Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0275%/8h= −30.1% APRpaid last 24h −0.026%

Price spread now: Gate against Nado+0.135%7-day average +0.031% · 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−$32as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on Nado Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.126%−$13 on $10k

Price spread, last 3 days (all we have)−0.157%−$16 · spread now +0.135%, 7d avg +0.031%

Together, before fees−0.283%+ Points / potential airdropNado: Active · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.104% dearer against Nado than usual: you sell high and buy low (spread +0.135% now, against its 7-day average of +0.031%): +$10 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 3 days (−0.126% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	94.632	0.0275	pay 0.0034% / 1h	26m 14s	$127K	$73K	3x
Short	Gate CRCL_USDT	94.760	0	get 0.0000% / 8h	26m 14s	$7.2M	$27.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.135%Rate

Funding earned: −$57.78
Price spread: +0.135% → +0.031%: $10.44
Slippage, 4 orders: −$20.47
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$89.8
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from Nado: live order book, 51 min ago; Gate: live order book, 3 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, 51 min ago	2.65 bp	9.0 bp −$9	28.0 bp −$280	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	1.58 bp	12.8 bp −$13	22.8 bp −$228	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_USDTshort	0.0000%	8h	94.760	+0.135%	$7.2M	$27.7M	50x
Phemex CRCLUSDT	0.0000%	4h	94.750	+0.125%	$1.0M	$51K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.730	+0.103%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.757	+0.132%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.129%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.710	+0.082%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.719	+0.092%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.727	+0.100%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.650	+0.019%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.762	+0.137%	$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
Bybit CRCLUSDT	+0.0099%	8h	94.760	+0.135%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.710	+0.082%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.730	+0.103%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.670	+0.040%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.750	+0.125%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.755	+0.130%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0117%	8h	94.758	+0.133%	$777	$740	5x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.744	+0.118%	$2.5M	$3.1M	—	as long as short
tradeXYZ xyz:CRCL	+0.0178%	1h	94.719	+0.092%	$71.1M	$42.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0196%	8h	94.750	+0.125%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0215%	8h	94.770	+0.146%	$61K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0228%	8h	94.760	+0.135%	$109.8M	$390.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.743	+0.117%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0234%	8h	94.767	+0.142%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERPlong	+0.0275%	1h	94.632	long leg	$127K	$73K	3x
Phoenix CRCL	+0.0288%	1h	94.656	+0.025%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0304%	8h	94.750	+0.125%	$17.0M	$35.4M	25x	as long as short
BloFin CRCL-USDT	+0.0346%	8h	94.750	+0.125%	$1.1M	$599K	20x	as long as short
Lighter CRCL	+0.0368%	1h	94.795	+0.172%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.980%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.750	+0.125%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.760	+0.135%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0542%	4h	94.739	+0.113%	$24K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0701%	1h	94.770	+0.146%	$4K	$772K	10x	as long as short