Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0481%/8h= −52.7% APRpaid last 24h −0.048%

Price spread now: Variational Omni against Nado+0.148%7-day average +0.026% · you sell dearer than you buy

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.146%−$15 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.148%, 7d avg +0.026%

Together, before fees−0.215%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.123% dearer against Nado than usual: you sell high and buy low (spread +0.148% now, against its 7-day average of +0.026%): +$12 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 20 hours. At the pace of the last 3 days (−0.146% in total) that is about 2.9 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.146% in total (about -15.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	91.354	0.0481	pay 0.0060% / 1h	54m 57s	$134K	$109K	3x
Short	Variational Omni CRCL	91.489	0	get 0.0000% / 8h	1h 54m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.148%Rate

Funding earned: −$101.02
Price spread: +0.148% → +0.026%: $12.27
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$95.75
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Nado: live order book, 52 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 52 min ago	3.28 bp	7.1 bp −$7	26.1 bp −$261	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	3.46 bp	doesn't fit	10.3 bp −$103	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	−0.0746%	8h	91.520	+0.182%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.200	−0.168%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.420	+0.073%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.470	+0.128%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.489	+0.148%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.460	+0.117%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.456	+0.112%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.520	+0.182%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.438	+0.092%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.360	+0.007%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.470	+0.128%	$891K	$605K	10x	as long as short
Aster CRCLUSDT	+0.0059%	8h	91.454	+0.110%	$1.0M	$5.1M	20x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.500	+0.160%	$1.3M	$1.8M	10x	as long as short
Extended CRCL_24_5-USD	+0.0072%	1h	91.413	+0.065%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0074%	8h	91.430	+0.084%	$104.5M	$397.5M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.470	+0.128%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.450	+0.106%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.410	+0.062%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.430	+0.084%	$912	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.434	+0.088%	$4	—	10x	as long as short
Lighter RH CRCL	+0.0120%	1h	91.474	+0.132%	$977K	$2.7M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0166%	8h	91.430	+0.084%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0166%	8h	91.542	+0.206%	$65K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0174%	8h	91.420	+0.073%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0194%	8h	91.420	+0.073%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.554	+0.219%	$27K	$82K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0225%	1h	91.399	+0.050%	$67.7M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0231%	1h	91.451	+0.107%	$383K	$1.3M	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.470	+0.128%	$416K	$271K	10x	as long as short
Lighter CRCL	+0.0360%	1h	91.475	+0.133%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.631%	$5K	$19K	30x	as long as short
Nado CRCL-PERPlong	+0.0481%	1h	91.354	long leg	$134K	$109K	3x
Deribit CRCL_USDC-PERPETUAL	+0.0735%	1h	91.430	+0.084%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0851%	4h	91.640	+0.313%	$52K	$276K	10x	as long as short