Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= −0.1% APRpaid last 24h −0.046%

Price spread now: QFEX against OKX−0.055%7-day average −0.059% · 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−$30as in the Price arb table

costs, in and out, $10k−$300.300% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.055%, 7d avg −0.059%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	91.220	0.0024	pay 0.0024% / 8h	5h 46m	$21.4M	$58.9M	50x
Short	QFEX CRCL-USD	91.170	0.0023	get 0.0003% / 1h	46m 29s	$1.3M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against OKX. 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 OKXbpFee QFEXbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$0.1
Price spread: −0.055% → −0.059%: $0.44
Slippage, 4 orders: −$9.97
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$29.62
Costs to cover: 0.300%
Break-even: never at this rate

Slippage from OKX: live order book, 2 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 OKX live order book, 2 min ago	0.55 bp	7.4 bp −$7	12.1 bp −$121	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	1.64 bp	6.6 bp −$7	6.9 bp −$69	15.0 bp −$1,504	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	−0.1270%	8h	91.280	+0.066%	$15.6M	$34.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.900	−0.351%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	−0.066%	$900K	$535K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.230	+0.011%	$14.9M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.198	−0.024%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.200	−0.022%	$7.0M	$26.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	+0.096%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.340	+0.132%	$66K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.180	−0.044%	$1.0M	$49K	10x	as long as short
Extended CRCL_24_5-USD	+0.0008%	1h	91.194	−0.029%	$1.1M	$5.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0012%	8h	91.205	−0.017%	$103.6M	$383.7M	50x	as long as short
Aster CRCLUSDT	+0.0018%	8h	91.256	+0.039%	$1.1M	$4.9M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0022%	1h	91.283	+0.069%	$2K	$23K	5x	as long as short
QFEX CRCL-USDshort	+0.0023%	1h	91.170	−0.055%	$1.3M	$2.1M	10x
OKX CRCL-USDT-SWAPlong	+0.0024%	8h	91.220	long leg	$21.4M	$58.9M	50x
Lighter RH CRCL	+0.0032%	1h	91.216	−0.004%	$970K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.190	−0.033%	$92K	$272K	10x	as long as short
BloFin CRCL-USDT	+0.0048%	8h	91.190	−0.033%	—	$1.3M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.185	−0.038%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.144	−0.083%	$354K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.124	−0.105%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.100	−0.132%	$970K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.211	−0.010%	$748	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.232	+0.014%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.330	+0.121%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.050	−0.186%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.150	−0.077%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.176	−0.048%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.079	−0.155%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0200%	1h	91.201	−0.021%	$130K	$104K	3x	as long as short
Lighter CRCL	+0.0248%	1h	91.277	+0.062%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.600	+0.417%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0479%	4h	91.113	−0.117%	$23K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0628%	1h	91.170	−0.055%	$4K	$767K	10x	as long as short