Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.035%

Price spread now: Aster against QFEX+0.092%7-day average +0.047% · 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−$26as in the Price arb table

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

Long on QFEX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.038%+$4 on $10k

Price spread, last 7 days−0.108%−$11 · spread now +0.092%, 7d avg +0.047%

Together, before fees−0.071%+ Points / potential airdropAster: Stage 5 · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Aster is 0.045% dearer against QFEX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	91.690	0.0068	pay 0.0009% / 1h	15m 53s	$1.3M	$1.8M	10x
Short	Aster CRCLUSDT	91.774	0.0115	get 0.0115% / 8h	1h 15m	$1.0M	$5.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against QFEX. 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 QFEXbpFee AsterbpOrdersPrice spread, now +0.092%Rate

Funding earned: $9.68
Price spread: +0.092% → +0.047%: $4.48
Slippage, 4 orders: −$12.02
Fee QFEX: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$15.87
Costs to cover: 0.300%
Break-even: 18.5 days

Slippage from QFEX: live order book, 6 min ago; Aster: 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 QFEX live order book, 6 min ago	2.18 bp	7.2 bp −$7	7.4 bp −$74	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	1.63 bp	7.5 bp −$8	10.9 bp −$109	doesn't fit	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	−0.0524%	8h	91.830	+0.153%	$17.6M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.480	−0.229%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.770	+0.087%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.810	+0.131%	$7.8M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.750	+0.065%	$1.0M	$48K	10x	as long as short
Variational Omni CRCL	+0.0013%	8h	91.789	+0.108%	$2.4M	$3.2M	—	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.683	−0.007%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.720	+0.033%	$94K	$292K	10x	as long as short
Lighter RH CRCL	+0.0048%	1h	91.779	+0.097%	$981K	$2.7M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.730	+0.044%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.670	−0.022%	$1.1M	$5.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	+0.109%	$894K	$616K	10x	as long as short
QFEX CRCL-USDlong	+0.0068%	1h	91.690	long leg	$1.3M	$1.8M	10x
tradeXYZ xyz:CRCL	+0.0097%	1h	91.715	+0.027%	$67.9M	$44.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.765	+0.082%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.700	+0.011%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	+0.022%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.730	+0.044%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.742	+0.057%	$4	—	10x	as long as short
Aster CRCLUSDTshort	+0.0115%	8h	91.774	+0.092%	$1.0M	$5.1M	20x
Binance CRCLUSDT	+0.0128%	8h	91.760	+0.076%	$105.0M	$398.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0128%	1h	91.743	+0.058%	$1.0M	$5.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0137%	1h	91.730	+0.044%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0176%	8h	91.764	+0.081%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0201%	8h	91.760	+0.076%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0216%	8h	91.780	+0.098%	$22.3M	$62.9M	50x	as long as short
BloFin CRCL-USDT	+0.0242%	8h	91.820	+0.142%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.779	+0.097%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0267%	4h	91.778	+0.096%	$52K	$278K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.730	+0.044%	$418K	$268K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.769	+0.086%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0419%	1h	91.691	+0.001%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.210	+0.567%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0732%	1h	91.750	+0.065%	$5K	$769K	10x	as long as short