Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0073%/8hnext payment −$0.09 per $10,000 · paid last 24h −0.028%

Price spread now: QFEX against Coinbase International+0.021%7-day average +0.023% · 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−$36as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Coinbase International Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.104%−$10 on $10k

Price spread, last 3 days (all we have)+0.022%+$2 · spread now +0.021%, 7d avg +0.023%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.023%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	94.790	0.0144	pay 0.0018% / 1h	23m 37s	$947K	$730K	10x
Short	QFEX CRCL-USD	94.810	0.0071	get 0.0009% / 1h	23m 37s	$1.4M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Coinbase International. 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 Coinbase InternationalbpFee QFEXbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$15.25
Price spread: +0.021% → +0.023%: −$0.2
Slippage, 4 orders: −$15.91
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$51.37
Costs to cover: 0.359%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 9 min ago; QFEX: live order book, 8 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 Coinbase International live order book, 9 min ago	6.37 bp	11.4 bp −$11	14.3 bp −$143	doesn't fit	doesn't fit
Sell QFEX live order book, 8 min ago	1.59 bp	6.6 bp −$7	6.6 bp −$66	10.4 bp −$1,036	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
Gate CRCL_USDT	0.0000%	8h	94.820	+0.032%	$7.2M	$26.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.820	+0.032%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.851	+0.064%	$816K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.750	−0.042%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.788	−0.002%	$357K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.826	+0.038%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.700	−0.095%	$1.1M	$5.8M	10x	as long as short
QFEX CRCL-USDshort	+0.0071%	1h	94.810	+0.021%	$1.4M	$2.7M	10x
tradeXYZ xyz:CRCL	+0.0076%	1h	94.794	+0.004%	$71.2M	$41.2M	10x	as long as short
Bybit CRCLUSDT	+0.0086%	8h	94.820	+0.032%	$15.5M	$25.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CRCL-USD-PERP	+0.0098%	8h	94.843	+0.056%	$721	$428	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.800	+0.011%	$78K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.800	+0.011%	$70K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.830	+0.042%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.848	+0.062%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0113%	8h	94.887	+0.102%	$48K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0123%	8h	94.715	−0.080%	$2.5M	$3.2M	—	as long as short
KuCoin CRCLUSDTM	+0.0138%	8h	94.820	+0.032%	$2.9M	$1.7M	20x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0144%	1h	94.790	long leg	$947K	$730K	10x
Phoenix CRCL	+0.0162%	1h	94.827	+0.039%	$28K	$92K	10x	as long as short
Aster CRCLUSDT	+0.0164%	8h	94.860	+0.074%	$1.1M	$4.7M	20x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.814	+0.025%	$1.2M	$3.5M	10x	as long as short
Binance CRCLUSDT	+0.0170%	8h	94.820	+0.032%	$108.9M	$376.6M	50x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.830	+0.042%	$421K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0278%	1h	94.820	+0.032%	$4K	$802K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0290%	8h	94.830	+0.042%	$23.0M	$59.4M	50x	as long as short
BloFin CRCL-USDT	+0.0291%	8h	94.890	+0.105%	$1.1M	$576K	20x	as long as short
Lighter CRCL	+0.0312%	1h	94.885	+0.100%	$3.0M	$2.1M	10x	as long as short
Nado CRCL-PERP	+0.0320%	1h	94.788	−0.002%	$132K	$67K	3x	as long as short
Aftermath Perps CRCLUSD	+0.0358%	1h	94.603	−0.197%	$2K	$16K	5x	as long as short
Bitget CRCLUSDT	+0.0413%	8h	94.830	+0.042%	$17.0M	$34.3M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.200	+0.433%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.860	+0.074%	$102K	$257K	10x	as long as short
edgeX CRCLUSDC	+0.0859%	4h	94.832	+0.045%	$24K	$265K	10x	as long as short