Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h −0.023%

Price spread now: OKX against Nado+0.180%7-day average +0.028% · 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−$17as in the Price arb table

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

Long on Nado Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.098%−$10 on $10k

Price spread, last 4 days (all we have)−0.202%−$20 · spread now +0.180%, 7d avg +0.028%

Together, before fees−0.300%+ Points / potential airdropNado: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.153% dearer against Nado than usual: you sell high and buy low (spread +0.180% now, against its 7-day average of +0.028%): +$15 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	95.777	0.0385	pay 0.0048% / 1h	47m 13s	$154K	$93K	3x
Short	OKX CRCL-USDT-SWAP	95.950	0.0221	get 0.0221% / 8h	4h 47m	$23.6M	$67.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.180%Rate

Funding earned: −$34.52
Price spread: +0.180% → +0.028%: $15.26
Slippage, 4 orders: −$15.24
Fee Nado: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$51.5
Costs to cover: 0.322%
Break-even: never at this rate

Slippage from Nado: live order book, 58 min ago; OKX: live order book, 5 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, 58 min ago	2.15 bp	6.0 bp −$6	23.7 bp −$237	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.52 bp	7.7 bp −$8	15.5 bp −$155	doesn't fit	doesn't fit

CRCL on 34 exchanges

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
Coinbase International CRCL-PERP-INTX	−0.0024%	1h	95.840	+0.066%	$874K	$808K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	95.970	+0.201%	$15.9M	$29.3M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.859	+0.085%	$426K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	96.000	+0.233%	$19.4M	$39.5M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	95.970	+0.201%	$1.1M	$47K	10x	as long as short
QFEX CRCL-USD	+0.0014%	1h	95.690	−0.091%	$1.4M	$1.7M	10x	as long as short
Gate CRCL_USDT	+0.0030%	8h	95.980	+0.212%	$7.8M	$26.6M	50x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	−0.154%	$39K	$172K	30x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	95.426	−0.366%	$2K	$29K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	95.800	+0.024%	—	$29K	25x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.740	−0.039%	$1.1M	$4.3M	10x	as long as short
Lighter RH CRCL	+0.0056%	1h	95.997	+0.229%	$1.0M	$2.7M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.870	+0.097%	$97K	$242K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0086%	1h	95.865	+0.092%	$69.6M	$44.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.702	−0.079%	$143K	$151K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.810	+0.034%	$2.5M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.390	−0.404%	$98K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.870	+0.097%	$755	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.572	−0.214%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0115%	8h	95.713	−0.067%	$440	$477	5x	as long as short
Phoenix CRCL	+0.0136%	1h	95.400	−0.394%	$28K	$94K	10x	as long as short
Variational Omni CRCL	+0.0157%	8h	95.650	−0.133%	$2.7M	$3.3M	—	as long as short
OKX CRCL-USDT-SWAPshort	+0.0221%	8h	95.950	+0.180%	$23.6M	$67.9M	50x
edgeX CRCLUSDC	+0.0236%	4h	95.429	−0.364%	$55K	$279K	10x	as long as short
Binance CRCLUSDT	+0.0270%	8h	95.973	+0.205%	$112.6M	$396.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0272%	1h	95.902	+0.131%	$1.1M	$4.0M	10x	as long as short
Aster CRCLUSDT	+0.0286%	8h	95.931	+0.160%	$1.2M	$4.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0310%	8h	95.460	−0.331%	$66K	$1.0M	10x	as long as short
BloFin CRCL-USDT	+0.0384%	8h	96.000	+0.233%	$1.2M	$1.8M	20x	as long as short
Nado CRCL-PERPlong	+0.0385%	1h	95.777	long leg	$154K	$93K	3x
Polymarket Perps CRCL-USD	+0.0429%	1h	95.945	+0.175%	$320K	$1.2M	10x	as long as short
Lighter CRCL	+0.0464%	1h	95.994	+0.226%	$3.3M	$2.5M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1315%	1h	95.970	+0.201%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.1764%	1h	95.815	+0.039%	$48K	$3K	10x	as long as short