CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0320%/8h= −35.0% APRnext payment −$0.40 per $10,000 · paid last 24h −0.065%

Price spread now: Coinbase International against Nado−0.106%7-day average −0.029% · 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−$35as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Nado Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.121%+$12 · spread now −0.106%, 7d avg −0.029%

Together, before fees+0.063%+ Points / potential airdropNado: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Coinbase International is 0.078% cheaper against Nado than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.029%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.058% in total (about -6.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.40 per $10,000. 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	92.118	0.0352	pay 0.0044% / 1h	20m 48s	$135K	$109K	3x
Short	Coinbase International CRCL-PERP-INTX	92.020	0.0032	get 0.0004% / 1h	20m 48s	$947K	$567K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$67.1
Price spread: −0.106% → −0.029%: −$7.78
Slippage, 4 orders: −$10.31
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$102.19
Costs to cover: 0.273%
Break-even: never at this rate

Slippage from Nado: live order book, 12 min ago; Coinbase International: live order book, 13 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, 12 min ago	3.30 bp	7.5 bp −$7	24.9 bp −$249	doesn't fit	doesn't fit
Sell Coinbase International live order book, 13 min ago	0.55 bp	5.5 bp −$6	8.7 bp −$87	911.8 bp −$91.2K	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
Vest CRCL-USD-PERP	−0.0105%	1h	91.460	−0.714%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	91.960	−0.172%	$17.7M	$36.1M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.170	+0.056%	$1.0M	$47K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.238	+0.130%	$996K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0032%	1h	92.020	−0.106%	$947K	$567K	10x
Aftermath Perps CRCLUSD	+0.0035%	1h	91.168	−1.031%	$2K	$29K	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0040%	8h	91.320	−0.866%	$71K	$1.1M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.240	+0.132%	$96K	$278K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.112	−0.007%	$67.7M	$43.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.062	−0.061%	$380K	$999K	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	92.120	+0.002%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	92.010	−0.117%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.986	−0.143%	$135K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.970	−0.161%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.100	−1.105%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.250	+0.143%	$920	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.297	+0.194%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0123%	8h	91.920	−0.215%	$15.1M	$26.8M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0128%	8h	91.956	−0.176%	$423	$766	5x	as long as short
Gate CRCL_USDT	+0.0147%	8h	91.970	−0.161%	$7.8M	$26.7M	50x	as long as short
edgeX CRCLUSDC	+0.0154%	4h	91.204	−0.992%	$52K	$270K	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	92.182	+0.069%	$2.4M	$3.3M	—	as long as short
Lighter CRCL	+0.0184%	1h	92.234	+0.126%	$3.0M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0216%	8h	92.042	−0.082%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	91.978	−0.152%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0241%	8h	91.900	−0.237%	$105.8M	$388.5M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.817	−0.327%	$27K	$66K	10x	as long as short
SoDEX CRCL-USD	+0.0264%	1h	91.812	−0.332%	$46K	$3K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0296%	8h	91.930	−0.204%	$22.4M	$62.0M	50x	as long as short
Nado CRCL-PERPlong	+0.0352%	1h	92.118	long leg	$135K	$109K	3x
BloFin CRCL-USDT	+0.0359%	8h	92.300	+0.197%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	−0.215%	$40K	$170K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.637	−0.522%	$414K	$256K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1052%	1h	92.310	+0.208%	$5K	$760K	10x	as long as short