Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0203%/8h= +22.2% APRpaid last 24h +0.048%

Price spread now: Nado against GRVT−0.039%61s7-day average −0.063% · 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−$320.322% of the position

Long on GRVT Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.163%+$16 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now −0.039%, 7d avg −0.063%

Together, before fees+0.050%+ Points / potential airdropGRVT: Active · Nado: Active · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Nado is 0.024% dearer against GRVT than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.063%. The two prices were read 61 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	GRVT CRCL_USDT_Perp	91.150	0.0100	pay 0.0100% / 8h	2h 30m	$62K	$1.1M	10x
Short	Nado CRCL-PERP	91.115	0.0303	get 0.0038% / 1h	30m 19s	$133K	$108K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against GRVT. 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 GRVTbpFee NadobpOrdersPrice spread, now −0.039%Rate

Funding earned: $42.66
Price spread: −0.039% → −0.063%: $2.4
Slippage, 4 orders: −$16.25
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $12.8
Costs to cover: 0.322%
Break-even: 4.9 days

Slippage from GRVT: live order book, 3 min ago; Nado: live order book, 17 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 GRVT live order book, 3 min ago	1.10 bp	8.3 bp −$8	15.3 bp −$153	doesn't fit	doesn't fit
Sell Nado live order book, 17 min ago	3.28 bp	8.8 bp −$9	28.2 bp −$282	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	−0.0890%	8h	91.260	+0.121%	$16.7M	$36.3M	25x	as long as short
Vest CRCL-USD-PERP	−0.0072%	1h	90.880	−0.296%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.180	+0.033%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.210	+0.066%	$7.6M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.161	+0.012%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.180	+0.033%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	91.190	+0.044%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.165	+0.017%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0024%	8h	91.200	+0.054%	$103.7M	$395.0M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.196	+0.051%	$971K	$2.9M	10x	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	91.190	+0.044%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.194	+0.049%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.110	−0.044%	$68.1M	$43.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.160	+0.011%	$382K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.166	+0.018%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.090	−0.066%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.160	+0.011%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.180	+0.033%	$913K	$529K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0089%	8h	91.151	+0.001%	$419	$905	5x	as long as short
BloFin CRCL-USDT	+0.0097%	8h	91.230	+0.088%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.150	0.000%	$133K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.190	+0.044%	$2.7M	$1.8M	20x	as long as short
GRVT CRCL_USDT_Perplong	+0.0100%	8h	91.150	long leg	$62K	$1.1M	10x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	+0.022%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.170	+0.022%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.154	+0.005%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0112%	8h	91.220	+0.077%	$22.1M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.180	+0.033%	$415K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.110	−0.044%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0224%	1h	91.191	+0.045%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERPshort	+0.0303%	1h	91.115	−0.039%	$133K	$108K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.977%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0518%	1h	91.170	+0.022%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0917%	4h	91.164	+0.015%	$52K	$278K	10x	as long as short