Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0300%/8h= +32.9% APRpaid last 24h +0.042%

Price spread now: Nado against Bybit−0.147%7-day average −0.034% · 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−$50as in the Price arb table

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

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.087%+$9 on $10k

Price spread, last 4 days (all we have)+0.196%+$20 · spread now −0.147%, 7d avg −0.034%

Together, before fees+0.283%+ Points / potential airdropNado: Active · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.113% cheaper against Bybit than usual: you would sell low and buy high (spread −0.147% now, against its 7-day average of −0.034%). If the spread goes back, that is −$11 on $10k: about 30 hours of funding at the current rate (+$9 a day). At the pace of the last 3 days (+0.087% in total) that is about 4.4 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.087% in total (about 9.5% 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	Bybit CRCLUSDT	91.990	0	get 0.0000% / 8h	4h 16m	$14.9M	$26.4M	50x
Short	Nado CRCL-PERP	91.854	0.0300	get 0.0038% / 1h	16m 55s	$131K	$104K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bybit. 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 BybitbpFee NadobpOrdersPrice spread, now −0.147%Rate

Funding earned: $63
Price spread: −0.147% → −0.034%: −$11.31
Slippage, 4 orders: −$20.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $13.27
Costs to cover: 0.384%
Break-even: 5.5 days

Slippage from Bybit: live order book, 2 min ago; Nado: live order book, 40 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 Bybit live order book, 2 min ago	0.55 bp	10.3 bp −$10	19.8 bp −$198	doesn't fit	doesn't fit
Sell Nado live order book, 40 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 CRCLUSDT	−0.0993%	8h	92.020	+0.033%	$16.5M	$35.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.660	−0.359%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.908	−0.089%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.958	−0.035%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.980	−0.011%	$104.7M	$389.6M	50x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	91.990	long leg	$14.9M	$26.4M	50x
RISEx CRCL/USDC	0.0000%	1h	91.934	−0.061%	$418K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.030	+0.043%	$7.2M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.828	−0.176%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.850	−0.152%	$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	91.910	−0.087%	$1.0M	$49K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.790	−0.217%	$906K	$490K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0024%	8h	92.030	+0.043%	$22.1M	$61.2M	50x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.910	−0.087%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.972	−0.020%	$975K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0034%	1h	91.881	−0.119%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.800	−0.207%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.907	−0.090%	$68.5M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.889	−0.110%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.899	−0.099%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.250%	$1.0M	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0065%	4h	91.827	−0.177%	$51K	$276K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	91.904	−0.094%	$423	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.880	−0.120%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.900	−0.098%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	−0.304%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.940	−0.054%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.941	−0.053%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.950	−0.043%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.825	−0.179%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.972	−0.020%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERPshort	+0.0300%	1h	91.854	−0.147%	$131K	$104K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.400	+0.446%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0621%	1h	91.940	−0.054%	$4K	$767K	10x	as long as short