Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0214%/8h= +23.5% APRpaid last 24h +0.046%

Price spread now: OKX against QFEX+0.099%7-day average +0.060% · 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−$25as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.031%+$3 on $10k

Price spread, last 7 days−0.086%−$9 · spread now +0.099%, 7d avg +0.060%

Together, before fees−0.055%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and OKX is 0.038% dearer against QFEX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.060%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.031% in total (about 3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	91.170	0.0071	pay 0.0009% / 1h	6m 54s	$1.3M	$1.7M	10x
Short	OKX CRCL-USDT-SWAP	91.260	0.0285	get 0.0285% / 8h	6m 54s	$22.3M	$61.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.099%Rate

Funding earned: $45
Price spread: +0.099% → +0.060%: $3.84
Slippage, 4 orders: −$8.79
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $20.05
Costs to cover: 0.288%
Break-even: 3.9 days

Slippage from QFEX: live order book, 5 min ago; OKX: live order book, 2 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	2.19 bp	7.2 bp −$7	8.1 bp −$81	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.55 bp	7.7 bp −$8	13.7 bp −$137	117.3 bp −$11.7K	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	−0.0355%	8h	91.300	+0.143%	$17.3M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	90.910	−0.285%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.280	+0.121%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.250	+0.088%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.234	+0.070%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.170	0.000%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.180	+0.011%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.204	+0.037%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	−0.022%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0061%	8h	91.260	+0.099%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USDlong	+0.0071%	1h	91.170	long leg	$1.3M	$1.7M	10x
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.110%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0089%	1h	91.171	+0.001%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.150	−0.022%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.250	+0.088%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	−0.055%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.210	+0.044%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.228	+0.064%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	+0.026%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0152%	1h	91.209	+0.043%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0157%	8h	91.178	+0.008%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0195%	8h	91.253	+0.091%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.205	+0.039%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0211%	8h	91.233	+0.069%	$104.8M	$389.3M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.187	+0.019%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.231	+0.067%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0250%	8h	91.217	+0.051%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0285%	8h	91.260	+0.099%	$22.3M	$61.7M	50x
BloFin CRCL-USDT	+0.0331%	8h	91.250	+0.088%	$1.1M	$1.7M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0408%	1h	91.190	+0.022%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0433%	1h	91.131	−0.043%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.625%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.224	+0.060%	$412K	$268K	10x	as long as short
edgeX CRCLUSDC	+0.0810%	4h	91.207	+0.041%	$52K	$269K	10x	as long as short