Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0250%/8h= +27.4% APRpaid last 24h +0.049%

Price spread now: Nado against Paradex−0.137%50s7-day average — · you buy dearer than you sell

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

Long on Paradex 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 airdropParadex: Active · Nado: Active · farm boardneeds both histories

Funding pays, the price is against you. Nado is 0.137% cheaper against Paradex than usual: you would sell low and buy high (spread −0.137% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 44 hours of funding at the current rate (+$8 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex CRCL-USD-PERP	91.478	0.0155	pay 0.0155% / 8h	1h 27m	$421	$905	5x
Short	Nado CRCL-PERP	91.352	0.0405	get 0.0051% / 1h	27m 38s	$134K	$109K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Paradex. 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 ParadexbpFee NadobpOrdersPrice spread, now −0.137%Rate

Funding earned: $52.54
Price spread: −0.137% → 0.000%: −$13.74
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $27.8
Costs to cover: 0.110%
Break-even: 3.3 days

Slippage unknown: Paradex: no order-book sample; Nado: live order book, 15 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 Paradex no order-book sample	—	—	—	—	—
Sell Nado live order book, 15 min ago	2.74 bp	13.2 bp −$13	29.7 bp −$297	doesn't fit	doesn't fit

Paradex: 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	−0.0698%	8h	91.540	+0.068%	$17.5M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.130	−0.380%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.500	+0.024%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.470	−0.008%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	−0.119%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.380	−0.107%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.506	+0.031%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.306	−0.188%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.360	−0.129%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.403	−0.082%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.390	−0.096%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.303%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.400	−0.085%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0072%	1h	91.419	−0.064%	$67.6M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0088%	8h	91.531	+0.058%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.396	−0.090%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.420	−0.063%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.290	−0.205%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.380	−0.107%	$911	$2K	10x	as long as short
Binance CRCLUSDT	+0.0100%	8h	91.500	+0.024%	$104.6M	$397.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.393	−0.093%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.415	−0.068%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0128%	1h	91.390	−0.096%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERPlong	+0.0155%	8h	91.478	long leg	$421	$905	5x
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	−0.097%	$67K	$1.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.390	−0.096%	$5K	$769K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0198%	8h	91.480	+0.003%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0220%	8h	91.410	−0.074%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.232	−0.269%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.400	−0.085%	$416K	$268K	10x	as long as short
Lighter CRCL	+0.0280%	1h	91.495	+0.019%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERPshort	+0.0405%	1h	91.352	−0.137%	$134K	$109K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	91.720	+0.265%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0857%	4h	91.319	−0.173%	$52K	$278K	10x	as long as short