Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h −0.083%

Price spread now: Nado against edgeX−0.317%62s7-day average −0.021% · 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—prices read too far apart to compare

costs, in and out, $10k−$410.412% of the position

Long on edgeX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.427%−$43 on $10k

Price spread, last 4 days (all we have)−0.055%−$5 · spread now −0.317%, 7d avg −0.021%

Together, before fees−0.481%+ Points / potential airdropedgeX: Active · Nado: Active · farm board−$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.296% cheaper against edgeX than usual: you would sell low and buy high (spread −0.317% now, against its 7-day average of −0.021%). If the spread goes back, that is −$30 on $10k: about 18 days of funding at the current rate (+$2 a day). Mind the row above: over the last 4 days funding on this pair cost −0.427%, so the current rate has only just turned in your favour. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX CRCLUSDC	90.952	0.0304	pay 0.0152% / 4h	3h 28m	$52K	$271K	10x
Short	Nado CRCL-PERP	90.664	0.0360	get 0.0045% / 1h	28m 09s	$133K	$109K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against edgeX. 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 edgeXbpFee NadobpOrdersPrice spread, now −0.317%Rate

Funding earned: $11.79
Price spread: −0.317% → −0.021%: −$29.63
Slippage, 4 orders: −$25.18
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$59.02
Costs to cover: 0.412%
Break-even: 42.0 days

Slippage from edgeX: live order book, 4 min ago; Nado: live order book, 4 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 edgeX live order book, 4 min ago	7.14 bp	12.4 bp −$12	24.4 bp −$244	doesn't fit	doesn't fit
Sell Nado live order book, 4 min ago	3.30 bp	8.7 bp −$9	26.7 bp −$267	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
Vest CRCL-USD-PERP	−0.0101%	1h	90.500	−0.497%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0026%	8h	90.730	−0.244%	$17.3M	$36.3M	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.730	−0.244%	$14.9M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	90.780	−0.189%	$7.8M	$26.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	90.680	−0.299%	$5K	$764K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.710	−0.266%	$1.0M	$47K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0008%	8h	90.967	+0.016%	$71K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.744	−0.229%	$976K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	90.690	−0.288%	$935K	$559K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	90.927	−0.028%	$2K	$29K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	90.710	−0.266%	$94K	$283K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.655	−0.327%	$66.9M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.624	−0.361%	$374K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.720	−0.255%	$45K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.790	−0.178%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	90.790	−0.178%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	90.760	−0.211%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.710	−0.266%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.950	−0.002%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.730	−0.244%	$905	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.742	−0.230%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0123%	8h	90.773	−0.197%	$418	$766	5x	as long as short
Variational Omni CRCL	+0.0148%	8h	90.940	−0.013%	$2.4M	$3.3M	—	as long as short
Aster CRCLUSDT	+0.0206%	8h	90.731	−0.243%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0208%	1h	90.739	−0.234%	$2.9M	$2.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	90.703	−0.274%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0218%	8h	90.732	−0.242%	$104.3M	$386.8M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.098	+0.161%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0282%	8h	90.740	−0.233%	$22.1M	$61.2M	50x	as long as short
edgeX CRCLUSDClong	+0.0304%	4h	90.952	long leg	$52K	$271K	10x
BloFin CRCL-USDT	+0.0340%	8h	90.870	−0.090%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERPshort	+0.0360%	1h	90.664	−0.317%	$133K	$109K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.339%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	90.802	−0.165%	$410K	$258K	10x	as long as short