · farm board+$85 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, so right now this pair is about funding alone: +$18 a day on $10k at the current rate. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	92.610	0.0080	pay 0.0010% / 1h	6m 06s	$1.3M	$1.6M	10x
Short	edgeX CRCLUSDC	92.624	0.0688	get 0.0344% / 4h	2h 06m	$53K	$269K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.015%Rate

Funding earned: $127.59
Price spread: +0.015% → +0.014%: $0.08
Slippage, 4 orders: −$15.82
Fee QFEX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $92.86
Costs to cover: 0.348%
Break-even: 1.9 days

Slippage from QFEX: live order book, 4 min ago; edgeX: live order book, 44 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, 4 min ago	1.08 bp	6.1 bp −$6	8.7 bp −$87	13.8 bp −$1,384	doesn't fit
Sell edgeX live order book, 44 min ago	5.97 bp	11.3 bp −$11	23.5 bp −$235	doesn't fit	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
Vest CRCL-USD-PERP	−0.0022%	1h	92.400	−0.227%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.930	+0.346%	$15.1M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.860	+0.270%	$18.2M	$33.7M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.740	+0.140%	$1.0M	$45K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.690	+0.086%	$858K	$700K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.829	+0.236%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	92.608	−0.002%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.802	+0.207%	$67.9M	$40.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.688	+0.084%	$381K	$847K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.710	+0.108%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.540	−0.076%	$1.1M	$3.8M	10x	as long as short
QFEX CRCL-USDlong	+0.0080%	1h	92.610	long leg	$1.3M	$1.6M	10x
Gate CRCL_USDT	+0.0084%	8h	92.860	+0.270%	$7.4M	$26.0M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.661	+0.055%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.660	+0.054%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.480	−0.140%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.770	+0.173%	$925	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.787	+0.191%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0136%	8h	92.666	+0.061%	$426	$477	5x	as long as short
Phoenix CRCL	+0.0199%	1h	92.644	+0.037%	$27K	$66K	10x	as long as short
Lighter CRCL	+0.0264%	1h	92.872	+0.283%	$3.0M	$2.1M	10x	as long as short
Variational Omni CRCL	+0.0287%	8h	92.574	−0.039%	$2.5M	$3.3M	—	as long as short
Nado CRCL-PERP	+0.0325%	1h	92.610	0.000%	$152K	$107K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0340%	8h	92.930	+0.346%	$22.9M	$57.2M	50x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.640	+0.032%	$93K	$226K	10x	as long as short
Aster CRCLUSDT	+0.0374%	8h	92.704	+0.102%	$1.1M	$4.5M	20x	as long as short
Binance CRCLUSDT	+0.0381%	8h	92.850	+0.259%	$107.4M	$356.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0384%	1h	92.827	+0.234%	$1.1M	$4.0M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.561%	$38K	$172K	30x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.693	+0.090%	$416K	$243K	10x	as long as short
BloFin CRCL-USDT	+0.0500%	8h	92.760	+0.162%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0505%	1h	92.840	+0.248%	$5K	$470K	10x	as long as short
edgeX CRCLUSDCshort	+0.0688%	4h	92.624	+0.015%	$53K	$269K	10x
GRVT CRCL_USDT_Perp	+0.0750%	8h	92.650	+0.043%	$62K	$1.0M	10x	as long as short