CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0336%/8h= −36.8% APRnext payment −$0.42 per $10,000 · paid last 24h −0.090%

Price spread now: QFEX against Deribit−0.032%7-day average +0.001% · 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−$35as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Deribit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.151%−$15 on $10k

Price spread, last 3 days (all we have)+0.078%+$8 · spread now −0.032%, 7d avg +0.001%

Together, before fees−0.073%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and QFEX is 0.033% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	93.350	0.0393	pay 0.0049% / 1h	57m 53s	$4K	$769K	10x
Short	QFEX CRCL-USD	93.320	0.0057	get 0.0007% / 1h	57m 53s	$1.3M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Deribit. 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 DeribitbpFee QFEXbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$70.6
Price spread: −0.032% → +0.001%: −$3.3
Slippage, 4 orders: −$14.86
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$105.76
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Deribit: live order book, 11 min ago; QFEX: live order book, 9 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 Deribit live order book, 11 min ago	0.53 bp	5.1 bp −$5	8.6 bp −$86	doesn't fit	doesn't fit
Sell QFEX live order book, 9 min ago	1.60 bp	6.6 bp −$7	6.6 bp −$66	13.0 bp −$1,303	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	−0.0008%	1h	93.400	+0.054%	$934K	$590K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	93.370	+0.021%	$15.3M	$25.5M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	93.348	−0.002%	$426K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	93.430	+0.086%	$7.2M	$25.5M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	93.370	+0.021%	$16.6M	$34.4M	25x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	93.600	+0.268%	$62K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	93.410	+0.064%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	93.353	+0.003%	$978K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	93.632	+0.302%	$2K	$22K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	93.550	+0.214%	$96K	$271K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	+0.0046%	1h	93.230	−0.129%	—	$37K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	93.300	−0.054%	$71.0M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.354	+0.004%	$362K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	93.330	−0.021%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.410	+0.064%	$1.0M	$5.6M	10x	as long as short
QFEX CRCL-USDshort	+0.0057%	1h	93.320	−0.032%	$1.3M	$2.5M	10x
Variational Omni CRCL	+0.0059%	8h	93.569	+0.234%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0098%	8h	93.323	−0.029%	$765	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	93.350	0.000%	$75K	$96K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	93.390	+0.043%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	93.750	+0.428%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.330	−0.021%	$931	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.334	−0.017%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0118%	8h	93.340	−0.011%	$22.6M	$58.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0136%	1h	93.322	−0.030%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0137%	8h	93.327	−0.024%	$1.1M	$4.9M	20x	as long as short
Binance CRCLUSDT	+0.0137%	8h	93.335	−0.016%	$107.7M	$386.1M	50x	as long as short
BloFin CRCL-USDT	+0.0257%	8h	93.160	−0.204%	$1.1M	$1.0M	20x	as long as short
Nado CRCL-PERP	+0.0265%	1h	93.322	−0.030%	$154K	$89K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	93.653	+0.325%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	93.412	+0.066%	$3.0M	$2.3M	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0393%	1h	93.350	long leg	$4K	$769K	10x
Injective CRCL/USDC PERP	+0.0440%	1h	93.910	+0.600%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0940%	4h	93.809	+0.492%	$24K	$268K	10x	as long as short