Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.025%

Price spread now: Bybit against QFEX+0.042%7-day average +0.078% · 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−$38as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 7 days−0.010%−$1 · spread now +0.042%, 7d avg +0.078%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.036% cheaper against QFEX than usual: you would sell low and buy high (spread +0.042% now, against its 7-day average of +0.078%). If the spread goes back, that is −$4 on $10k: about 37 hours of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.036% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	94.550	0.0022	pay 0.0003% / 1h	14m 31s	$1.4M	$2.8M	10x
Short	Bybit CRCLUSDT	94.590	0.0099	get 0.0099% / 8h	14m 31s	$15.5M	$25.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.042%Rate

Funding earned: $16.15
Price spread: +0.042% → +0.078%: −$3.57
Slippage, 4 orders: −$13.29
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$21.71
Costs to cover: 0.343%
Break-even: 16.4 days

Slippage from QFEX: live order book, 3 min ago; Bybit: live order book, 4 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, 3 min ago	1.58 bp	6.6 bp −$7	7.4 bp −$74	14.6 bp −$1,455	doesn't fit
Sell Bybit live order book, 4 min ago	1.05 bp	11.2 bp −$11	20.0 bp −$200	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
Gate CRCL_USDT	0.0000%	8h	94.620	+0.074%	$7.2M	$27.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.650	+0.106%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USDlong	+0.0022%	1h	94.550	long leg	$1.4M	$2.8M	10x
Lighter RH CRCL	+0.0032%	1h	94.600	+0.053%	$894K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.042%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.530	−0.021%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.541	−0.010%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.617	+0.071%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.470	−0.085%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.630	+0.085%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDTshort	+0.0099%	8h	94.590	+0.042%	$15.5M	$25.9M	50x
Pacifica CRCL	+0.0100%	1h	94.553	+0.003%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.660	+0.116%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.590	+0.042%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.600	+0.053%	$943	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.628	+0.082%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0116%	8h	94.600	+0.053%	$776	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0150%	1h	94.556	+0.006%	$71.7M	$43.6M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0191%	8h	94.590	+0.042%	$22.8M	$60.8M	50x	as long as short
Variational Omni CRCL	+0.0193%	8h	94.671	+0.128%	$2.5M	$3.1M	—	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	94.552	+0.002%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0250%	8h	94.560	+0.011%	$109.5M	$390.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	94.670	+0.127%	$54K	$1.1M	10x	as long as short
Aster CRCLUSDT	+0.0253%	8h	94.580	+0.032%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0266%	1h	94.568	+0.019%	$133K	$76K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.711	+0.170%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0298%	8h	94.590	+0.042%	$16.9M	$35.5M	25x	as long as short
Lighter CRCL	+0.0336%	1h	94.621	+0.075%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0372%	8h	94.670	+0.127%	$1.1M	$600K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+1.068%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0490%	1h	94.650	+0.106%	$4K	$772K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.560	+0.011%	$97K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.600	+0.053%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0550%	4h	94.622	+0.076%	$24K	$269K	10x	as long as short