Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.030%

Price spread now: QFEX against KuCoin+0.065%7-day average −0.053% · 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−$79as in the Price arb table

costs, in and out, $10k−$910.910% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.035%−$3 on $10k

Price spread, last 7 days−0.047%−$5 · spread now +0.065%, 7d avg −0.053%

Together, before fees−0.082%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.119% dearer against KuCoin than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of −0.053%): +$12 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRCLUSDTM	91.810	0.0100	pay 0.0100% / 8h	3h 38m	$2.7M	$1.9M	20x
Short	QFEX CRCL-USD	91.870	0.0060	get 0.0008% / 1h	38m 59s	$1.3M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$8.35
Price spread: +0.065% → −0.053%: $11.86
Slippage, 4 orders: −$69
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$87.49
Costs to cover: 0.910%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; QFEX: live order book, 3 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 KuCoin live order book, 3 min ago	2.18 bp	51.5 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	2.18 bp	7.2 bp −$7	8.2 bp −$82	15.1 bp −$1,506	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
Bitget CRCLUSDT	−0.0709%	8h	91.910	+0.109%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.610	−0.218%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.880	+0.076%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.930	+0.131%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.849	+0.042%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.840	+0.033%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0008%	8h	91.839	+0.031%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0015%	8h	91.871	+0.067%	$104.7M	$391.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.841	+0.034%	$1.2M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.861	+0.055%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0040%	1h	91.861	+0.056%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	+0.044%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	+0.087%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.773	−0.040%	$68.1M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.840	+0.033%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.838	+0.030%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.142%	$1.0M	$5.1M	10x	as long as short
BloFin CRCL-USDT	+0.0059%	8h	91.890	+0.087%	$1.1M	$1.6M	20x	as long as short
QFEX CRCL-USDshort	+0.0060%	1h	91.870	+0.065%	$1.3M	$1.9M	10x
GRVT CRCL_USDT_Perp	+0.0065%	8h	91.870	+0.065%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0079%	8h	91.880	+0.076%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.864	+0.059%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	91.810	long leg	$2.7M	$1.9M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	+0.120%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.800	−0.011%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.842	+0.035%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.888	+0.085%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0132%	8h	91.860	+0.055%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.905	+0.103%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.866	+0.061%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0372%	1h	91.766	−0.048%	$134K	$106K	3x	as long as short
edgeX CRCLUSDC	+0.0426%	4h	91.799	−0.012%	$51K	$275K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.290	+0.523%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0731%	1h	91.840	+0.033%	$4K	$768K	10x	as long as short