Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0023%/8h= +2.6% APRpaid last 24h +0.014%

Price spread now: QFEX against Phemex−0.022%7-day average −0.004% · 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−$88as in the Price arb table

costs, in and out, $10k−$870.867% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.018%+$2 on $10k

Price spread, last 4 days (all we have)+0.142%+$14 · spread now −0.022%, 7d avg −0.004%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.190	0	get 0.0000% / 4h	1h 46m	$1.0M	$49K	10x
Short	QFEX CRCL-USD	91.170	0.0023	get 0.0003% / 1h	46m 11s	$1.3M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phemex. 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 PhemexbpFee QFEXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $4.92
Price spread: −0.022% → −0.004%: −$1.75
Slippage, 4 orders: −$64.73
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$83.55
Costs to cover: 0.867%
Break-even: 125.8 days

Slippage from Phemex: live order book, 1 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 Phemex live order book, 1 min ago	2.19 bp	36.5 bp −$36	doesn't fit	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	91.270	+0.088%	$15.6M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.920	−0.296%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	−0.033%	$900K	$535K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.230	+0.044%	$14.9M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.198	+0.009%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.230	+0.044%	$7.0M	$26.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	+0.129%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.340	+0.164%	$66K	$1.1M	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.190	long leg	$1.0M	$49K	10x
Extended CRCL_24_5-USD	+0.0008%	1h	91.194	+0.005%	$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	91.229	+0.043%	$103.7M	$383.8M	50x	as long as short
Aster CRCLUSDT	+0.0018%	8h	91.233	+0.047%	$1.1M	$4.9M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0022%	1h	91.260	+0.077%	$2K	$23K	5x	as long as short
QFEX CRCL-USDshort	+0.0023%	1h	91.170	−0.022%	$1.3M	$2.1M	10x
OKX CRCL-USDT-SWAP	+0.0024%	8h	91.230	+0.044%	$21.4M	$59.0M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.234	+0.048%	$970K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.190	0.000%	$92K	$272K	10x	as long as short
BloFin CRCL-USDT	+0.0048%	8h	91.190	0.000%	—	$1.3M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.160	−0.033%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.176	−0.015%	$354K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.184	−0.007%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.100	−0.099%	$970K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.211	+0.023%	$748	$740	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0079%	1h	91.220	+0.033%	$4K	$767K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.232	+0.047%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.290	+0.110%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.050	−0.154%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.200	+0.011%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.175	−0.017%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.079	−0.122%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0200%	1h	91.201	+0.012%	$130K	$104K	3x	as long as short
Lighter CRCL	+0.0248%	1h	91.244	+0.059%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.600	+0.450%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0479%	4h	91.113	−0.085%	$23K	$268K	10x	as long as short