Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h −0.014%

Price spread now: QFEX against Bybit0.000%7-day average −0.079% · 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−$28as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.046%−$5 on $10k

Price spread, last 7 days−0.049%−$5 · spread now 0.000%, 7d avg −0.079%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.079% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	91.160	0	get 0.0000% / 8h	7h 36m	$14.9M	$26.5M	50x
Short	QFEX CRCL-USD	91.160	0.0065	get 0.0008% / 1h	36m 30s	$1.3M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $13.69
Price spread: 0.000% → −0.079%: $7.9
Slippage, 4 orders: −$14.61
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$14.01
Costs to cover: 0.356%
Break-even: 14.2 days

Slippage from Bybit: live order book, 2 min ago; QFEX: live order book, 5 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 Bybit live order book, 2 min ago	1.10 bp	10.9 bp −$11	17.0 bp −$170	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	2.19 bp	7.2 bp −$7	7.2 bp −$72	12.8 bp −$1,285	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
Vest CRCL-USD-PERP	−0.0095%	1h	90.900	−0.285%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0095%	8h	91.190	+0.033%	$17.3M	$36.2M	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	91.160	long leg	$14.9M	$26.5M	50x
Phemex CRCLUSDT	0.0000%	4h	91.240	+0.088%	$1.0M	$47K	10x	as long as short
Gate CRCL_USDT	+0.0002%	8h	91.210	+0.055%	$7.8M	$26.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.157	−0.003%	$981K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	+0.033%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.175	+0.016%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.100	−0.066%	$95K	$285K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.079	−0.089%	$67.1M	$44.3M	10x	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	91.068	−0.101%	$376K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.150	−0.011%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.030	−0.143%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USDshort	+0.0065%	1h	91.160	0.000%	$1.3M	$1.7M	10x
Pacifica CRCL	+0.0100%	1h	91.139	−0.023%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.220	+0.066%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.160	0.000%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.160	0.000%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.188	+0.031%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0135%	8h	91.133	−0.030%	$419	$766	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	91.220	+0.066%	$62K	$1.1M	10x	as long as short
Variational Omni CRCL	+0.0155%	8h	91.190	+0.033%	$2.4M	$3.3M	—	as long as short
Aster CRCLUSDT	+0.0215%	8h	91.168	+0.008%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0224%	1h	91.146	−0.015%	$2.9M	$2.1M	10x	as long as short
Binance CRCLUSDT	+0.0231%	8h	91.130	−0.033%	$104.7M	$387.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	91.116	−0.048%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.200	+0.044%	$27K	$66K	10x	as long as short
edgeX CRCLUSDC	+0.0262%	4h	91.189	+0.032%	$52K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0294%	8h	91.170	+0.011%	$22.3M	$61.3M	50x	as long as short
BloFin CRCL-USDT	+0.0351%	8h	91.200	+0.044%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0374%	1h	91.094	−0.072%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.108%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.204	+0.049%	$412K	$258K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0518%	1h	91.170	+0.011%	$5K	$769K	10x	as long as short