Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0379%/8h= +41.5% APRpaid last 24h +0.049%

Price spread now: Nado against Variational Omni−0.134%7-day average −0.028% · you buy dearer than you sell

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

Long on Variational Omni Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.150%+$15 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now −0.134%, 7d avg −0.028%

Together, before fees+0.222%+ Points / potential airdropVariational Omni: Active · Nado: Active · farm board+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.106% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.134% now, against its 7-day average of −0.028%). If the spread goes back, that is −$11 on $10k: about 22 hours of funding at the current rate (+$11 a day). At the pace of the last 3 days (+0.150% in total) that is about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.859	0.0051	pay 0.0051% / 8h	1h 05m	$2.4M	$3.2M	—
Short	Nado CRCL-PERP	91.736	0.0430	get 0.0054% / 1h	5m 38s	$134K	$109K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Variational Omni. 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 Variational OmnibpFee NadobpOrdersPrice spread, now −0.134%Rate

Funding earned: $79.5
Price spread: −0.134% → −0.028%: −$10.59
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $61.9
Costs to cover: 0.070%
Break-even: 1.5 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Nado: live order book, 37 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 Variational Omni RFQ quote, 4 min ago	3.45 bp	doesn't fit	17.1 bp −$171	doesn't fit	doesn't fit
Sell Nado live order book, 37 min ago	2.74 bp	13.2 bp −$13	29.7 bp −$297	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	−0.0378%	8h	91.910	+0.056%	$17.7M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.610	−0.271%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.810	−0.053%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.840	−0.021%	$7.8M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.830	−0.031%	$1.0M	$48K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.786	−0.079%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.790	−0.075%	$95K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.839	−0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.730	−0.140%	$1.1M	$5.3M	10x	as long as short
Variational Omni CRCLlong	+0.0051%	8h	91.859	long leg	$2.4M	$3.2M	—

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0056%	1h	91.850	−0.010%	$982K	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	−0.075%	$894K	$441K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.800	−0.064%	$1.3M	$1.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.780	−0.086%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.810	−0.053%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.700	−0.173%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.850	−0.010%	$916	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.851	−0.008%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0113%	1h	91.783	−0.083%	$67.9M	$44.2M	10x	as long as short
Aster CRCLUSDT	+0.0132%	8h	91.781	−0.084%	$1.0M	$5.1M	20x	as long as short
Extended CRCL_24_5-USD	+0.0144%	1h	91.794	−0.071%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0146%	8h	91.800	−0.064%	$105.1M	$397.2M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0150%	1h	91.855	−0.004%	$385K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0193%	8h	91.821	−0.042%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0215%	8h	91.823	−0.040%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0231%	8h	91.830	−0.031%	$22.3M	$62.5M	50x	as long as short
Phoenix CRCL	+0.0245%	1h	91.769	−0.098%	$27K	$82K	10x	as long as short
BloFin CRCL-USDT	+0.0259%	8h	91.930	+0.077%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.820	−0.042%	$418K	$266K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.844	−0.016%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERPshort	+0.0430%	1h	91.736	−0.134%	$134K	$109K	3x
edgeX CRCLUSDC	+0.0435%	4h	91.758	−0.110%	$52K	$277K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.448%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1276%	1h	91.860	+0.001%	$5K	$769K	10x	as long as short