Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0057%/8h= −6.2% APRpaid last 24h −0.014%

Price spread now: Phemex against QFEX−0.087%7-day average +0.005% · 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−$101as in the Price arb table

costs, in and out, $10k−$920.915% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now −0.087%, 7d avg +0.005%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.092% cheaper against QFEX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRCL-USD	92.080	0.0057	pay 0.0007% / 1h	35m 18s	$1.3M	$2.4M	10x
Short	Phemex CRCLUSDT	92.000	0	get 0.0000% / 4h	2h 35m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$11.96
Price spread: −0.087% → +0.005%: −$9.18
Slippage, 4 orders: −$69.52
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$112.67
Costs to cover: 0.915%
Break-even: never at this rate

Slippage from QFEX: live order book, 2 min ago; Phemex: 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, 2 min ago	2.72 bp	7.7 bp −$8	7.7 bp −$77	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.72 bp	36.0 bp −$36	doesn't fit	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
Bitget CRCLUSDT	−0.0393%	8h	92.160	+0.087%	$16.0M	$35.3M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.990	−0.098%	$916K	$586K	10x	as long as short
Vest CRCL-USD-PERP	0.0000%	1h	91.830	−0.272%	—	$37K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.110	+0.033%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.070	−0.011%	$421K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.130	+0.054%	$7.2M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.051	−0.032%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.790	−0.315%	$61K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	92.000	−0.087%	$1.0M	$49K	10x
Aftermath Perps CRCLUSD	+0.0026%	1h	92.008	−0.078%	$2K	$23K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.131	+0.055%	$980K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.950	−0.141%	$93K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.064	−0.017%	$69.4M	$41.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.032	−0.052%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.082	+0.002%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.850	−0.250%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USDlong	+0.0057%	1h	92.080	long leg	$1.3M	$2.4M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0076%	1h	92.100	+0.022%	$4K	$769K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0077%	8h	92.130	+0.054%	$21.7M	$60.3M	50x	as long as short
Binance CRCLUSDT	+0.0078%	8h	92.093	+0.014%	$105.1M	$392.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	92.066	−0.015%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0081%	8h	92.078	−0.002%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0083%	8h	92.108	+0.031%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.094	+0.016%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.090	+0.011%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.890	−0.206%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.050	−0.033%	$918	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.094	+0.016%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0172%	1h	92.023	−0.061%	$131K	$103K	3x	as long as short
Lighter CRCL	+0.0208%	1h	92.153	+0.079%	$3.0M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.272%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	91.730	−0.380%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.370	+0.315%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0565%	4h	91.735	−0.375%	$23K	$267K	10x	as long as short