Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0263%/8h= +28.8% APRpaid last 24h +0.074%

Price spread now: BloFin against QFEX+0.074%7-day average +0.017% · 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−$28as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on QFEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.146%+$15 on $10k

Price spread, last 3 days (all we have)−0.102%−$10 · spread now +0.074%, 7d avg +0.017%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and BloFin is 0.057% dearer against QFEX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	94.390	0.0042	pay 0.0005% / 1h	22m 20s	$1.4M	$2.6M	10x
Short	BloFin CRCL-USDT	94.460	0.0305	get 0.0305% / 8h	7h 22m	$1.1M	$561K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.074%Rate

Funding earned: $55.2
Price spread: +0.074% → +0.017%: $5.72
Slippage, 4 orders: −$11.48
Fee QFEX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $27.44
Costs to cover: 0.335%
Break-even: 3.5 days

Slippage from QFEX: live order book, 5 min ago; BloFin: live order book, 5 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, 5 min ago	2.65 bp	7.6 bp −$8	9.6 bp −$96	17.5 bp −$1,750	doesn't fit
Sell BloFin live order book, 5 min ago	1.06 bp	7.3 bp −$7	14.5 bp −$145	46.3 bp −$4,633	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.191%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.360	−0.032%	$15.5M	$25.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.380	−0.011%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.506	+0.123%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.390	0.000%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0026%	8h	94.390	0.000%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.366	−0.025%	$888K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	94.348	−0.045%	$2K	$22K	5x	as long as short
QFEX CRCL-USDlong	+0.0042%	1h	94.390	long leg	$1.4M	$2.6M	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.270	−0.127%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.311	−0.084%	$71.7M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.340	−0.053%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.357	−0.035%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.380	−0.011%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.391	+0.001%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.410	+0.021%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.410	+0.021%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.370	−0.021%	$941	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0103%	8h	94.401	+0.011%	$774	$740	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.375	−0.016%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0117%	8h	94.489	+0.105%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0146%	8h	94.400	+0.011%	$22.8M	$59.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.359	−0.033%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0185%	8h	94.370	−0.021%	$109.4M	$386.0M	50x	as long as short
Aster CRCLUSDT	+0.0190%	8h	94.414	+0.025%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0226%	1h	94.311	−0.083%	$132K	$76K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.360	−0.032%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.373	−0.018%	$3.0M	$2.2M	10x	as long as short
edgeX CRCLUSDC	+0.0294%	4h	94.484	+0.100%	$24K	$268K	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.424	+0.036%	$28K	$92K	10x	as long as short
BloFin CRCL-USDTshort	+0.0305%	8h	94.460	+0.074%	$1.1M	$561K	20x
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.530%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.420	+0.032%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.368	−0.023%	$430K	$299K	10x	as long as short