Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0121%/8h= +13.2% APRpaid last 24h +0.045%

Price spread now: Nado against Orderly−0.023%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Nado

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

Funding pays, the price is against you. Nado is 0.023% cheaper against Orderly than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 15 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	92.000	0.0100	pay 0.0100% / 8h	5h 05m	$917	$2K	10x
Short	Nado CRCL-PERP	91.979	0.0221	get 0.0028% / 1h	5m 22s	$131K	$104K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Orderly. 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 OrderlybpFee NadobpOrdersPrice spread, now −0.023%Rate

Funding earned: $25.38
Price spread: −0.023% → 0.000%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $10.08
Costs to cover: 0.130%
Break-even: 4.2 days

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 57 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 Orderly no order-book sample	—	—	—	—	—
Sell Nado live order book, 57 min ago	3.81 bp	7.5 bp −$7	25.2 bp −$252	doesn't fit	doesn't fit

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
Bitget CRCLUSDT	−0.1037%	8h	92.030	+0.033%	$16.1M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	91.820	−0.196%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.080	+0.087%	$908K	$501K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.970	−0.033%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.003	+0.003%	$105.1M	$386.3M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.000	0.000%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.025	+0.027%	$420K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.070	+0.076%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.967	−0.036%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.212	+0.230%	$68K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	92.060	+0.065%	$1.0M	$49K	10x	as long as short
BloFin CRCL-USDT	+0.0001%	8h	92.100	+0.109%	$1.1M	$1.3M	20x	as long as short
Aster CRCLUSDT	+0.0003%	8h	92.016	+0.018%	$1.1M	$5.0M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0007%	8h	92.000	0.000%	$21.6M	$59.7M	50x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.970	−0.033%	$1.3M	$2.1M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0024%	1h	92.031	+0.034%	$2K	$24K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.001	+0.001%	$976K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.040	+0.043%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.928	−0.078%	$68.5M	$41.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.957	−0.047%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.981	−0.021%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.960	−0.043%	$1.0M	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0083%	8h	91.986	−0.015%	$754	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.993	−0.007%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.030	+0.033%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.140	+0.152%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	92.000	long leg	$917	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.971	−0.032%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	92.176	+0.191%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0216%	1h	92.011	+0.012%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERPshort	+0.0221%	1h	91.979	−0.023%	$131K	$104K	3x
Deribit CRCL_USDC-PERPETUAL	+0.0294%	1h	91.970	−0.033%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.576%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0528%	4h	92.093	+0.101%	$23K	$249K	10x	as long as short