Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1266%/8h= +138.7% APRpaid last 24h +0.020%

Price spread now: Nado against Bitget−0.127%7-day average −0.045% · 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−$46as in the Price arb table

costs, in and out, $10k−$380.384% of the position

Long on Bitget Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.106%+$11 on $10k

Price spread, last 4 days (all we have)+0.215%+$22 · spread now −0.127%, 7d avg −0.045%

Together, before fees+0.321%+ Points / potential airdropNado: Active · farm board+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.081% cheaper against Bitget than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of −0.045%). If the spread goes back, that is −$8 on $10k: about 5 hours of funding at the current rate (+$38 a day). At the pace of the last 3 days (+0.106% in total) that is about 2.6 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.106% in total (about 11.6% 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	Bitget CRCLUSDT	91.690	−0.0963	get 0.0963% / 8h	4h 41m	$16.2M	$34.9M	25x
Short	Nado CRCL-PERP	91.574	0.0303	get 0.0038% / 1h	41m 36s	$130K	$104K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bitget. 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 BitgetbpFee NadobpOrdersPrice spread, now −0.127%Rate

Funding earned: $265.96
Price spread: −0.127% → −0.045%: −$8.13
Slippage, 4 orders: −$19.37
Fee Bitget: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $219.47
Costs to cover: 0.384%
Break-even: 1.2 days

Slippage from Bitget: live order book, 2 min ago; Nado: live order book, 16 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 Bitget live order book, 2 min ago	1.63 bp	9.7 bp −$10	15.4 bp −$154	34.1 bp −$3,410	doesn't fit
Sell Nado live order book, 16 min ago	3.80 bp	7.6 bp −$8	27.2 bp −$272	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 CRCLUSDTlong	−0.0963%	8h	91.690	long leg	$16.2M	$34.9M	25x
Vest CRCL-USD-PERP	−0.0067%	1h	91.440	−0.273%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.652	−0.042%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.616	−0.081%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.650	−0.044%	$104.5M	$387.9M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.650	−0.044%	$14.9M	$26.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.649	−0.044%	$418K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.640	−0.055%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.818	+0.140%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.820	+0.142%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.660	−0.033%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0013%	8h	91.670	−0.022%	$21.9M	$60.6M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.840	+0.164%	$906K	$491K	10x	as long as short
edgeX CRCLUSDC	+0.0023%	4h	91.866	+0.192%	$51K	$275K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.650	−0.044%	$1.3M	$2.0M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0029%	1h	91.778	+0.097%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.653	−0.040%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.930	+0.262%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.576	−0.124%	$68.3M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.609	−0.088%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.670	−0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.750	+0.065%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0087%	8h	91.626	−0.070%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.612	−0.085%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.610	−0.087%	$2.7M	$2.0M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	+0.055%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.710	+0.022%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.692	+0.002%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.880	+0.207%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.817	+0.139%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.694	+0.004%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERPshort	+0.0303%	1h	91.574	−0.127%	$130K	$104K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.330	+0.698%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0623%	1h	91.700	+0.011%	$4K	$767K	10x	as long as short