CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0386%/8h= +42.3% APRnext payment +$0.48 per $10,000 · paid last 24h +0.041%

Price spread now: Deribit against Nado+0.147%46s7-day average +0.009% · 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—prices read too far apart to compare

costs, in and out, $10k−$340.339% of the position

Long on Nado Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.056%+$6 on $10k

Price spread, last 4 days (all we have)−0.163%−$16 · spread now +0.147%, 7d avg +0.009%

Together, before fees−0.107%+ Points / potential airdropNado: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Deribit is 0.138% dearer against Nado than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.009%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.056% in total (about 5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.48 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	95.639	0.0304	pay 0.0038% / 1h	55m 20s	$153K	$91K	3x
Short	Deribit CRCL_USDC-PERPETUAL	95.780	0.0691	get 0.0086% / 1h	55m 20s	$5K	$415K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpOrdersPrice spread, now +0.147%Rate

Funding earned: $81.14
Price spread: +0.147% → +0.009%: $13.82
Slippage, 4 orders: −$19.88
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $61.08
Costs to cover: 0.339%
Break-even: 1.7 days

Slippage from Nado: live order book, 50 min ago; Deribit: live order book, 51 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, 50 min ago	2.15 bp	6.0 bp −$6	23.7 bp −$237	doesn't fit	doesn't fit
Sell Deribit live order book, 51 min ago	5.91 bp	9.4 bp −$9	11.5 bp −$115	doesn't fit	doesn't fit

CRCL on 34 exchanges

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	−0.0024%	1h	95.700	+0.064%	$873K	$807K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	95.660	+0.022%	$15.6M	$28.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.656	+0.018%	$425K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.690	+0.053%	$18.9M	$38.2M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	95.760	+0.126%	$1.1M	$47K	10x	as long as short
QFEX CRCL-USD	+0.0014%	1h	95.600	−0.041%	$1.4M	$1.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	95.799	+0.167%	$1.0M	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0033%	1h	94.681	−1.002%	$2K	$29K	5x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	−0.009%	$39K	$172K	30x	as long as short
Vest CRCL-USD-PERP	+0.0037%	1h	95.820	+0.189%	—	$30K	25x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CRCL_USDT	+0.0048%	8h	95.740	+0.106%	$7.8M	$25.8M	50x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.580	−0.062%	$1.0M	$4.3M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.610	−0.030%	$96K	$231K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0068%	1h	95.566	−0.076%	$69.5M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.598	−0.043%	$142K	$149K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.590	−0.051%	$2.5M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.830	+0.200%	$99K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.650	+0.011%	$754	$2K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	95.645	+0.006%	$440	$477	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.699	+0.063%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0169%	8h	95.760	+0.126%	$2.7M	$3.3M	—	as long as short
Phoenix CRCL	+0.0197%	1h	94.470	−1.222%	$28K	$94K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0223%	8h	95.670	+0.032%	$23.5M	$66.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0264%	1h	95.616	−0.024%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0267%	8h	95.650	+0.011%	$110.8M	$387.6M	50x	as long as short
Aster CRCLUSDT	+0.0285%	8h	95.720	+0.085%	$1.2M	$4.7M	20x	as long as short
Nado CRCL-PERPlong	+0.0304%	1h	95.639	long leg	$153K	$91K	3x
GRVT CRCL_USDT_Perp	+0.0328%	8h	96.099	+0.481%	$62K	$1.0M	10x	as long as short
BloFin CRCL-USDT	+0.0370%	8h	96.030	+0.409%	$1.2M	$1.8M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0461%	1h	95.654	+0.016%	$306K	$1.0M	10x	as long as short
edgeX CRCLUSDC	+0.0551%	4h	95.621	−0.019%	$55K	$277K	10x	as long as short
Lighter CRCL	+0.0552%	1h	95.734	+0.099%	$3.3M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0691%	1h	95.780	+0.147%	$5K	$415K	10x
SoDEX CRCL-USD	+0.6470%	1h	95.688	+0.051%	$48K	$3K	10x	as long as short