Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.052%

Price spread now: Orderly against Nado+0.073%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Nado Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropNado: Active · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.073% dearer against Nado than usual: you sell high and buy low (spread +0.073% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	90.664	0.0360	pay 0.0045% / 1h	28m 11s	$133K	$109K	3x
Short	Orderly PERP_CRCL_USDC_mythos	90.730	0.0100	get 0.0100% / 8h	7h 28m	$905	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.073%Rate

Funding earned: −$54.69
Price spread: +0.073% → 0.000%: $7.32
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$60.37
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 4 min ago; Orderly: no order-book sample. Net counts fees only.

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, 4 min ago	3.30 bp	7.5 bp −$7	24.9 bp −$249	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Vest CRCL-USD-PERP	−0.0101%	1h	90.500	−0.180%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0026%	8h	90.730	+0.073%	$17.3M	$36.3M	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.730	+0.073%	$14.9M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	90.760	+0.106%	$7.8M	$26.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	90.680	+0.018%	$5K	$764K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.710	+0.051%	$1.0M	$47K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0008%	8h	90.967	+0.334%	$71K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.744	+0.089%	$976K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	90.690	+0.029%	$935K	$559K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	90.927	+0.290%	$2K	$29K	5x	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	90.710	+0.051%	$94K	$283K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.644	−0.022%	$66.9M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.624	−0.044%	$374K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.720	+0.062%	$45K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.790	+0.139%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	90.790	+0.139%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	90.760	+0.106%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.710	+0.051%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.950	+0.316%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	90.730	+0.073%	$905	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	90.742	+0.087%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0123%	8h	90.773	+0.120%	$418	$766	5x	as long as short
Variational Omni CRCL	+0.0148%	8h	90.940	+0.305%	$2.4M	$3.3M	—	as long as short
Aster CRCLUSDT	+0.0206%	8h	90.731	+0.075%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0208%	1h	90.739	+0.083%	$2.9M	$2.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	90.706	+0.047%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0218%	8h	90.730	+0.074%	$104.3M	$386.8M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.098	+0.479%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0282%	8h	90.760	+0.106%	$22.1M	$61.2M	50x	as long as short
edgeX CRCLUSDC	+0.0304%	4h	90.952	+0.318%	$52K	$271K	10x	as long as short
BloFin CRCL-USDT	+0.0340%	8h	90.870	+0.228%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERPlong	+0.0360%	1h	90.664	long leg	$133K	$109K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.661%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	90.802	+0.153%	$410K	$258K	10x	as long as short