Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0844%/8h= +92.4% APRpaid last 24h −0.042%

Price spread now: QFEX against Bitget−0.185%46s7-day average −0.077% · 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—prices read too far apart to compare

costs, in and out, $10k−$330.328% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.021%−$2 on $10k

Price spread, last 7 days+0.138%+$14 · spread now −0.185%, 7d avg −0.077%

Together, before fees+0.117%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.108% cheaper against Bitget than usual: you would sell low and buy high (spread −0.185% now, against its 7-day average of −0.077%). If the spread goes back, that is −$11 on $10k: about 10 hours of funding at the current rate (+$25 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.021% in total (about -2.2% 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	Bitget CRCLUSDT	92.020	−0.0787	get 0.0787% / 8h	6h 17m	$16.0M	$35.6M	25x
Short	QFEX CRCL-USD	91.850	0.0057	get 0.0007% / 1h	17m 47s	$1.3M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bitget. 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 BitgetbpFee QFEXbpOrdersPrice spread, now −0.185%Rate

Funding earned: $177.23
Price spread: −0.185% → −0.077%: −$10.75
Slippage, 4 orders: −$10.83
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: $133.65
Costs to cover: 0.328%
Break-even: 1.7 days

Slippage from Bitget: live order book, 1 min ago; QFEX: live order book, 4 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 Bitget live order book, 1 min ago	1.63 bp	8.7 bp −$9	9.5 bp −$95	28.8 bp −$2,883	doesn't fit
Sell QFEX live order book, 4 min ago	2.18 bp	7.2 bp −$7	7.5 bp −$75	15.8 bp −$1,581	doesn't fit

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 CRCLUSDTlong	−0.0787%	8h	92.020	long leg	$16.0M	$35.6M	25x
Vest CRCL-USD-PERP	−0.0037%	1h	91.640	−0.413%	—	$40K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.700	−0.348%	$913K	$580K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.970	−0.054%	$15.0M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.850	−0.185%	$419K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.960	−0.065%	$7.1M	$26.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.938	−0.089%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.906	−0.124%	$63K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.980	−0.043%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	91.867	−0.166%	$2K	$23K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.970	−0.054%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.800	−0.239%	$93K	$273K	10x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	91.876	−0.156%	$1.1M	$5.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.915	−0.114%	$69.1M	$42.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.843	−0.192%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.790	−0.250%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.730	−0.315%	$999K	$5.5M	10x	as long as short
Binance CRCLUSDT	+0.0051%	8h	91.940	−0.087%	$104.9M	$394.0M	50x	as long as short
QFEX CRCL-USDshort	+0.0057%	1h	91.850	−0.185%	$1.3M	$2.3M	10x
Aster CRCLUSDT	+0.0059%	8h	91.933	−0.095%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0060%	8h	91.990	−0.033%	$21.8M	$60.4M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0074%	8h	91.825	−0.212%	$753	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.860	−0.174%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.940	−0.087%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.820	−0.217%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.890	−0.141%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.898	−0.132%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0153%	1h	91.774	−0.267%	$130K	$103K	3x	as long as short
Lighter CRCL	+0.0200%	1h	91.979	−0.045%	$3.0M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.850	−0.185%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.500	+0.522%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.920	−0.109%	$4K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0811%	4h	91.882	−0.149%	$23K	$267K	10x	as long as short