CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0639%/8h= +70.0% APRnext payment +$0.80 per $10,000 · paid last 24h +0.014%

Price spread now: Deribit against Nado+0.092%7-day average +0.007% · 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−$29as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Nado Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 3 days (all we have)−0.103%−$10 · spread now +0.092%, 7d avg +0.007%

Together, before fees−0.084%+ Points / potential airdropNado: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Deribit is 0.084% dearer against Nado than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.007%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.019% in total (about 2.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.80 per $10,000. 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	94.693	0.0273	pay 0.0034% / 1h	20m 14s	$127K	$73K	3x
Short	Deribit CRCL_USDC-PERPETUAL	94.780	0.0912	get 0.0114% / 1h	20m 14s	$4K	$772K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.092%Rate

Funding earned: $134.26
Price spread: +0.092% → +0.007%: $8.42
Slippage, 4 orders: −$23.59
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $105.1
Costs to cover: 0.376%
Break-even: 1.5 days

Slippage from Nado: live order book, 57 min ago; Deribit: live order book, 59 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, 57 min ago	2.65 bp	9.0 bp −$9	28.0 bp −$280	doesn't fit	doesn't fit
Sell Deribit live order book, 59 min ago	0.53 bp	11.4 bp −$11	15.0 bp −$150	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	94.770	+0.081%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.730	+0.039%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.670	−0.025%	$1.4M	$2.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.743	+0.052%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.194%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.640	−0.056%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.731	+0.040%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.707	+0.014%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.630	−0.067%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.770	+0.081%	$2K	$21K	5x	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	94.730	+0.039%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.740	+0.049%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.620	−0.077%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.750	+0.060%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0102%	8h	94.750	+0.060%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.763	+0.073%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0118%	8h	94.766	+0.077%	$777	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0174%	1h	94.732	+0.041%	$71.2M	$42.9M	10x	as long as short
Variational Omni CRCL	+0.0184%	8h	94.712	+0.020%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0197%	8h	94.730	+0.039%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0233%	8h	94.746	+0.056%	$61K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	94.732	+0.041%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0243%	8h	94.720	+0.028%	$109.8M	$390.2M	50x	as long as short
Aster CRCLUSDT	+0.0245%	8h	94.730	+0.039%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERPlong	+0.0273%	1h	94.693	long leg	$127K	$73K	3x
Phoenix CRCL	+0.0288%	1h	94.779	+0.091%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0303%	8h	94.750	+0.060%	$16.9M	$35.4M	25x	as long as short
Lighter CRCL	+0.0352%	1h	94.755	+0.065%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0361%	8h	94.680	−0.014%	$1.1M	$600K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.915%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.750	+0.060%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.769	+0.080%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0768%	4h	94.705	+0.012%	$24K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0912%	1h	94.780	+0.092%	$4K	$772K	10x