Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0101%/8h= +11.1% APRpaid last 24h +0.036%

Price spread now: Nado against BloFin−0.160%7-day average −0.024% · 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−$52as in the Price arb table

costs, in and out, $10k−$380.385% of the position

Long on BloFin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.015%+$2 on $10k

Price spread, last 3 days (all we have)+0.176%+$18 · spread now −0.160%, 7d avg −0.024%

Together, before fees+0.191%+ Points / potential airdropNado: Active · farm board+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.136% cheaper against BloFin than usual: you would sell low and buy high (spread −0.160% now, against its 7-day average of −0.024%). If the spread goes back, that is −$14 on $10k: about 4.5 days of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.015% in total) that is about 28 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CRCL-USDT	94.390	0.0241	pay 0.0241% / 8h	1h 48m	$1.1M	$581K	20x
Short	Nado CRCL-PERP	94.239	0.0342	get 0.0043% / 1h	48m 31s	$126K	$74K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against BloFin. 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 BloFinbpFee NadobpOrdersPrice spread, now −0.160%Rate

Funding earned: $21.28
Price spread: −0.160% → −0.024%: −$13.62
Slippage, 4 orders: −$19.47
Fee BloFin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$30.82
Costs to cover: 0.385%
Break-even: 17.1 days

Slippage from BloFin: live order book, 4 min ago; Nado: live order book, 34 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 BloFin live order book, 4 min ago	0.53 bp	9.7 bp −$10	18.6 bp −$186	78.1 bp −$7,807	doesn't fit
Sell Nado live order book, 34 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
Gate CRCL_USDT	0.0000%	8h	94.390	0.000%	$7.2M	$27.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	94.400	+0.011%	$4K	$771K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.400	+0.011%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.360	−0.032%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.046%	$50K	$1.2M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.419	+0.031%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	−0.021%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.399	+0.010%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.117%	$1.1M	$5.9M	10x	as long as short
Variational Omni CRCL	+0.0066%	8h	94.407	+0.018%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0070%	8h	94.360	−0.032%	$15.5M	$25.9M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0074%	1h	94.382	−0.008%	$357K	$1.1M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	−0.106%	$938K	$742K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.340	−0.053%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.380	−0.011%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.260	−0.138%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.400	+0.011%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.414	+0.025%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	94.320	−0.074%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0122%	8h	94.336	−0.057%	$108.3M	$388.4M	50x	as long as short
Aster CRCLUSDT	+0.0153%	8h	94.374	−0.017%	$1.1M	$4.8M	20x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.378	−0.013%	$430K	$309K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0176%	8h	94.317	−0.077%	$773	$740	5x	as long as short
Lighter RH CRCL	+0.0184%	1h	94.373	−0.018%	$880K	$2.9M	10x	as long as short
Phoenix CRCL	+0.0212%	1h	94.486	+0.102%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.340	−0.053%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0217%	8h	94.370	−0.021%	$22.8M	$60.5M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	+0.020%	$24K	$267K	10x	as long as short
BloFin CRCL-USDTlong	+0.0241%	8h	94.390	long leg	$1.1M	$581K	20x
tradeXYZ xyz:CRCL	+0.0277%	1h	94.313	−0.082%	$70.7M	$42.8M	10x	as long as short
Bitget CRCLUSDT	+0.0328%	8h	94.360	−0.032%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERPshort	+0.0342%	1h	94.239	−0.160%	$126K	$74K	3x
Lighter CRCL	+0.0408%	1h	94.387	−0.003%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.487%	$5K	$19K	30x	as long as short