Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0126%/8h= +13.8% APRpaid last 24h +0.046%

Price spread now: Nado against Aster−0.139%7-day average −0.028% · 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−$41as in the Price arb table

costs, in and out, $10k−$300.301% of the position

Long on Aster Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.093%+$9 on $10k

Price spread, last 3 days (all we have)+0.210%+$21 · spread now −0.139%, 7d avg −0.028%

Together, before fees+0.303%+ Points / potential airdropAster: Stage 5 · Nado: Active · farm board+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.112% cheaper against Aster than usual: you would sell low and buy high (spread −0.139% now, against its 7-day average of −0.028%). If the spread goes back, that is −$11 on $10k: about 3.0 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CRCLUSDT	94.382	0.0083	pay 0.0083% / 8h	2h 08m	$1.1M	$4.8M	20x
Short	Nado CRCL-PERP	94.250	0.0209	get 0.0026% / 1h	8m 55s	$126K	$73K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Aster. 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 AsterbpFee NadobpOrdersPrice spread, now −0.139%Rate

Funding earned: $26.48
Price spread: −0.139% → −0.028%: −$11.19
Slippage, 4 orders: −$15.11
Fee Aster: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$14.82
Costs to cover: 0.301%
Break-even: 10.9 days

Slippage from Aster: live order book, 5 min ago; Nado: live order book, 13 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 Aster live order book, 5 min ago	1.06 bp	5.9 bp −$6	12.6 bp −$126	doesn't fit	doesn't fit
Sell Nado live order book, 13 min ago	2.64 bp	7.1 bp −$7	25.0 bp −$250	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
RISEx CRCL/USDC	0.0000%	1h	94.410	+0.030%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.410	+0.030%	$7.2M	$27.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	94.483	+0.107%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.500	+0.125%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.460	+0.083%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.400	+0.020%	$1.4M	$2.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.354	−0.029%	$880K	$2.9M	10x	as long as short
Bybit CRCLUSDT	+0.0034%	8h	94.460	+0.083%	$15.5M	$25.9M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0044%	1h	94.400	+0.020%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	−0.012%	—	$45K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0048%	1h	94.411	+0.031%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0048%	8h	94.420	+0.041%	$108.4M	$389.3M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.316	−0.069%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.390	+0.009%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.360	−0.023%	$1.1M	$5.9M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0059%	1h	94.327	−0.058%	$70.8M	$42.9M	10x	as long as short
Aster CRCLUSDTlong	+0.0083%	8h	94.382	long leg	$1.1M	$4.8M	20x
Pacifica CRCL	+0.0100%	1h	94.370	−0.012%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.400	+0.020%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.086%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.370	−0.012%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.378	−0.004%	$4	—	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	+0.009%	$939K	$743K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0147%	8h	94.423	+0.044%	$774	$740	5x	as long as short
BloFin CRCL-USDT	+0.0168%	8h	94.390	+0.009%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERPshort	+0.0209%	1h	94.250	−0.139%	$126K	$73K	3x
OKX CRCL-USDT-SWAP	+0.0222%	8h	94.420	+0.041%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.343	−0.041%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0312%	1h	94.373	−0.009%	$3.1M	$2.4M	10x	as long as short
Bitget CRCLUSDT	+0.0327%	8h	94.430	+0.051%	$16.7M	$35.2M	25x	as long as short
edgeX CRCLUSDC	+0.0424%	4h	94.482	+0.107%	$24K	$266K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.571%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.370	−0.012%	$97K	$274K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1341%	1h	94.430	+0.051%	$4K	$771K	10x	as long as short