Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0384%/8h= −42.1% APRpaid last 24h −0.045%

Price spread now: Bybit against Nado+0.160%7-day average +0.039% · 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−$24as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.105%−$11 on $10k

Price spread, last 4 days (all we have)−0.345%−$34 · spread now +0.160%, 7d avg +0.039%

Together, before fees−0.450%+ Points / potential airdropNado: Active · farm board−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.121% dearer against Nado than usual: you sell high and buy low (spread +0.160% now, against its 7-day average of +0.039%): +$12 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 25 hours. At the pace of the last 4 days (−0.105% in total) that is about 4.1 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.105% in total (about -10.9% 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	91.024	0.0428	pay 0.0053% / 1h	21m 18s	$133K	$109K	3x
Short	Bybit CRCLUSDT	91.170	0.0043	get 0.0043% / 8h	21m 18s	$14.8M	$26.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.160%Rate

Funding earned: −$80.74
Price spread: +0.160% → +0.039%: $12.14
Slippage, 4 orders: −$18.28
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$104.88
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from Nado: live order book, 16 min ago; Bybit: live order book, 2 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, 16 min ago	2.18 bp	6.8 bp −$7	25.0 bp −$250	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.10 bp	11.3 bp −$11	17.6 bp −$176	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	−0.0351%	8h	91.200	+0.193%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.830	−0.213%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.190	+0.182%	$7.9M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.160	+0.149%	$1.0M	$48K	10x	as long as short
edgeX CRCLUSDC	+0.0006%	4h	91.021	−0.004%	$52K	$270K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.172	+0.162%	$981K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.096	+0.079%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.080	+0.061%	$94K	$296K	10x	as long as short
Bybit CRCLUSDTshort	+0.0043%	8h	91.170	+0.160%	$14.8M	$26.5M	50x
SoDEX CRCL-USD	+0.0050%	1h	91.116	+0.101%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.980	−0.048%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	91.130	+0.116%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.000	−0.026%	$875K	$494K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0099%	1h	91.057	+0.036%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.119	+0.104%	$133K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.130	+0.116%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.040	+0.017%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.110	+0.094%	$908	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.134	+0.121%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0110%	8h	91.108	+0.092%	$2.4M	$3.2M	—	as long as short
Polymarket Perps CRCL-USD	+0.0150%	1h	91.128	+0.114%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0151%	8h	91.119	+0.104%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0177%	8h	91.143	+0.130%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	91.106	+0.090%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0193%	8h	91.148	+0.137%	$104.7M	$389.7M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.113	+0.098%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.171	+0.161%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0248%	8h	91.117	+0.102%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0267%	8h	91.140	+0.127%	$22.2M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	91.150	+0.138%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERPlong	+0.0428%	1h	91.024	long leg	$133K	$109K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	91.570	+0.600%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.156	+0.145%	$412K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0519%	1h	91.130	+0.116%	$5K	$769K	10x	as long as short