Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0176%/8hnext payment −$0.22 per $10,000 · paid last 24h −0.026%

Price spread now: Phoenix against Nado+0.295%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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 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. Phoenix is 0.295% dearer against Nado than usual: you sell high and buy low (spread +0.295% now, against zero (this spread has no 7-day history yet)): +$30 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 5.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	93.986	0.0338	pay 0.0042% / 1h	5m 22s	$131K	$67K	3x
Short	Phoenix CRCL	94.263	0.0162	get 0.0020% / 1h	5m 22s	$28K	$92K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.295%Rate

Funding earned: −$37.01
Price spread: +0.295% → 0.000%: $29.51
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$21.5
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Nado: live order book, 26 min ago; Phoenix: 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, 26 min ago	1.59 bp	7.0 bp −$7	21.5 bp −$215	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
Gate CRCL_USDT	0.0000%	8h	93.940	−0.049%	$7.1M	$27.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	93.970	−0.017%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.004	+0.020%	$810K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	93.920	−0.070%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.985	−0.001%	$354K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	93.855	−0.139%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.940	−0.049%	$1.1M	$5.7M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	94.030	+0.047%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0079%	8h	93.850	−0.144%	$15.3M	$25.7M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0093%	1h	93.917	−0.073%	$70.7M	$41.5M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	93.960	−0.027%	$77K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.150	+0.175%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.880	−0.112%	$936	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	93.988	+0.002%	$714	$428	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.877	−0.116%	$4	—	10x	as long as short
KuCoin CRCLUSDTM	+0.0105%	8h	94.000	+0.015%	$2.9M	$1.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0108%	8h	94.304	+0.338%	$50K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0118%	8h	94.065	+0.084%	$2.5M	$3.2M	—	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.000	+0.015%	$939K	$724K	10x	as long as short
Aster CRCLUSDT	+0.0162%	8h	94.010	+0.026%	$1.1M	$4.7M	20x	as long as short
Phoenix CRCLshort	+0.0162%	1h	94.263	+0.295%	$28K	$92K	10x
Binance CRCLUSDT	+0.0173%	8h	93.900	−0.091%	$107.9M	$379.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	93.864	−0.129%	$1.2M	$3.5M	10x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.023	+0.039%	$417K	$301K	10x	as long as short
BloFin CRCL-USDT	+0.0293%	8h	94.320	+0.356%	$1.1M	$573K	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0295%	8h	93.880	−0.112%	$22.8M	$59.1M	50x	as long as short
Lighter CRCL	+0.0336%	1h	94.063	+0.082%	$2.9M	$2.1M	10x	as long as short
Nado CRCL-PERPlong	+0.0338%	1h	93.986	long leg	$131K	$67K	3x
Aftermath Perps CRCLUSD	+0.0364%	1h	94.240	+0.270%	$2K	$17K	5x	as long as short
Bitget CRCLUSDT	+0.0428%	8h	93.890	−0.102%	$16.8M	$34.5M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.500	+0.547%	$5K	$20K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0710%	1h	93.850	−0.144%	$4K	$802K	10x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.010	+0.026%	$100K	$258K	10x	as long as short
edgeX CRCLUSDC	+0.0920%	4h	94.340	+0.377%	$24K	$265K	10x	as long as short