Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0342%/8h= −37.5% APRpaid last 24h −0.089%

Price spread now: Phemex against Nado+0.160%7-day average +0.011% · 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−$86as in the Price arb table

costs, in and out, $10k−$1011.007% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.130%−$13 on $10k

Price spread, last 3 days (all we have)−0.187%−$19 · spread now +0.160%, 7d avg +0.011%

Together, before fees−0.317%+ Points / potential airdropNado: Active · farm board−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.149% dearer against Nado than usual: you sell high and buy low (spread +0.160% now, against its 7-day average of +0.011%): +$15 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 3 days (−0.130% in total) that is about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	94.239	0.0342	pay 0.0043% / 1h	48m 13s	$126K	$74K	3x
Short	Phemex CRCLUSDT	94.390	0	get 0.0000% / 4h	1h 48m	$1.0M	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.160%Rate

Funding earned: −$71.87
Price spread: +0.160% → +0.011%: $14.94
Slippage, 4 orders: −$81.68
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$157.61
Costs to cover: 1.007%
Break-even: never at this rate

Slippage from Nado: live order book, 34 min ago; Phemex: live order book, 4 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, 34 min ago	2.64 bp	10.1 bp −$10	79.8 bp −$798	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.65 bp	41.7 bp −$42	doesn't fit	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	94.370	+0.139%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	94.390	+0.160%	$1.0M	$50K	10x
QFEX CRCL-USD	+0.0033%	1h	94.360	+0.128%	$1.4M	$2.7M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0041%	8h	94.433	+0.206%	$50K	$1.2M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.280	+0.043%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.383	+0.153%	$2K	$19K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.349	+0.117%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	+0.043%	$1.1M	$5.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0063%	1h	94.296	+0.060%	$357K	$1.1M	10x	as long as short
Variational Omni CRCL	+0.0066%	8h	94.407	+0.178%	$2.5M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0070%	8h	94.380	+0.150%	$15.5M	$25.9M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	+0.054%	$938K	$742K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.340	+0.107%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.390	+0.160%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.260	+0.022%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.360	+0.128%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.375	+0.144%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	94.346	+0.113%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0122%	8h	94.370	+0.139%	$108.4M	$388.5M	50x	as long as short
Aster CRCLUSDT	+0.0153%	8h	94.384	+0.154%	$1.1M	$4.8M	20x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.378	+0.147%	$430K	$309K	10x	as long as short
Lighter RH CRCL	+0.0160%	1h	94.393	+0.163%	$880K	$2.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0176%	8h	94.317	+0.083%	$773	$740	5x	as long as short
Phoenix CRCL	+0.0212%	1h	94.486	+0.262%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.340	+0.107%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0217%	8h	94.370	+0.139%	$22.8M	$60.5M	50x	as long as short
edgeX CRCLUSDC	+0.0225%	4h	94.409	+0.180%	$24K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0241%	8h	94.390	+0.160%	$1.1M	$581K	20x	as long as short
tradeXYZ xyz:CRCL	+0.0280%	1h	94.320	+0.086%	$70.7M	$42.8M	10x	as long as short
Bitget CRCLUSDT	+0.0328%	8h	94.370	+0.139%	$16.7M	$35.1M	25x	as long as short
Nado CRCL-PERPlong	+0.0342%	1h	94.239	long leg	$126K	$74K	3x
Lighter CRCL	+0.0408%	1h	94.418	+0.190%	$3.1M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.648%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0705%	1h	94.370	+0.139%	$4K	$771K	10x	as long as short