Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0203%/8h= −22.2% APRpaid last 24h −0.048%

Price spread now: GRVT against Nado+0.039%7-day average +0.063% · 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−$35as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on Nado Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.163%−$16 on $10k

Price spread, last 4 days (all we have)+0.113%+$11 · spread now +0.039%, 7d avg +0.063%

Together, before fees−0.050%+ Points / potential airdropNado: Active · GRVT: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and GRVT is 0.024% cheaper against Nado than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.063%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	91.115	0.0303	pay 0.0038% / 1h	30m 52s	$133K	$108K	3x
Short	GRVT CRCL_USDT_Perp	91.150	0.0100	get 0.0100% / 8h	2h 30m	$62K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$42.54
Price spread: +0.039% → +0.063%: −$2.4
Slippage, 4 orders: −$16.25
Fee Nado: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$77.18
Costs to cover: 0.322%
Break-even: never at this rate

Slippage from Nado: live order book, 16 min ago; GRVT: 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	3.28 bp	7.1 bp −$7	26.1 bp −$261	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	1.10 bp	8.0 bp −$8	17.4 bp −$174	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	−0.0880%	8h	91.250	+0.149%	$16.7M	$36.3M	25x	as long as short
Vest CRCL-USD-PERP	−0.0071%	1h	90.900	−0.236%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.160	+0.050%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.220	+0.116%	$7.6M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.161	+0.051%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.170	+0.061%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	91.176	+0.067%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.156	+0.045%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0024%	8h	91.179	+0.071%	$103.7M	$395.0M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.195	+0.088%	$971K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.210	+0.105%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.217	+0.112%	$2K	$26K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.101	−0.015%	$68.1M	$43.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.142	+0.030%	$382K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.163	+0.053%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	+0.105%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.140	+0.028%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.180	+0.072%	$913K	$529K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0089%	8h	91.147	+0.036%	$419	$905	5x	as long as short
BloFin CRCL-USDT	+0.0097%	8h	91.230	+0.127%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.162	+0.052%	$133K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.180	+0.072%	$2.7M	$1.8M	20x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0100%	8h	91.150	+0.039%	$62K	$1.1M	10x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	+0.061%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.190	+0.083%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.165	+0.055%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0111%	8h	91.190	+0.083%	$22.1M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.175	+0.067%	$415K	$294K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.110	−0.005%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0224%	1h	91.190	+0.083%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0299%	1h	91.180	+0.072%	$4K	$768K	10x	as long as short
Nado CRCL-PERPlong	+0.0303%	1h	91.115	long leg	$133K	$108K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+1.016%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0917%	4h	91.164	+0.054%	$52K	$278K	10x	as long as short