Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1089%/8h= −119.2% APRpaid last 24h −0.022%

Price spread now: Bitget against Nado+0.238%7-day average +0.049% · 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−$35as in the Price arb table

costs, in and out, $10k−$540.542% of the position

Long on Nado Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.119%−$12 on $10k

Price spread, last 4 days (all we have)−0.250%−$25 · spread now +0.238%, 7d avg +0.049%

Together, before fees−0.368%+ Points / potential airdropNado: Active · farm board−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.189% dearer against Nado than usual: you sell high and buy low (spread +0.238% now, against its 7-day average of +0.049%): +$19 on $10k if it goes back. Holding the pair costs −$33 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 3 days (−0.119% in total) that is about 5.5 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.119% in total (about -12.4% 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	Nado CRCL-PERP	91.482	0.0399	pay 0.0050% / 1h	25m 58s	$134K	$109K	3x
Short	Bitget CRCLUSDT	91.700	−0.0690	pay 0.0690% / 8h	1h 25m	$17.5M	$37.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.238%Rate

Funding earned: −$228.67
Price spread: +0.238% → +0.049%: $18.89
Slippage, 4 orders: −$35.22
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$263.99
Costs to cover: 0.542%
Break-even: never at this rate

Slippage from Nado: live order book, 16 min ago; Bitget: live order book, 3 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, 16 min ago	2.74 bp	22.1 bp −$22	122.8 bp −$1,228	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.64 bp	8.9 bp −$9	13.0 bp −$130	49.6 bp −$4,963	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 CRCLUSDTshort	−0.0690%	8h	91.700	+0.238%	$17.5M	$37.0M	25x
Vest CRCL-USD-PERP	−0.0088%	1h	91.280	−0.221%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.640	+0.172%	$14.7M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.690	+0.227%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	−0.124%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.550	+0.074%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.586	+0.113%	$978K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.348	−0.147%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.400	−0.090%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.548	+0.072%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.410	−0.079%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.309%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.550	+0.074%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0077%	1h	91.574	+0.100%	$67.7M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0088%	8h	91.650	+0.183%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.452	−0.034%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.570	+0.096%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.360	−0.134%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.550	+0.074%	$913	$2K	10x	as long as short
Binance CRCLUSDT	+0.0101%	8h	91.630	+0.161%	$104.7M	$397.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.628	+0.159%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.575	+0.102%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0128%	1h	91.545	+0.068%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0153%	8h	91.528	+0.050%	$421	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	−0.102%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0200%	8h	91.640	+0.172%	$22.3M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0220%	8h	91.470	−0.014%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.318	−0.180%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.562	+0.087%	$417K	$268K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.585	+0.112%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERPlong	+0.0399%	1h	91.482	long leg	$134K	$109K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	+0.478%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0466%	4h	91.418	−0.070%	$52K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0625%	1h	91.550	+0.074%	$5K	$769K	10x	as long as short