Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0078%/8h= −8.5% APRpaid last 24h −0.062%

Price spread now: Binance against Nado+0.074%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Nado Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.125%−$13 on $10k

Price spread, last 2 days (all we have)−0.057%−$6 · spread now +0.074%, 7d avg +0.038%

Together, before fees−0.182%+ Points / potential airdropNado: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.037% dearer against Nado than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of +0.038%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	94.139	0.0262	pay 0.0033% / 1h	14m 07s	$126K	$73K	3x
Short	Binance CRCLUSDT	94.209	0.0184	get 0.0184% / 8h	1h 14m	$108.3M	$388.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.074%Rate

Funding earned: −$16.39
Price spread: +0.074% → +0.038%: $3.7
Slippage, 4 orders: −$12.45
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$42.14
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Nado: live order book, 3 min ago; Binance: live order book, 15 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, 3 min ago	2.65 bp	9.0 bp −$9	28.0 bp −$280	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.53 bp	6.3 bp −$6	11.8 bp −$118	37.6 bp −$3,761	148.1 bp −$74.1K

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	94.220	+0.086%	$7.2M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.190	+0.054%	$1.0M	$52K	10x	as long as short
edgeX CRCLUSDC	+0.0003%	4h	94.285	+0.155%	$24K	$268K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.241	+0.108%	$888K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.220	+0.086%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.130	−0.010%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0048%	1h	94.228	+0.095%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.179	+0.042%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.190	+0.054%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.110	−0.031%	$1.1M	$5.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.100	−0.042%	$936K	$730K	10x	as long as short
Bybit CRCLUSDT	+0.0085%	8h	94.230	+0.097%	$15.5M	$25.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.150	+0.012%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.250	+0.118%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.220	+0.086%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.200	+0.065%	$939	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.220	+0.086%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0138%	8h	94.263	+0.132%	$2.5M	$3.2M	—	as long as short
Paradex CRCL-USD-PERP	+0.0139%	8h	94.194	+0.058%	$772	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0151%	8h	94.270	+0.139%	$63K	$1.2M	10x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.200	+0.065%	$430K	$310K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0176%	1h	94.194	+0.058%	$70.6M	$42.8M	10x	as long as short
Binance CRCLUSDTshort	+0.0184%	8h	94.209	+0.074%	$108.3M	$388.4M	50x
Extended CRCL_24_5-USD	+0.0184%	1h	94.191	+0.055%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0202%	8h	94.230	+0.097%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0204%	8h	94.210	+0.075%	$22.7M	$60.3M	50x	as long as short
Phoenix CRCL	+0.0212%	1h	94.272	+0.141%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.180	+0.043%	$96K	$275K	10x	as long as short
Nado CRCL-PERPlong	+0.0262%	1h	94.139	long leg	$126K	$73K	3x
Lighter CRCL	+0.0288%	1h	94.240	+0.107%	$3.0M	$2.3M	10x	as long as short
BloFin CRCL-USDT	+0.0306%	8h	94.170	+0.033%	$1.1M	$580K	20x	as long as short
Bitget CRCLUSDT	+0.0319%	8h	94.210	+0.075%	$16.7M	$35.1M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.660%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0494%	1h	94.200	+0.065%	$4K	$772K	10x	as long as short