Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0206%/8hnext payment +$0.26 per $10,000 · paid last 24h +0.067%

Price spread now: Deribit against QFEX−0.032%7-day average 0.000% · 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−$36as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on QFEX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.121%+$12 on $10k

Price spread, last 3 days (all we have)+0.004%$0 · spread now −0.032%, 7d avg 0.000%

Together, before fees+0.126%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.032% cheaper against QFEX than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of 0.000%). If the spread goes back, that is −$3 on $10k: about 12 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	94.850	0.0071	pay 0.0009% / 1h	23m 39s	$1.4M	$2.7M	10x
Short	Deribit CRCL_USDC-PERPETUAL	94.820	0.0278	get 0.0035% / 1h	23m 39s	$4K	$802K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.032%Rate

Funding earned: $43.31
Price spread: −0.032% → 0.000%: −$3.17
Slippage, 4 orders: −$15.92
Fee QFEX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $7.21
Costs to cover: 0.329%
Break-even: 5.8 days

Slippage from QFEX: live order book, 8 min ago; Deribit: live order book, 9 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, 8 min ago	1.59 bp	6.6 bp −$7	8.9 bp −$89	13.1 bp −$1,315	doesn't fit
Sell Deribit live order book, 9 min ago	6.37 bp	9.9 bp −$10	12.1 bp −$121	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	94.830	−0.021%	$7.2M	$26.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.820	−0.032%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.851	+0.001%	$816K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.780	−0.074%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.832	−0.019%	$357K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.826	−0.025%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.700	−0.158%	$1.1M	$5.8M	10x	as long as short
QFEX CRCL-USDlong	+0.0071%	1h	94.850	long leg	$1.4M	$2.7M	10x
tradeXYZ xyz:CRCL	+0.0076%	1h	94.794	−0.059%	$71.2M	$41.2M	10x	as long as short
Bybit CRCLUSDT	+0.0086%	8h	94.830	−0.021%	$15.5M	$25.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CRCL-USD-PERP	+0.0098%	8h	94.843	−0.007%	$721	$428	5x	as long as short
Pacifica CRCL	+0.0100%	1h	94.800	−0.053%	$78K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.420	−0.453%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.830	−0.021%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.848	−0.002%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0114%	8h	94.470	−0.400%	$48K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0123%	8h	94.715	−0.143%	$2.5M	$3.2M	—	as long as short
KuCoin CRCLUSDTM	+0.0138%	8h	94.820	−0.032%	$2.9M	$1.7M	20x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.790	−0.063%	$947K	$730K	10x	as long as short
Phoenix CRCL	+0.0162%	1h	94.463	−0.408%	$28K	$92K	10x	as long as short
Aster CRCLUSDT	+0.0164%	8h	94.860	+0.011%	$1.1M	$4.7M	20x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.834	−0.017%	$1.2M	$3.5M	10x	as long as short
Binance CRCLUSDT	+0.0170%	8h	94.820	−0.032%	$108.9M	$376.6M	50x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.870	+0.021%	$421K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0278%	1h	94.820	−0.032%	$4K	$802K	10x
OKX CRCL-USDT-SWAP	+0.0290%	8h	94.830	−0.021%	$23.0M	$59.4M	50x	as long as short
BloFin CRCL-USDT	+0.0291%	8h	94.890	+0.042%	$1.1M	$576K	20x	as long as short
Lighter CRCL	+0.0312%	1h	94.885	+0.037%	$3.0M	$2.1M	10x	as long as short
Nado CRCL-PERP	+0.0320%	1h	94.788	−0.065%	$132K	$67K	3x	as long as short
Aftermath Perps CRCLUSD	+0.0358%	1h	94.603	−0.260%	$2K	$16K	5x	as long as short
Bitget CRCLUSDT	+0.0413%	8h	94.850	0.000%	$17.0M	$34.3M	25x	as long as short
edgeX CRCLUSDC	+0.0439%	4h	94.649	−0.212%	$24K	$265K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.200	+0.369%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.850	0.000%	$102K	$257K	10x	as long as short