Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1099%/8h= +120.4% APRpaid last 24h +0.021%

Price spread now: Nado against Bitget−0.082%7-day average −0.047% · 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−$38as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Bitget Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.114%+$11 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now −0.082%, 7d avg −0.047%

Together, before fees+0.222%+ Points / potential airdropNado: Active · farm board+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.035% cheaper against Bitget than usual: you would sell low and buy high (spread −0.082% now, against its 7-day average of −0.047%). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$33 a day). At the pace of the last 3 days (+0.114% in total) that is about 25 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.114% in total (about 12.2% 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	Bitget CRCLUSDT	91.630	−0.0751	get 0.0751% / 8h	2h 47m	$16.7M	$36.1M	25x
Short	Nado CRCL-PERP	91.555	0.0348	get 0.0044% / 1h	47m 34s	$133K	$108K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bitget. 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 BitgetbpFee NadobpOrdersPrice spread, now −0.082%Rate

Funding earned: $230.82
Price spread: −0.082% → −0.047%: −$3.47
Slippage, 4 orders: −$15.36
Fee Bitget: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $192.99
Costs to cover: 0.344%
Break-even: 1.1 days

Slippage from Bitget: live order book, 1 min ago; Nado: live order book, 65 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 Bitget live order book, 1 min ago	2.18 bp	8.9 bp −$9	14.8 bp −$148	35.2 bp −$3,518	doesn't fit
Sell Nado live order book, 65 min ago	2.71 bp	8.1 bp −$8	26.1 bp −$261	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 CRCLUSDTlong	−0.0751%	8h	91.630	long leg	$16.7M	$36.1M	25x
Vest CRCL-USD-PERP	−0.0069%	1h	91.310	−0.349%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.560	−0.076%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.590	−0.044%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.669	+0.043%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.660	+0.033%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0024%	8h	91.595	−0.039%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.610	−0.022%	$975K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.535	−0.104%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0035%	8h	91.560	−0.076%	$104.3M	$393.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.600	−0.033%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	91.624	−0.007%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.640	+0.011%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.632	+0.002%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.540	−0.098%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.560	−0.076%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.251%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0078%	1h	91.553	−0.084%	$68.1M	$42.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.570	−0.066%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.566	−0.070%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.590	−0.044%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.600	−0.033%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.660	+0.033%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.650	+0.021%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.680	+0.055%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0116%	8h	91.590	−0.044%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.570	−0.065%	$417K	$295K	10x	as long as short
BloFin CRCL-USDT	+0.0138%	8h	91.620	−0.011%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.658	+0.031%	$27K	$82K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0296%	1h	91.640	+0.011%	$4K	$768K	10x	as long as short
Lighter CRCL	+0.0304%	1h	91.602	−0.031%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERPshort	+0.0348%	1h	91.555	−0.082%	$133K	$108K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.458%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0927%	4h	91.615	−0.016%	$52K	$278K	10x	as long as short