Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0184%/8h= −20.1% APRpaid last 24h −0.016%

Price spread now: OKX against Nado+0.116%7-day average +0.021% · 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−$21as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on Nado Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.090%−$9 on $10k

Price spread, last 4 days (all we have)−0.245%−$25 · spread now +0.116%, 7d avg +0.021%

Together, before fees−0.335%+ Points / potential airdropNado: Active · farm board−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.095% dearer against Nado than usual: you sell high and buy low (spread +0.116% now, against its 7-day average of +0.021%): +$10 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 42 hours. At the pace of the last 3 days (−0.090% in total) that is about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	91.633	0.0192	pay 0.0024% / 1h	24m 32s	$131K	$104K	3x
Short	OKX CRCL-USDT-SWAP	91.740	0.0008	get 0.0008% / 8h	5h 24m	$21.5M	$59.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$38.54
Price spread: +0.116% → +0.021%: $9.55
Slippage, 4 orders: −$13.31
Fee Nado: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$59.3
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from Nado: live order book, 38 min ago; OKX: live order book, 4 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, 38 min ago	3.81 bp	8.5 bp −$9	27.0 bp −$270	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.55 bp	7.4 bp −$7	14.9 bp −$149	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 CRCLUSDT	−0.1304%	8h	91.730	+0.105%	$15.8M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.390	−0.266%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.470	−0.178%	$903K	$518K	10x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.692	+0.064%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.668	+0.038%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.695	+0.068%	$104.5M	$384.9M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.740	+0.116%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.690	+0.062%	$419K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.720	+0.095%	$7.1M	$26.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.576	−0.062%	$2.4M	$3.2M	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CRCL_USDT_Perp	0.0000%	8h	91.605	−0.031%	$65K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.650	+0.018%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0008%	8h	91.740	+0.116%	$21.5M	$59.4M	50x
Aftermath Perps CRCLUSD	+0.0020%	1h	91.625	−0.009%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.680	+0.051%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.723	+0.098%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.600	−0.036%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.642	+0.009%	$68.5M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.623	−0.011%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.630	−0.004%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.550	−0.091%	$974K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0069%	8h	91.695	+0.067%	$752	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.650	+0.018%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.650	+0.018%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.560	−0.080%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.650	+0.018%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.661	+0.030%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.670	+0.040%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0183%	1h	91.546	−0.095%	$27K	$84K	10x	as long as short
Nado CRCL-PERPlong	+0.0192%	1h	91.633	long leg	$131K	$104K	3x
Lighter CRCL	+0.0216%	1h	91.720	+0.095%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.130	+0.542%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0514%	1h	91.680	+0.051%	$4K	$767K	10x	as long as short
edgeX CRCLUSDC	+0.0554%	4h	91.597	−0.040%	$23K	$248K	10x	as long as short