Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.031%

Price spread now: Nado against Aster−0.108%48s7-day average −0.028% · 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—prices read too far apart to compare

costs, in and out, $10k−$350.349% of the position

Long on Aster Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.104%+$10 on $10k

Price spread, last 4 days (all we have)+0.294%+$29 · spread now −0.108%, 7d avg −0.028%

Together, before fees+0.399%+ Points / potential airdropAster: Stage 5 · Nado: Active · farm board+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.081% cheaper against Aster than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of −0.028%). If the spread goes back, that is −$8 on $10k: about 27 hours of funding at the current rate (+$7 a day). At the pace of the last 4 days (+0.104% in total) that is about 2.7 days. The two prices were read 48 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	Aster CRCLUSDT	91.221	0.0195	pay 0.0195% / 8h	8m 42s	$1.0M	$5.0M	20x
Short	Nado CRCL-PERP	91.122	0.0435	get 0.0054% / 1h	8m 42s	$133K	$109K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Aster. 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 AsterbpFee NadobpOrdersPrice spread, now −0.108%Rate

Funding earned: $50.44
Price spread: −0.108% → −0.028%: −$8.05
Slippage, 4 orders: −$19.88
Fee Aster: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $7.51
Costs to cover: 0.349%
Break-even: 6.0 days

Slippage from Aster: live order book, 5 min ago; Nado: live order book, 29 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 Aster live order book, 5 min ago	3.28 bp	10.3 bp −$10	53.9 bp −$539	doesn't fit	doesn't fit
Sell Nado live order book, 29 min ago	2.18 bp	9.7 bp −$10	26.2 bp −$262	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	−0.0354%	8h	91.260	+0.043%	$17.3M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0081%	1h	90.930	−0.319%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.240	+0.021%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.230	+0.010%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.217	−0.004%	$982K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.179	−0.046%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.200	−0.023%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.180	−0.045%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	−0.077%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0061%	8h	91.230	+0.010%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.220	−0.001%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.165%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0090%	1h	91.127	−0.103%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.180	−0.045%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.210	−0.012%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	−0.110%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.210	−0.012%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.225	+0.005%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	−0.030%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0154%	1h	91.201	−0.022%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0158%	8h	91.189	−0.034%	$419	$905	5x	as long as short
Aster CRCLUSDTlong	+0.0195%	8h	91.221	long leg	$1.0M	$5.0M	20x
Extended CRCL_24_5-USD	+0.0208%	1h	91.179	−0.046%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0210%	8h	91.190	−0.034%	$104.7M	$389.3M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.187	−0.037%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.218	−0.003%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0250%	8h	91.217	−0.004%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0284%	8h	91.220	−0.001%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0329%	8h	91.200	−0.023%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERPshort	+0.0435%	1h	91.122	−0.108%	$133K	$109K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.569%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.227	+0.007%	$412K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0628%	1h	91.190	−0.034%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0810%	4h	91.207	−0.015%	$52K	$269K	10x	as long as short