Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0361%/8h= +39.5% APRpaid last 24h +0.077%

Price spread now: Nado against Phemex−0.060%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1071.074% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.148%+$15 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now −0.060%, 7d avg −0.013%

Together, before fees+0.235%+ Points / potential airdropNado: Active · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.047% cheaper against Phemex than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.013%). If the spread goes back, that is −$5 on $10k: about 11 hours of funding at the current rate (+$11 a day). At the pace of the last 3 days (+0.148% in total) that is about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.630	0	get 0.0000% / 4h	2h 49m	$1.0M	$48K	10x
Short	Nado CRCL-PERP	91.575	0.0361	get 0.0045% / 1h	49m 36s	$133K	$108K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Phemex. 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 PhemexbpFee NadobpOrdersPrice spread, now −0.060%Rate

Funding earned: $75.79
Price spread: −0.060% → −0.013%: −$4.75
Slippage, 4 orders: −$88.38
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$36.33
Costs to cover: 1.074%
Break-even: 10.4 days

Slippage from Phemex: live order book, 3 min ago; Nado: live order book, 63 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 Phemex live order book, 3 min ago	2.18 bp	42.5 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 63 min ago	2.71 bp	8.1 bp −$8	26.1 bp −$261	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	−0.0749%	8h	91.670	+0.044%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.370	−0.284%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.630	0.000%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.650	+0.022%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.669	+0.043%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.630	long leg	$1.0M	$48K	10x
Aster CRCLUSDT	+0.0025%	8h	91.668	+0.042%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.655	+0.027%	$975K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.603	−0.030%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0035%	8h	91.624	−0.006%	$104.4M	$393.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.600	−0.033%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.609	−0.023%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.620	−0.011%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.588	−0.046%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.600	−0.033%	$1.0M	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0053%	4h	91.553	−0.084%	$51K	$276K	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.610	−0.022%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.251%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0074%	1h	91.584	−0.050%	$68.1M	$42.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.611	−0.021%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.616	−0.015%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.630	0.000%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.600	−0.033%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.660	+0.033%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.630	−0.001%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.680	+0.055%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0114%	8h	91.630	0.000%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.640	+0.011%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0138%	8h	91.700	+0.076%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.658	+0.031%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0360%	1h	91.638	+0.009%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERPshort	+0.0361%	1h	91.575	−0.060%	$133K	$108K	3x
Deribit CRCL_USDC-PERPETUAL	+0.0405%	1h	91.630	0.000%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.458%	$5K	$19K	30x	as long as short