Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h −0.047%

Price spread now: Aster against Nado−0.007%7-day average +0.028% · 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−$34as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Nado Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.099%−$10 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now −0.007%, 7d avg +0.028%

Together, before fees−0.120%+ Points / potential airdropNado: Active · Aster: Stage 5 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Aster is 0.035% cheaper against Nado than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	94.807	0.0310	pay 0.0039% / 1h	43m 03s	$127K	$73K	3x
Short	Aster CRCLUSDT	94.800	0.0199	get 0.0199% / 8h	43m 03s	$1.1M	$4.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Nado. 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 NadobpFee AsterbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$23.33
Price spread: −0.007% → +0.028%: −$3.54
Slippage, 4 orders: −$15.15
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$57.02
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Nado: live order book, 34 min ago; Aster: live order book, 6 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 Nado live order book, 34 min ago	2.65 bp	9.0 bp −$9	28.0 bp −$280	doesn't fit	doesn't fit
Sell Aster live order book, 6 min ago	2.64 bp	6.6 bp −$7	17.5 bp −$175	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	94.830	+0.024%	$7.3M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.840	+0.035%	$1.0M	$51K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.840	+0.035%	$1.4M	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.790	−0.018%	$943K	$725K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.770	−0.039%	—	$45K	25x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.730	−0.081%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.692	−0.121%	$2K	$21K	5x	as long as short
SoDEX CRCL-USD	+0.0064%	1h	94.797	−0.010%	$48K	$3K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0071%	1h	94.781	−0.027%	$367K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0088%	1h	94.851	+0.047%	$895K	$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
Pacifica CRCL	+0.0100%	1h	94.900	+0.098%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.750	−0.060%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.720	−0.092%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.810	+0.003%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0104%	8h	94.850	+0.046%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.839	+0.034%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.663	−0.151%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0136%	8h	94.871	+0.068%	$778	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0165%	8h	94.850	+0.046%	$62K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.823	+0.017%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0186%	8h	94.840	+0.035%	$109.7M	$389.7M	50x	as long as short
Aster CRCLUSDTshort	+0.0199%	8h	94.800	−0.007%	$1.1M	$4.9M	20x
OKX CRCL-USDT-SWAP	+0.0206%	8h	94.830	+0.024%	$22.9M	$60.8M	50x	as long as short
edgeX CRCLUSDC	+0.0223%	4h	94.814	+0.008%	$24K	$269K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0278%	1h	94.783	−0.025%	$71.1M	$42.9M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.878	+0.075%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0306%	8h	94.830	+0.024%	$1.1M	$595K	20x	as long as short
Nado CRCL-PERPlong	+0.0310%	1h	94.807	long leg	$127K	$73K	3x
Bitget CRCLUSDT	+0.0317%	8h	94.820	+0.014%	$17.0M	$35.4M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.794%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0456%	1h	94.873	+0.070%	$3.1M	$2.2M	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.840	+0.035%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.860	+0.056%	$433K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0805%	1h	94.890	+0.088%	$4K	$772K	10x	as long as short