Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0281%/8h= −30.7% APRpaid last 24h +0.010%

Price spread now: BloFin against Nado+0.127%7-day average +0.013% · 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−$22as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Nado Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now +0.127%, 7d avg +0.013%

Together, before fees−0.127%+ Points / potential airdropNado: Active · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.114% dearer against Nado than usual: you sell high and buy low (spread +0.127% now, against its 7-day average of +0.013%): +$11 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 32 hours. At the pace of the last 3 days (0.000% in total) that is about years.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.000% in total (about -0.0% 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	Nado CRCL-PERP	91.304	0.0475	pay 0.0059% / 1h	53m 56s	$134K	$109K	3x
Short	BloFin CRCL-USDT	91.420	0.0194	get 0.0194% / 8h	1h 53m	$1.1M	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.127%Rate

Funding earned: −$58.96
Price spread: +0.127% → +0.013%: $11.4
Slippage, 4 orders: −$14.85
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$81.4
Costs to cover: 0.339%
Break-even: never at this rate

Slippage from Nado: live order book, 53 min ago; BloFin: 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 Nado live order book, 53 min ago	3.28 bp	7.1 bp −$7	26.1 bp −$261	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	1.64 bp	9.0 bp −$9	12.7 bp −$127	26.3 bp −$2,626	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	−0.0743%	8h	91.530	+0.247%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.100	−0.224%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.450	+0.159%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.490	+0.203%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.489	+0.202%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.470	+0.181%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.427	+0.134%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.480	+0.192%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.419	+0.125%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.360	+0.061%	$1.1M	$5.2M	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	+0.0056%	1h	91.470	+0.181%	$891K	$605K	10x	as long as short
Aster CRCLUSDT	+0.0061%	8h	91.480	+0.192%	$1.0M	$5.1M	20x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.360	+0.061%	$1.3M	$1.8M	10x	as long as short
Binance CRCLUSDT	+0.0077%	8h	91.440	+0.148%	$104.6M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.430	+0.138%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.360	+0.061%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.460	+0.170%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.410	+0.116%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.430	+0.138%	$912	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.442	+0.151%	$4	—	10x	as long as short
Lighter RH CRCL	+0.0112%	1h	91.478	+0.190%	$977K	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0166%	8h	91.542	+0.260%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0167%	8h	91.384	+0.088%	$420	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0174%	8h	91.460	+0.170%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDTshort	+0.0194%	8h	91.420	+0.127%	$1.1M	$1.6M	20x
Phoenix CRCL	+0.0210%	1h	91.554	+0.273%	$27K	$82K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0218%	1h	91.387	+0.090%	$67.7M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0225%	1h	91.384	+0.087%	$383K	$1.3M	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.405	+0.110%	$416K	$271K	10x	as long as short
Lighter CRCL	+0.0344%	1h	91.490	+0.203%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.685%	$5K	$19K	30x	as long as short
Nado CRCL-PERPlong	+0.0475%	1h	91.304	long leg	$134K	$109K	3x
Deribit CRCL_USDC-PERPETUAL	+0.0626%	1h	91.430	+0.138%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0851%	4h	91.640	+0.367%	$52K	$276K	10x	as long as short