Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h −0.027%

Price spread now: Binance against Nado+0.049%7-day average +0.034% · 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−$28as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on Nado Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.107%−$11 on $10k

Price spread, last 2 days (all we have)−0.046%−$5 · spread now +0.049%, 7d avg +0.034%

Together, before fees−0.153%+ Points / potential airdropNado: Active · farm board−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.034%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	94.302	0.0224	pay 0.0028% / 1h	21m 33s	$132K	$76K	3x
Short	Binance CRCLUSDT	94.348	0.0182	get 0.0182% / 8h	7h 21m	$109.3M	$385.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Nado. 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 NadobpFee BinancebpOrdersPrice spread, now +0.049%Rate

Funding earned: −$8.83
Price spread: +0.049% → +0.034%: $1.46
Slippage, 4 orders: −$12.35
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$36.73
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Nado: live order book, 51 min ago; Binance: live order book, 7 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 Nado live order book, 51 min ago	3.17 bp	8.7 bp −$9	27.5 bp −$275	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.53 bp	6.9 bp −$7	10.7 bp −$107	33.3 bp −$3,327	142.0 bp −$71.0K

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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.097%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.340	+0.041%	$15.5M	$25.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.380	+0.083%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.506	+0.217%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.390	+0.094%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0023%	8h	94.360	+0.062%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.356	+0.058%	$888K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	94.348	+0.049%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.350	+0.051%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.250	−0.055%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.310	+0.009%	$71.7M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.320	+0.019%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.357	+0.059%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.280	−0.023%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.325	+0.024%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.420	+0.125%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.420	+0.125%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.370	+0.072%	$941	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0102%	8h	94.376	+0.079%	$774	$740	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.375	+0.078%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0117%	8h	94.489	+0.199%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0146%	8h	94.350	+0.051%	$22.8M	$59.3M	50x	as long as short
Binance CRCLUSDTshort	+0.0182%	8h	94.348	+0.049%	$109.3M	$385.9M	50x
Extended CRCL_24_5-USD	+0.0184%	1h	94.342	+0.043%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0187%	8h	94.419	+0.124%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERPlong	+0.0224%	1h	94.302	long leg	$132K	$76K	3x
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.360	+0.062%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.376	+0.079%	$3.0M	$2.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.430	+0.136%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0305%	8h	94.460	+0.168%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.624%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.390	+0.094%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.350	+0.051%	$430K	$299K	10x	as long as short
edgeX CRCLUSDC	+0.0878%	4h	94.436	+0.143%	$24K	$268K	10x	as long as short