Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0038%/8h= −4.1% APRpaid last 24h +0.038%

Price spread now: Binance against QFEX+0.006%7-day average +0.044% · 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−$31as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 7 days+0.007%+$1 · spread now +0.006%, 7d avg +0.044%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.038% cheaper against QFEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.044%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	91.950	0.0060	pay 0.0008% / 1h	6m 16s	$1.3M	$1.9M	10x
Short	Binance CRCLUSDT	91.955	0.0023	get 0.0023% / 8h	3h 06m	$104.8M	$392.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.006%Rate

Funding earned: −$7.88
Price spread: +0.006% → +0.044%: −$3.8
Slippage, 4 orders: −$7.11
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$38.79
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; Binance: live order book, 7 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	8.3 bp −$83	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.54 bp	6.6 bp −$7	10.4 bp −$104	31.7 bp −$3,173	154.9 bp −$77.5K

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	−0.0679%	8h	92.000	+0.054%	$16.7M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.680	−0.294%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.960	+0.011%	$14.8M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.030	+0.087%	$7.4M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.848	−0.111%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.890	−0.065%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0013%	8h	91.946	−0.005%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDTshort	+0.0023%	8h	91.955	+0.006%	$104.8M	$392.7M	50x
Extended CRCL_24_5-USD	+0.0024%	1h	91.936	−0.015%	$1.2M	$5.6M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.945	−0.005%	$974K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.863	−0.095%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.820	−0.141%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.196%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.880	−0.076%	$68.2M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.923	−0.029%	$386K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.911	−0.042%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.650	−0.326%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USDlong	+0.0060%	1h	91.950	long leg	$1.3M	$1.9M	10x
Paradex CRCL-USD-PERP	+0.0074%	8h	91.931	−0.020%	$423	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0084%	8h	91.800	−0.163%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0085%	8h	91.840	−0.120%	$1.1M	$1.6M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	91.970	+0.022%	$22.3M	$61.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.951	+0.001%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.880	−0.076%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	−0.228%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.930	−0.022%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.932	−0.019%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.950	0.000%	$419K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.797	−0.166%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.940	−0.011%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0347%	1h	91.834	−0.126%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.446%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0730%	1h	91.930	−0.022%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	−0.110%	$51K	$276K	10x	as long as short