Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1268%/8h= +138.8% APRpaid last 24h +0.021%

Price spread now: Nado against Bitget+0.006%7-day average −0.047% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Bitget Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.114%+$11 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now +0.006%, 7d avg −0.047%

Together, before fees+0.134%+ Points / potential airdropNado: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Nado is 0.053% dearer against Bitget than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.047%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.114% in total (about 12.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CRCLUSDT	90.940	−0.0969	get 0.0969% / 8h	2h 24m	$16.7M	$36.5M	25x
Short	Nado CRCL-PERP	90.945	0.0299	get 0.0037% / 1h	24m 53s	$133K	$109K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bitget. 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 BitgetbpFee NadobpOrdersPrice spread, now +0.006%Rate

Funding earned: $266.19
Price spread: +0.006% → −0.047%: $5.32
Slippage, 4 orders: −$15.32
Fee Bitget: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $237.19
Costs to cover: 0.343%
Break-even: 0.8 days

Slippage from Bitget: live order book, 4 min ago; Nado: live order book, 22 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 Bitget live order book, 4 min ago	1.65 bp	8.8 bp −$9	18.1 bp −$181	66.2 bp −$6,622	doesn't fit
Sell Nado live order book, 22 min ago	3.28 bp	8.8 bp −$9	28.2 bp −$282	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 CRCLUSDTlong	−0.0969%	8h	90.940	long leg	$16.7M	$36.5M	25x
Vest CRCL-USD-PERP	−0.0074%	1h	90.640	−0.330%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.870	−0.077%	$14.5M	$26.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	90.890	−0.055%	$7.5M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	90.870	−0.077%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.940	0.000%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0009%	8h	90.862	−0.086%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0023%	8h	90.860	−0.088%	$103.3M	$395.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	90.815	−0.137%	$1.0M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.934	−0.007%	$970K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	90.985	+0.049%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.920	−0.022%	$92K	$290K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	90.813	−0.140%	$67.9M	$43.5M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.944	+0.004%	$381K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.872	−0.075%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.840	−0.110%	$999K	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	90.960	+0.022%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	90.700	−0.264%	$883K	$598K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0090%	8h	90.972	+0.036%	$418	$905	5x	as long as short
BloFin CRCL-USDT	+0.0092%	8h	90.870	−0.077%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	90.970	+0.034%	$133K	$161K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.860	−0.088%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.750	−0.209%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.910	−0.033%	$906	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.918	−0.025%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0105%	8h	91.230	+0.319%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0111%	8h	90.930	−0.011%	$22.0M	$62.0M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	90.950	+0.011%	$414K	$294K	10x	as long as short
edgeX CRCLUSDC	+0.0136%	4h	90.812	−0.141%	$52K	$277K	10x	as long as short
Lighter CRCL	+0.0208%	1h	90.941	+0.001%	$2.9M	$2.4M	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.148	+0.229%	$27K	$82K	10x	as long as short
Nado CRCL-PERPshort	+0.0299%	1h	90.945	+0.006%	$133K	$109K	3x
Deribit CRCL_USDC-PERPETUAL	+0.0300%	1h	90.930	−0.011%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.650	+0.781%	$5K	$19K	30x	as long as short