Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0558%/8h= −61.0% APRpaid last 24h −0.167%

Price spread now: QFEX against edgeX+0.004%57s7-day average −0.008% · 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−$360.358% of the position

Long on edgeX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.520%−$52 on $10k

Price spread, last 3 days (all we have)−0.174%−$17 · spread now +0.004%, 7d avg −0.008%

Together, before fees−0.695%+ Points / potential airdropedgeX: Active · farm board−$69 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$17 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	edgeX CRCLUSDC	94.706	0.0579	pay 0.0290% / 4h	36m 23s	$24K	$267K	10x
Short	QFEX CRCL-USD	94.710	0.0022	get 0.0003% / 1h	36m 23s	$1.4M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against edgeX. 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 edgeXbpFee QFEXbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$117.08
Price spread: +0.004% → −0.008%: $1.16
Slippage, 4 orders: −$16.8
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$151.72
Costs to cover: 0.358%
Break-even: never at this rate

Slippage from edgeX: live order book, 41 min ago; QFEX: live order book, 6 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 edgeX live order book, 41 min ago	5.84 bp	11.1 bp −$11	22.7 bp −$227	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	1.58 bp	6.6 bp −$7	7.4 bp −$74	12.5 bp −$1,251	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	94.730	+0.025%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.720	+0.014%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USDshort	+0.0022%	1h	94.710	+0.004%	$1.4M	$2.7M	10x
Lighter RH CRCL	+0.0032%	1h	94.756	+0.052%	$894K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.207%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.710	+0.004%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.682	−0.026%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.710	+0.004%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.600	−0.112%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0051%	1h	94.709	+0.002%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.700	−0.007%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.710	+0.004%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.610	−0.102%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.730	+0.025%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.745	+0.041%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0105%	8h	94.720	+0.014%	$15.6M	$25.9M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0129%	8h	94.718	+0.013%	$777	$740	5x	as long as short
Variational Omni CRCL	+0.0152%	8h	94.734	+0.029%	$2.5M	$3.1M	—	as long as short
GRVT CRCL_USDT_Perp	+0.0184%	8h	94.784	+0.081%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0203%	8h	94.730	+0.025%	$22.9M	$60.7M	50x	as long as short
Binance CRCLUSDT	+0.0205%	8h	94.719	+0.014%	$109.7M	$389.8M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0206%	1h	94.673	−0.035%	$71.1M	$42.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	94.709	+0.002%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0215%	8h	94.733	+0.028%	$1.1M	$4.9M	20x	as long as short
Phoenix CRCL	+0.0288%	1h	94.734	+0.029%	$28K	$92K	10x	as long as short
Nado CRCL-PERP	+0.0292%	1h	94.661	−0.048%	$127K	$73K	3x	as long as short
Bitget CRCLUSDT	+0.0311%	8h	94.700	−0.007%	$16.9M	$35.4M	25x	as long as short
BloFin CRCL-USDT	+0.0325%	8h	94.760	+0.057%	$1.1M	$599K	20x	as long as short
Lighter CRCL	+0.0400%	1h	94.756	+0.052%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.901%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.710	+0.004%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.740	+0.036%	$432K	$312K	10x	as long as short
edgeX CRCLUSDClong	+0.0579%	4h	94.706	long leg	$24K	$267K	10x
Deribit CRCL_USDC-PERPETUAL	+0.0701%	1h	94.750	+0.046%	$4K	$772K	10x	as long as short